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How to Choose Cloud Accounting Software for Professional Practice

by | Aug 17, 2022 | Accounting Tech Trends | 0 comments

There is a great abundance of cloud accounting software available.

Choosing the right one for your professional practice can be a tiresome and bewildering task. In this article, we’ll explain how you can go about choosing the right cloud accounting software that matches your business requirements.

 

Professional Users Are Power Users

As someone who owns or works in a professional accounting firm, you’ll want a cloud-based accounting software built for power users like you. Some of the must-have features and functionalities you’ll need as a professional accountant in Singapore include a multi-company interface, support for multiple currencies and bank reconciliation – just to name a few.

You’ll also want to pay attention to the functionality scope and pricing model of the software you’re evaluating, as well as look into how much efficiency and support it offers. As we’ve mentioned before in our article about comparing accounting software, it’s not about the number of features you should be looking at. Instead, your focus should be on which features will grant you a better payoff in the long run.

 

Functionality Scope: What Do You Actually Need?

Feature-rich accounting software with hundreds of add-on apps are usually also quite expensive. Due to the expansive number of features, they are also typically hard to master. It’s best to think about your clients and their unique requirements before committing to a costly purchase which you may not fully utilise.

For professional accounting practices, you’ll want to make sure these functionalities are included:

  • Multi-company interface
  • Support for multiple currencies
  • General ledger
  • Accounts Payable, Accounts Receivable
  • Bank reconciliations
  • Balance Sheets
  • Income and cash flow reports
  • Custom reports and business intelligence
  • Fixed asset management
  • Automated bank flows
  • Document management
  • Tax engine

You’ll also want to confirm that the cloud-based accounting software you’re eyeing is scalable.

Scalability will help you ensure that the application you’re using can efficiently support accounting workloads for all business sizes, so that you can grow your business with your clients. Cloud accounting software that’s scalable will be fast and nimble no matter how many transactions you’re handling. It will also allow you to manage outside collaborators easily, so you can lean on external support to get the job done when needed.

 

Pricing Model

Cloud accounting software operates on a Software-As-A-Service or SaaS model, which means that your access to the software is enabled through a recurring subscription. As long as you can go online, you’ll be able to access the mobile and web-based versions of the same software, which is stored on external servers.

Many cloud accounting software applications operate on a tiered basis, which means that users on lower tiers face issues such as locked features and transaction limits. There’s no telling when a core feature will suddenly become an add-on that is no longer covered by your basic subscription fee.

To avoid these added expenses, we recommend that you look for cloud-based accounting software that charges a flat fee or one that has a pay-per-accountant pricing model.

 

Efficiency & Support

Staring down a deadline or juggling a large volume of reports? You’ll want whatever software you’re using to be responsive and quick, so you can keep your productivity high. If your cloud-based accounting software can run at a decent speed no matter what your transaction volume looks like, you’re looking at a winner.

Another question you should ask yourself is: Does this software provide customer support via phone and is it available in Singapore’s time zone?

Customer support is invaluable as it’ll save you time down the road when your clients have questions about how to execute certain functions while using your chosen accounting application.

When you’re looking for cloud accounting software that works for accounting professionals, look no further than Eleven. Our SaaS solutions are designed for accounting firms that are eager to shake up the world of accounting with high-quality bookkeeping and advisory services. Process high volume of transactions without any hiccups, balance your books in multiple currencies and watch your productivity soar with Eleven’s breakthrough features that are available for a flat fee. No paywalls included!

Do you have questions about how Eleven works? Book a free demo to see Eleven in action or give us a call.

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