Accounting software

Key Factors to Consider When Choosing Accounting Software for your Business

Every business needs some or the other level of accounting to determine how your business is doing. Thus arises the need for accounting software that can simplify the maths and prove to be a handy solution to get over yesteryear’s paper-pen accounting system.

Accounting software is an excellent tool for businesses as it aids in managing financial tasks and helps examine the actual business performance. Hence, getting accounting software is a smart way to keep track of all the money in and outs.

But how do you purchase software? How do you get an accounting software application to help you survive and flourish in this competitive environment? The market is overwhelmed with numerous alternatives when it comes to purchasing accounting software. But the catch lies in getting a software program that can adhere to all your accounting needs and follows all the basic principles of accounting software to maintain your financial data. So here we pen down a few things that you need to consider while choosing an accounting software application for your business:

Business scope

First things first, business owners should first check out the scope of accounting solutions that they wish for. They need to rest their eyes on the primary task for why they wish to purchase accounting software. Further, the owners should chalk out a checklist of various other functionalities that one may require once their business flourish. May it be seeking assistance for managing payrolls, maintaining the general ledger, managing accounts receivable and payable, tracking inventory, keeping a transaction record, you need to ensure which accounting software can best handle them all together.

Also, you need to know that software that looks perfect today may not be the same after years owing to the evolving business world. Thus, look for a company that offers multiple enhancements for the accounting software and can fix bugs whenever such a need arises.

Functionality

Before you head out to look for accounting software that suits your business at its best, list down the primary functionalities you are looking for. May it be for catering purchase orders, maintaining a record of stock and raw materials, details of finished products, write down everything you need so that you can get software that can adhere to all your basic accounting records. Also, if you have any industry-specific requisites, make sure to list down the same so that you do not miss anything while discussing with the accounting software provider.

Multi-currency functionality

Apart from the general functionalities, if your business witnesses transactions in other currencies, you might require an accounting software that can cater to multi-currency functionality. Such software applications can support home and foreign currency transactions, proving to be a handy affair if you deal with lots of different currencies.

Integration with different business software’s

Changes and transitions are the need of the current hour in today’s business framework. The same applies when you pick on accounting software, as an upgrade can be required at any point in time. There may be a point where you may wish to hike your business efficiency by purchasing other software tools, and the same should seamlessly integrate with your existing accounting software. With that said, in such an evolving business scenario, you should look for software that can open doorways for its integration with other business software.

Scalability

Scalability is another accounting software features to look for. The future is unpredictable indeed, but it is imperative that you get accounting software that can grow with your business. When a business flourishes, there obviously arises a hike in the transaction volume that can raise the requisite for a multi-user accounting software to cater to the high transaction volume. More number of transactions may demand extra functionality of the software. Thus, it is always a better idea to keep an eye on the update and upgrades that you may require in the future to deal with your business expansion in the long run.

Security factor

Data security is a vital parameter to consider when it comes to pondering over the essential features of a good accounting software. Ask the service provider about the storage process of application data and inquire whether they make use of HTTPS connections. Usage of HTTPS protocols makes sure that the data is transferred in an encrypted format that hikes the data security factor and prevents the important details and information from falling into the hands of malicious users and hackers.

Apart from this, being a business owner, you may not like to pass down each and every detail to your employees, right? Thus there should be a provision of limiting the extent of details a user can see while using the accounting software. Also, when you have too many people using the same software, a role-based security parameter may also be an essential feature to look for to restrict the data that one can access based on their job role.

User-friendliness

User-friendliness is one of the basic features of accounting software. Any software marks its success based on how easy and accessible it is and how well the end-user can handle it to meet the business needs. Ranging from end-user applications to technologies to in-house applications, user-friendliness is sought at all places as it renders a helping hand to decide the success of the accounting software. May it be a large-scale business or a small-scale one, you need to search for a system that can cater to the accounting requirement besides providing a user-friendly software solution.

Ease of usage

Needless to say, ease of usage is another requisite of paramount importance. Most of the modern accounting software’s are equipped with an easy to use package, but there are some software’s that are in need of more accounting and are still far away from being easy and are more towards the complicated side. Hence, consider getting a demo and read reviews about the software that you are planning to buy so that you can ensure an easy-to-use accounting software at your desk.

Customer support

Buying accounting software and getting started with the same is not all. There may be times when your software may malfunction, and you may look out for a support team to meet the issues. In such cases, it is always a good idea to look for a company that also fledges you with ab excellent customer support system even after your purchase. Ongoing support and customization offered by the team may help you in great ways to help meet such challenges that may arise all of a sudden.

Conclusion

Buying an accounting software application is not a small decision and may cost you huge. Thus you should never rush with your decision-making and should always consider the above-mentioned points before finalizing a deal.

By alpana j 0 Comments
SAP alternatives

Best SAP Alternatives and Competitors 

SAP is one of the best platforms where enterprises use this as resource planning solutions—enabling organizations across various industries to optimize critical business functions like accounting and finance, human capital management and other necessary items. However, SAP is one of the costly tools which every organization cannot afford. Several integration tools are present over SAP which helps developers to build applications easily. With proper integration between SAP applications, the organization can easily manage a business organization. SAP competitors are present over the world who are developing their applications.

Some SAP ERP alternatives are given in the following, which provide functions like SAP:

Oracle Net Suite

Netsuite is another alternative that helps in mission-critical processes. Netsuite helps to provide organization to increase the growth and drive innovation for the organization. It allows combining data with different analytics to generate meaningful business data. In this application, the user will find the facility short the cycle times, engage business users, and enhance the planning process. It helps to streamline business processes, and users can work in their free time. It is one of the top ERP competitors. 

Oracle E-business Suite

With E-business suite which is known as Oracle EBS. It is an integrated set for business applications to have to automate with CRM, ERP, and supply chain management. This application helps to reduce costs of managing time and maintains records as well. It helps to enforce organizational policies easily.

It is an easy way for the employees to submit, view, track time. When any decision is taken in the company, this software will add some better changes to implement in the proper manner. After analyzing labour data then it calculates how many days any work will be completed. It reduces the work of staff and overstaffs.

Coincap

It is configurable with no customization from starting date. It covers all the business process which has been implemented for the past 30 years. As per reports, more than 1700 functions are present in this only for business purposes. Sap ERP competitors are working hard to take the market against him, which seems still difficult—at the same time, choosing and picking out 1700 business functions to reduce the license and recurring cost. With the real-time/ online system, every data is present with online data. It is scalable from 5 to 250 years. Users can check out the history of past financial years.

Microsoft dynamic

It is an ERP and CRM software application that helps to work in every business organization. Microsoft SAP equivalentdynamics applications using reselling partners who offer relevant services. This software allows to development of new database-powered apps. It creates template excels and word files from data to prepare quick reports for the organization. It minimizes data entry which reduces the maximum number of errors. Proper visual data helps create dashboards and charts that are easy to configure in a presentation. This application helps to develop automated data processes with workflows easily.

PROMIS business suite

It enables real-time analysis and helps in decision making. This is much flexible and secure than other applications. It comes in a different version, one for desktop and the other one is for smartphones. Users can run this application over a tablet as well. It allows the user to select the deployment platform which will work best for every organization. It helps to create an environment after eliminating every printing and filing requirement.

ERPNext

In this application, the user will get a real-time view of the cash flow of the person or organization as well. Managing the employee life cycle from onboarding, payroll, attendance, expenses occur, and assets records as well. It will maintain the multi-level bill of materials, production planning, job cards and inventory as well. If there is an increase in productivity and lower costs in managing sales and purchase cycles, it will handle that properly.  It will deliver a better service experience to the customers with the help desk service.

ERPNext comes with features like Cross-compatibility, Social network and messaging service, Production planning tool, Leave and attendance management, Expense claim submission, Employee appraisal, Embedded reporting system, Multi-currency support.

Major advantages of ERPNext includes, APIs are available and can be customized as needed thanks to the user-friendly interface and straightforward modification features. Generally speaking, this is the most cost-effective alternative available.

Mobile devices have a good level of support. The most recent version has an outstanding user interface and functionality, and it is the best yet. Individuals are more receptive because they feel like they are a member of a community when it comes to forums where documentation can be supplemented by other sources of information.

Financial force

With this application, the cloud ERP tool is built for handling the Salesforce platform. These application helps companies to coordinate with the back and front office. Every organization wish to use this application and work accordingly. People consider this as sap business one alternative. With this application, users can work effectively in accounting and finance management. This will always help to work with the customers at the centre of the action with the help of social collaboration. Dashboards reporting features will access the metrics and resources utilization and different dynamic data. It offers applications in human resources management to workforce management, employee engagement, talent acquisitions, reporting, and analytics.

Birst

It is an advanced enterprise that helps with business intelligence and analytics software platform. It helps the organization to understand and optimize the complexity of business processes. With information accessible from any device, the ability to create revenue with data. Birst allows the user to create and learn data management. Visual analysis helps to work with embedding into the application. It also provides information to create revenue from data.

Conclusion 

SAP is one of the best management resources, which helps work along with any business organization’s management team. There is other options available alternate to this application. Since SAP is too costly and handling such a big application requires proper programmers as well. If any organization needs the best alternative to SAP, then the list is provided at the top.

By alpana j 0 Comments
SAP Alternatives

Best SAP Alternatives and Competitors in 2021

SAP is one of the largest ERP system vendors in the world, comprising more than a lakh customers globally.

With a range of features and tools such as customer relationship management (CRM), human capital management (HCM), financial management, inventory and supply chain management, and product life cycle management, SAP is famous for its extensive list of apparatus that covers every aspect of running and streamlining a business. 

It can be deployed both on-premise and on the cloud and comes with a comprehensive mobile app for both Android and iOS.

Nevertheless, besides all the features and integrations, SAP is also famous for its complicacy. Although suitable for both large and mid-size businesses, SAP can be pretty difficult to deal with and requires a certain level of expertise and know-how. All in all, SAP is not for everyone, which makes for an argument for the vendor’s competitors, who mostly offer the same features at a more user-friendly level. 

In order to help you reap the benefits of the best feature that SAP has to offer on a more interactive and user-friendly platform, we have compiled a list of the best alternatives to SAP. Let’s take a look:

NetSuite ERP

NetSuite ERP is one of the best alternatives to SAP, thanks to its scalable, customizable, end-to-end platform that can be utilized to accelerate growth and drive innovation. It offers a range of features, including finance processing, order management, revenue, billing, inventory, back-office tasks. NetSuite also comes with financial management and business intelligence to help you make the right decisions at the right time.

Best features:

  • Provides you insightful reviews by combining data with visual analytics
  • Quick cycle time to allow you to enhance your planning process
  • Helps you streamline business process and save time and resources so you can focus on more productive aspects of the business
  • Easily customizable and integratable to keep up with growing business

Microsoft Dynamics GP

Although at its core, Microsoft Dynamics GP is a CRM, it offers an array of additional services to make itself among the list of best ERP contenders. With Dynamics GP, you can consolidate all your business data and centralize the entire operation to stay organized and at the top of your processes. Created in parallel to MS office software and SQL database, Microsoft Dynamics can optimize your business reporting and business intelligence aspect. This means you can easily evaluate market trends and KPIs to stay ahead in the industry. 

Microsoft Dynamics GP can also be integrated with a number of third-party solutions to help you manage and maintain different aspects of the company in one place. 

Best features:

  • Allows you to develop new database-powered apps
  • Creates quick reports with Excel and Word templates
  • Reduces the number of possible errors by minimizing data entry
  • Provides easily modifiable dashboard and visualized data for detailed insights

ERPNext

ERPNext allows you to take complete control of your business in one place. It offers features such as HR management, financial accounting, inventory management, and project management, to name a few. 

Like SAP ERP, ERPNext can be deployed both on-premise and on the cloud, and it offers mobile apps for both Android and iOS. ERPNext also allows businesses to create their own website and design product catalog and shopping cart.

Best features:

  • User-friendly interface with full control given to the user
  • Allows easy adding and removing process of clients and agreements 
  • Is open-source 
  • Extensive range of features to help you manage all the aspects of your business

Priority Software

Priority Software is a business management solution that offers CRM, ERP, and HCM functionalities. It is one of the best solutions to manage your business’ finance, manufacturing, logistics, human resource, time and attendance, warehouse management, project management, and business intelligence.

Besides all the features, Priority Software also offers off-the-shelf mobile application development, allowing businesses to build their own mini-workflows without having to indulge in the coding process. Moreover, Priority Software is also integratable with an array of third-party software, making it easier for you to simplify your business process and manage everything in one place.

Best features:

  • Short learning curve and ease of use
  • Lower total cost of ownership
  • Looks and feels like renowned applications such as Microsoft Excel
  • Agile ERP solution for easy scalability

Oracle ERP Cloud

If you are on the lookout for a robust ERP that can facilitate the growth of all kinds and sizes of business without having to deal with the complicacy of SAP, Oracle ERP Cloud is probably your best choice. With a range of tools under their belt, including a strong data analysis tool, Oracle ERP can help you efficiently perform project assessment, financial analysis, and risk management. Oracle ERP is designed to cater to the changing environment and business’ scalability potential. You can use this ERP platform to automate a number of core processes such as financials, reporting, and compliance.

Best features:

  • Easily automates core processes allowing you to pay attention to more productive aspects of the business
  • Provides an easy way for employees to submit, view, and track timecards
  • Different plans for various-sized businesses
  • Seamless functionality across different business aspects
Conclusion

These are some of the best alternatives to SAP ERP. However, you must keep in mind that while choosing an ERP platform for your business, you should make a thorough assessment of your business as well as the platform of your choice. 

Before finalizing an ERP platform for your business, you must consider the usability of the application. The ERP solution you pick must be user-friendly and easy to operate, so you don’t have to hire a technician only to run your ERP program.

The second thing to look for in your ERP platform is scalability. Make sure the ERP you are choosing is scalable, flexible, and adaptable according to the change in your business. Go with a solution that can keep up with the growth of your business.

Last but not least, look for reliability in the ERP solution you choose. This means the system should offer you an end-to-end platform that can take care of all your business requirements. The best way to make sure you are choosing a reliable ERP solution is to figure out user reviews about it on the internet and through real-life users. Moreover, make sure you are getting 24/7 customer support and technical assistance. 

By alpana j 0 Comments
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