Accounting software makes it easier for you to track your business’s financial health and monitor the money moving in and out of your accounts. It can create invoices, track expenses and generate a variety of reports that help you analyze your business’s performance from various angles. Many applications can also help you track your bills and manage your inventory or projects.
Choosing accounting software can be challenging. Each program includes a different set of features, and most offer multiple pricing plans to choose from, which also vary by feature, number of users, or other factors. Here are three items to keep in mind when selecting accounting software for your business:
How many users need to access the software? Do you prefer a cloud-based system you can access anywhere or desktop software? Do you need it to have a mobile app?
What do you need the accounting software program to do? Do you need both accounts receivable and accounts payable tools? Which reports do you need it to generate? Do you need it to track inventory? Do you need it to include ancillary services, like time tracking, project management and payroll you already know what you need and only want to see our recommendations for the best accounting software, visit our best picks page?
How much does accounting software cost?
Accounting software varies in cost, depending on the number of features included, the number of users supported and other such factors. Most accounting software companies offer cloud-based software as a service rather than software licenses and charge a monthly subscription fee.
You can usually choose from multiple plans, with paid packages typically ranging from $10 to $40 per month, though high-end programs cost much more. If you’re willing to pay for the software annually rather than monthly, discounted rates are often available.