Customers have for long faced a dilemma in choosing between off-the-shelf and custom software, irrespective of the business function they wished to automate. Accounting is no exception. Being an integral and important part of any business, irrespective of its scale, accounts need to be in perfect shape to not only keep a close tab on revenue and expenses but also to meet tax regulations.
While opting for readymade accounting software such as QuickBooks (QB) may take the pinch out of manual bookkeeping and help tackle a host of other business functions, investing in bespoke accounting software often results in a business-specific solution that best addresses current challenges and requirements for the near future.
Here are few simple pointers that you can use to decide which accounting software is best for your business.
Bespoke Accounting Software
Getting a custom accounting software built to address your business requirement has its own set of advantages, as you definitely have a better control over the features and their coverage. It is possible to tweak the development process to first address pressing needs and refine or expand feature capabilities to support evolving needs as and when required.
That said, you must be able to finance bespoke software development, which often proves costly at first, as you’ll be supporting the entire IT infrastructure including hardware, software, networking, backups, maintenance and the techno-functional personnel, if you choose to foster an in-house development team. Alternatively, you may choose to outsource the development of Bespoke Accounting Software, which can prove cost-effective depending on the functions you plan to offload to an external firm.
In short, opting for Bespoke Accounting Software could prove ideal if you have qualified and dedicated resources, time and funds to invest in the initiative. It can help you differentiate your offerings from other similar ones, especially in a niche, competitive business environment. It may be a wise choice when off-the-shelf software does not support industry-specific or business-specific features that you may require.
The Quickbooks Advantage
- There are different editions of QuickBooks to suit specific needs – right from just essential functions to comprehensive in-depth capabilities.
- Desktop versions of QB Pro, Premier or Enterprise are installable on-premise or better still hosted on the internet to further cut down effort and expenses incurred on maintaining IT infrastructure and updating software.
- Industry-specific variants for retail, non-profits, manufacturing, and healthcare make it easy to comply with accounting formats and reporting standards for each sector
- Solutions are affordable, easy to install, learn and use, as well as compliant with statutory accounting and taxation requirements.
- You don’t have to be proficient in technology or accountancy to use the software!
Medium sized businesses with scope for expansion may opt for bespoke solutions. Alternatively, signing up for QuicksBooks Enterprise and Online versions can help make best use of the integrated suite of business functions to enhance productivity and efficiency across the establishment.
The core bookkeeping and accounting features, linked to other business functions such as inventory, sales, purchase, payroll, employee timesheets, payments, receivables, invoicing make it possible to manage business operations using QuicksBooks quite effectively. While some of these features are optional and available at additional costs, they help complete business automation successfully.
QuicksBooks is open to customizations and integrations with third party applications, making it possible to adapt the software to meet unique needs. Exhaustive reporting capabilities with a multitude of pre-defined templates and reporting filters makes tracking transactions and daily operations quite a breeze.
As QuickBooks is functionally rich, customizable accounting software designed to meet diverse needs, it may prove judicious to check out trial versions of the product and ascertain right fit, before looking for other alternatives.