Not every company needs a customized accounting software for their operations. For small and medium enterprises, you will not be using most features of a customized accounting software which does make any business sense for you to buy it. An off-the-shelf accounting software will be good enough for small medium enterprises.
Therefore, before you purchase any customized accounting software, you need to analyze your business needs and requirements. Different industries have different requirements, so you need to identify what works for your industry.
The main difference between off-the-shelf accounting software and customized accounting software is that majority of customized software offerings are modular. This means that you can just buy what you need now and then add more features as time goes by. An off-the-shelf software is more or less fixed with the given features - you usually need to pay to upgrade it.
So spend some time to figure out what you really need. Do you need simple accounting system to handle accounts receivable and payable? Or do you need a more complex system that offers payroll, tax accounting and financial management? By answering these questions, you will know whether customized accounting software is something that you need.
When you are choosing an accounting software, it is important to choose one which provides you with good features. Accounting software should have features like generating balance sheet and P/L statements, payroll management, tax preparation, tracking accounts receivable or payable, financial projections, purchase orders, number of inventory, etc.
Most basic accounting programs have these features, while some features are only exclusive to customized programs. So find out the exact specifications of the software before purchasing it. Also, there are some accounting programs that are available online. Online accounting programs are cheaper, easier to upgrade and allow you to implement things faster. So this is another thing that you might want to consider before buying an accounting program.
Last but not least, the software that you are getting must be easy to use. If the software is hard to use, it will take up a lot of your time to master how to use it. This usually takes up your time and company resources. So ask for a trial period to use the software so as to get familiarised with it. Most accounting software providers will offer a free trail for their potential customers - make sure that you make use of this opportunity to find out whether the software is the best for your business.
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