For Accounting Professionals: How To Choose Your Accounting Software

July 1, 2020

For bookkeeping and accounting professionals, your accounting software is the foundational layer that supports the rest of your accounting practice. A good accounting software will feel intuitive to use, and offer functionality to help you organize your clients’ accounts payable and accounts receivable in a timely manner.

The Rapidly platform offers integrations with various accounting softwares, and we want to share our expertise to help you make the right decision for your accounting practice.

Keep reading for your accounting software checklist.

Pricing

The base pricing of accounting software is always an important decision, if not the first test for qualifying a new software. This is the case particularly for independent solo practitioners, who must be confident their client needs outweigh the software price. The accounting software cost versus benefit will depend highly on the features your niche of clientele will most utilize.

Depending on added features like payment processing or payroll servicing, your client may also incur additional fees.

Software Functionality

Accounting professionals have the option to choose between a cloud-based solution that will run in a browser from any device with internet connection, or a desktop-based solution that runs offline from your specific device. A cloud-based accounting software means no installation, no software updates, and no data backups. 

The right choice for you may depend on whether you use a PC or Mac device for business purposes. The extra option for a mobile app may be desired if you require extra flexibility while you are on the go between clients.

It is also key to consider the other tools you use for accounting, such as bank products and document storage solutions. This will depend on your unique situation and the tools you need to perform your bookkeeping and accounting services for individual or corporate clients.

If you are a Rapidly platform user, our software integrates with several cloud-based web solutions that will run in a browser for both PC and Mac users.

Accounting Practice Management

For accounting professionals that want extra help growing their practice, a software with extra perks will be of the utmost importance. Extra features such as an accountant directory, accountancy webinars and software certifications will set you apart from the competition.

When dealing with multiple clients with various needs at once, productivity and client management tools can make the difference between an organized and chaotic workday. Extra features such as project tracking, time tracking, client communication channels, client invoicing, and document storage will allow you to effortlessly sync up with clients throughout your busy week.

Accounting Features

The accounting features that are important to you will be determined by the niche of your clientele. For example, accounting services for clients that own a retail clothing store will require inventory management, purchase orders, bill management, bank integrations, and payroll. Similarly, if you manage startup clients, they will definitely need cash flow features, bill management, payroll, and analytics dashboards.

Accounting Software Checklist

Pricing

  • What is the base pricing of this software for my client?

  • What is the base pricing of this software for my practice?

  • Are there any additional fees?

Software Functionality

  • Do I prefer a cloud-based or a desktop-based accounting solution?

  • Will my accounting solution run on PC, Mac, or both?

  • Do I need a mobile app for my accounting software?

  • What integrations will I require for: the Rapidly platform, accounting software, bank products or document storage solutions?

Accounting Practice Management

  • What additional features are available for me to grow my practice?

  • What additional features are available for me to manage my clients and my time?

  • Are there additional software discounts for my clients?

Accounting Features

  • What is my accounting niche and what is my target clients’ revenue model?

  • What key features and integrations will my target clients’ business require?

With this checklist in mind, the Rapidly team hopes you will pick the best accounting software for your needs, to simplify your accountancy operations and propel your productivity.

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