Along with handling
day to day operations and planning for the future, a small business needs to
keep a record of its financial transactions.
Many small to medium-sized businesses (SMBs) do not have, or need, a finance
department. Sometimes, an accountant is hired for a few days a year. The rest
of the time, managing the company's finances often falls to the business owner
or a director, who may not have a solid background or a great deal of interest
in the world of payroll and VAT.
From the 1980s onwards, accounting software began to make keeping track of
finances a little easier, but software packages still tended to be expensive
and tricky to use.
Today, however, there is a much wider choice of accounting software packages at
affordable prices. Larger organisations can choose a bespoke package tailored
to their needs, but a small to medium business is more likely to pick something
off the shelf.
Aside from cost considerations, some of the factors SMBs must consider are ease
of use, compatibility with other software used within the business, and the features
they require. Some software comes as a basic package with features that can be
added as needed, so businesses can avoid spending on unnecessary add-ons.
It is worth taking time to research and get to know the software packages
you’re considering for your business, so you can properly determine which one is
right for the job.
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