5 Differences between Basic and Advanced Accounting Software

By Cheow Yu Yuan

Accounting software is very important to start-ups because it saves the founder's time and money. During the first 3 years of business, the most important thing is survival and gaining market share. Therefore, founders should spend their time on the things that they do best. Leave the complex accounting work of your growing business to the software.

Now, let me share with you 5 differences between basic and advanced accounting software so that you get the right one for your business:

1. Customization. Every business is unique. When you are in business long enough, you will start to realize your business needs to show customized information on the invoice, or start tracking sales by product or service category. A basic accounting software package has limited ability to customize, whereas an advanced package recognizes your business needs and allows customization.

2. Data limit. A basic package limits the volume of data that can be tracked in the system. When your business grows, there are more things that need to be tracked. This is when you need to upgrade your system to a more advanced system.

3. Reports. A basic accounting system provides a limited set of reports and there is very little customization that you can do to them. If you need a more customized reporting, you definitely need a more advanced accounting system. Customized reporting allows you to set what data you want to see in the report, which can help in your presentation and analysis.

4. Data presentation. One very important thing to consider before buying an accounting system is the ease of drilling down to the details of a transaction when you are looking at your report. With a basic system, most likely you need to go through layers of information before you can get what you want. On the other hand, a more advanced system allows you to view all the important data within a few clicks of your mouse. This will save you a lot of time and trouble.

5. After-sale service. Most basic accounting software programs outsource their customer support to overseas call centers. This is something that you will not want. You will want to get a system with local support, where you can use various means to contact the technicians if you have any problem when using your system.

Before you purchase any software program for your company, you should consider the 5 points that I have shared with you in this article. Do your research first and choose a reputable and experienced company to work with.

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