Accounting  Software – with the constantly changing ideology of achieving bigger, better & faster results in every aspect of our lives, the same holds particularly true for businesses. It’s only when we take a step back do we actually notice just how competitive everything has become.

I decided to have a look at how many different options there were for accountants, consumers and business owners in terms of record keeping and practice management software.

Needless to say I was quite overwhelmed by the sheer number of options available. While a lot of these will have a core targeted user in mind, there’s no denying that it’s only a matter of time until it becomes reminiscent of  ‘The Hunger Games‘.

A common practice of late is for the larger providers to be participating in mergers to try to gain a competitive edge by acquiring smaller innovative software ideas to integrate into their own. Thinking back it was only February 2007 that Xero officially hit the market, later becoming available in Australia in September 2008. Since then Xero has had a very impressive & continuous timeline which has made it one of the main contenders in the industry. As a result, competitors have been forced to up the ante more than they would have without their arrival.

While accountants need to be familiar with many of these software options at any given time, to allow diversity within their client database, a consumer and business owner may be wondering… “Well that’s great, but which is best for me?”  The problem is, that’s a question that will always be met with prejudice, not unlike that of the great Apple vs Samsung debate, but there is usually a good reason behind each person’s opinion.

If you’ve ever wondered this yourself or are in the market to switch software packages then it’s definitely invaluable to talk to your accountant and find out what they recommend is best suited to your needs.

A few good points to consider when reviewing software packages:

• The more costly the program doesn’t necessarily imply it’s going to be better.

• The better options are live/cloud based usually operating on a monthly subscription. These options are highly favoured by allowing your accountants access to the file so they can assist, prepare & advise you on a real time basis.

• Consider where your business is now, and where you envision it in 6-12 months’ time to make sure the software you decide on can offer you the functions required and grow/change direction with you.

• Does the software offer bank feeds? – Long gone are the days of manual bank entries, be sure to move with the times!

• Does the software operate on a single user license or does it allow multiple user access?

• How many employees do you have, or how many do you expect to have – this is usually a rather important point to consider as some software packages will require an additional monthly fee for a larger amount of employees.

Please contact Optima Partners if you have any questions or are in the market for a change!

ADAM KITCHING

OP ACCOUNTANT