As a firm owner, one of your top priorities is to keep watch on the money you bring in and spend. That’s why having good accounting software is critical. You want accounting software that helps you accomplish your daily tasks while also tracking expenses, invoicing clients, and recording payments. Powerful accounting software also helps you manage your firm’s financial health so you can generate reports and view your firm’s performance in multiple ways.
What is Firm Accounting Software?
Firm accounting software is designed for businesses ranging from engineering and architectural to other professional services that records and reports a firm’s financial transactions. The main modules of accounting software include accounts payable and receivable, billing, and bookkeeping.
Most accounting software is either cloud-based or desktop-based, but the most highly recommended type of firm accounting software is one that is cloud-based and part of an all-in-one dashboard that includes other firm management features, so you never have to jump back and forth between platforms.
Understanding Your Business Needs
Understanding your business needs is critical to choosing the right accounting software. Failure to do so can lead to:
- Overspending on unnecessary solutions
- Failing to include needed apps
- Trapped in a long term, undesirable contract
- Not making enough money to continue subscribing to the accounting program
To understand your business needs, one of the first things you want to look at when choosing the best accounting software for your firm is your budget.
There are all types of firm accounting software for every budget. You can download free versions that are for very light accounting and general use. However, if you’re a busy engineering or architectural firm, you’ll want something more powerful. If you’re looking for accounting software that is specific to your industry you should be prepared to pay a premium.
However, this more powerful accounting software can save you in the long run as it cuts down on employees having to spend precious hours on manual entry and eliminates mistakes. And you know when mistakes are made in accounting, they can be very costly.
Whether you have a large or small team, the best accounting software is one that is easy to understand and onboard. Perhaps you have a very tech savvy team that can handle any kind of new software you throw their way. Though chances are not everyone on your team will know how to use the software that comes with all kinds of crazy bells and whistles. Instead, opt for one that is powerful, yet designed in a way that doesn’t confuse your team. You want them to use the software you purchased, not avoid it.
Some accounting software offers tutorials and support to help you onboard so there’s no down time between when you get the software to when your team can start using it.
Integrating with Existing Systems
If you’re already using QuickBooks or another system filled with your data, you don’t want to have to spend time transferring everything over. This can waste hours of your time and cause problems. Instead, look for accounting software that easily integrates with your existing systems so that all your information is right there.
As mentioned earlier, you want accounting software that is cloud-based. Cloud applications come with many benefits. If you have cloud-based accounting software, this means it can be accessed from any location with a strong internet connection. You don’t need any additional licenses or servers. Upgrades are done on the server end, so you never have to worry about keeping the software up to date. This also means your software can be easily accessed by smartphone or tablet. Plus, your records and data are kept fully secure.
BQE CORE provides cloud-based accounting as one of our features in our all in-one-dashboard. Accounting features include:
- Full view of financial performance at every level (firm, project, staff, client)
- Fully integrated business accounting and project accounting to help managers be more accountable to the P&L.
- View key data in one place: profit & loss, balance sheets, financial reports, trial balance.
- Full general ledger with the ability to choose between cash, accrual and engagement-based accounting.
- Ability to batch updates and save hours of work each week.
- Scheduled reports.
And these are just a few of our many accounting features. BQE CORE is easy to onboard with our award-winning customer service so your team will have software that is easy to use but full of great new advancements. So, if you’re looking for the best firm accounting software that comes on one dashboard with project management, time and expense tracking, billing, HR, and more, try a free demo today.