In the old days, business accounting was limited to paper-based ledgers, several expenses, budget, and revenue columns, and merely a pencil to record all the data. There was no automated analysis nor any means for projection of sales and revenue for the next quarter. Over the last two decades, business accounting has evolved as much as any other field, mainly due to the increased digitalization and introduction of cloud-based software.
From QuickBooks to NetSuite, countless accounting software programs can minimize the chance of errors in your finances and help you better project the future of your business. Accounting software gives business insights better than you could have from a piece of paper. You can conveniently pinpoint areas of minimum profit and areas that promise you staggering growth. Accounting software also helps you maintain long-term records of your business and allows you to review your business performance from any period in the past.
That ease has certainly made businesses more secure; choosing accounting software can be daunting. Given the countless available options, selecting the right accounting software that serves all your business purposes together is a difficult decision to make. Mainly, if you are an owner of an SME, budget constraints and lack of understanding can land you in a place of confusion amidst all the accounting software options available.
Here are some tips to help you choose the appropriate accounting software that best suits an SME’s business needs. 
Types of Accounting Software
The first thing you need to understand is the various accounting software available in the market. It will help you make a learned decision.
Simple Payroll and Accounting Software
This accounting software offers basic functionalities that help you maintain your small business’s payroll and expenses. You can also make futuristic projections based on your current revenue generation trends and manage the business expenses better. Of the many accounting software available online, QuickBooks by Intuit is the top-rated. There are also several add-ons available, such as cash-flow calculators and expense chart monitors.
Complex Business Management Software
If your business involves product procurement, logistics, payments, client retention, and warehousing, you might want to look at complex business management software. These are usually priced higher than the simple ones and include complex add-ons such as billing software, customer relationship management (CRM), enterprise resource planning (ERP), and inventory management systems (IMS).
Cloud-based Accounting Software
Businesses increasingly rely on cloud-based accounting software, considering the web a safer and a longer-term data-saving option. This cloud-based software also conveniently integrates online communication and offers integrations with other cloud-based software. 
Understanding the Accounting Needs of Your Business
Next, you need to consider why exactly you need accounting software. You must analyze your business operations and review what processes can generate by using accounting software. This analysis will help you get a clearer picture of your administrative and financial needs.
Business Type
The most crucial element is your business type and the services and products. There is accounting software that offers industry-specific expertise. You must also evaluate your basic understanding of the accounting software to make a learned decision.
Consult Your Accountant
One of the most important things to do is consult your chief accountant and discuss all the possible means an accounting software will come in handy. Your accountant will clearly understand the software’s services and features, thus helping you acquire more suitable software for your business. 
Consider Your Budget
You might get carried away with the most reliable and advanced accounting software, but since your company is in the nascent stages. It would be best to make a wise decision and not spend a fortune purchasing the most advanced accounting software. Consider your budget constraints and choose software that helps you perform basic functionalities efficiently without costing you a fortune.
Get an Expert Opinion
It is always best to acquire an expert opinion. Discuss with your in-house accountant and your IT team, or better, take consultancy from an accounting software specialist to better understand which software can serve your company’s purpose best.
Conclusion
In conclusion, the evolution of business accounting from manual ledgers to sophisticated software solutions has revolutionized financial management for SMEs. While the array of options can be overwhelming, understanding your business needs, consulting experts, and considering factors like budget and scalability can help you make the right choice. Embracing modern accounting software empowers SMEs to streamline operations, gain valuable insights, and drive sustainable growth in today’s digital landscape.
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