5 Things to Consider Before Subscribing to a Cloud Based Accounting Solution

Remember the olden days when you had to purchase multiple software licenses for your computers because one license = one computer was the rule? Well, that’s not true anymore! Gone are those days and with them those pesky accounting software which were built to hoodwink business users. These software were so bad that only accountants could decipher how to use them.

Ever since the market has been flooded by ‘Software as a Service’ providers, old players have been forced to up their game and augment the usability of their offerings. Plus, they’ve had to streamline their administrative tasks ensuring things don’t go off the rails and keep chugging along smoothly.

Nowadays, instead of spending thousands of bucks on the latest version of your solution, you can instead pay a monthly subscription fee for top accounting software. You have the freedom to access your data anywhere at any time and you know what’s nifty? Whenever a new accounting rule is made into a law or an old law updated, the system automatically updates itself. Pretty neat huh?

With cloud-based accounting software, you can easily create an invoice, process your payments and even reconcile your bank statement. The new players have forced the golden oldies to make their solutions more reliable, user-friendly and up to date. However, before you jump in and decide which cloud-based accounting software you want to subscribe to, you need to take a few things into consideration.

Annual fees:

The main point of beef would be the annual subscription fees that you’ll have to pay to rent or access the cloud-based service. Bear in mind you’re not actually buying the software. The main plus point is you don’t have to make a capital purchase but rather need to pay monthly or yearly fees. These fees could be little as few dollars a month or run up to hundreds of dollars a year. You’ll come across Software as a Service (SaaS) providers who’ll try to spin their services as a cheaper alternative to purchasing the software. Pick your poison!

Your data:

Keep in mind that SaaS providers don’t just provide you access to software but also keep hold of your data. If you purchase a top accounting software, you won’t need to worry about switching providers or making back-ups!

Integration:

As your business expands, you’ll be able to invest more in SaaS and probably come to face a situation where you may need or want different services to work together. Take for instance, you might need to sync your accounting software with your CRM solution; you need to conduct a thorough research before making your decision.

Bank feeds:

Cloud-based accounting solutions offer you the facility of directly connecting to most banks. They collect transaction data and help you save yourself from the trouble of manually typing every transaction. However, do ensure that your bank is properly supported before you decide to make the jump.

Multi-platform and mobile:

Cloud solutions also provide facility of raising invoices from smartphone, or keep tab on your outstanding accounts from your phone. This can come in handy when you’re visiting a customer. Something to think about, right?

Last words

So, whether you choose to go the SaaS way or have your heart set on one of the top accounting software that will help propel your business to the next level, stop…think…and make an informed decision.

Mohd. Areeb

Mohammad Areeb is a born and bred Delhiite. He studied commerce and English literature at Jamia Millia Islamia. He loves to let his imagination fly and enjoys watching football in his free time. He has worked as a Content Developer for the past 3 years and is currently employed with SISL Infotech. A huge movies buff; he draws inspiration from his myriad interests and hobbies.

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