Article
5 Things To Consider When Choosing Cloud Accounting Software
23 Aug 2019
1 Min Read

It is important for business owners to identify the needs of the business before deciding on the appropriate software. Instead of diving right into the various options available in the market, let’s first address this question: What should I be looking for in a cloud-based accounting software?

Related: Optimise Your Business Productivity with Cloud Accounting Software

 

It is important for business owners to identify the needs of the business before deciding on the appropriate software. Instead of diving right into the various options available in the market, let’s first address this question: What should I be looking for in a cloud-based accounting software?


Here are five crucial things you may consider:

 

1. What functions or features are must-haves?
Some features fall under the category of ‘nice to have’ instead of ‘must-have’. Therefore, it is important to identify them to avoid spending extra funds unnecessarily.


Across all businesses, the basic ability to issue invoices and bills are definitely necessary. Having a system that automates that process for you and omits the need for a double entry is definitely a plus. The goal of the functions and features should always be to ease your accounting chores.


Medium and large enterprises will have more requirements to integrate their human resource, finance, sales and marketing ecosystems; as such, they will likely require an enterprise resource planning (ERP) solution instead.


2. Will I require support?
If you are getting your new business off the ground and attempting to self-manage your accounts, good support is highly encouraged.


3. Available reports
With all the hard work keeping track of your accounts, you’d want to make sure that the software is able to generate all your required reports. For starters, the Profit & Loss, Aged Payables and Aged Receivables are reports that business owners should refer to when making business decisions.


4. Speed and security
Unlike a desktop accounting software, the speed and security of your cloud-based software will be dependent on the solution provider. The hosting location plays a big part in the speed and stability of the software. As for security, ensure that your data is hosted on a secure system with regular, multi-location backup.


5. Cost
Upon considering all of the above, you will quickly realise that the pricing for cloud-based accounting software is competitive and the saying ‘you get what you pay for’ applies. Do note that it is most common for cloud-based accounting software to charge a low subscription fee instead of a hefty one-time payment.


This article is brought to you by Financio, an online accounting solution designed for start-ups and small businesses in Malaysia. To learn more about Financio’s features, click here.

Discover all you need for your business to succeed. From connectivity to digital solutions, tools and more, click here to explore unifi Biz offerings.
Interested in more helpful content?
Just sign up to access it all: a wealth of exclusive business insights, events you can attend and so much more!
Looking for help?
Whether you're after guidance to upscale your business, suggestions for phone plans or simply need help with an issue, we're here to help.
Let’s put your knowledge to the test!
What kind of reports do you need?
That’s right – good job!
Uh oh, that’s not quite right…
Profit & Loss, Aged Payables and more.
You may also like
Article
2 min read
Pandemic Proof Your Brand
Article
3 min read
Joining the digital bandwagon
Article
3 min read
5 Ways Malaysian SMEs Can Differentiate Themselves With Customer Experience
Want to continue reading this article?
Subscribe to uBC to gain access!
Want to keep reading?
You’ve reached your free article limit! Here’s how you can continue enjoying them
Have you just become a unifi Business customer?
Complete registration (whatever stage you’re at) and enjoy unlimited access to perks, resources, solutions and more!
Are you new around here?
Get unifi Business so you can get access to a wealth of knowledge and solutions that help propel your SME to the next level.
Are you already a uBC member?
Simply complete your profile to finish the registration process and begin enjoying uBC perks & privileges
Are you new around here?
Get unifi Business so you can get access to a wealth of knowledge and solutions that help propel your SME to the next level.