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Vendor comparison: Small business financial accounting software

Originally Published:
Oct 2018

Recording financial business transactions is fundamental to the success of any company. And matching financial accounting software to your business needs requires rational comparative research. These guidelines, along with the accompanying comparison chart, will help you compare vendors based on common features and support your decision-making process with documentation.

From the guidelines:

Whether you’re a freelancer working out your bedroom or a Fortune 500 enterprise with 100,000 global employees, there is one common truth—financial transactions must be recorded, stored, and reported. It is the only way to know for sure just how well and how successful a business operation is performing. Financial accounting is the universal language of business that all stakeholders, big or small, can understand and act upon.

Of course, the way financial accounting is accomplished varies greatly when you compare a large multinational conglomerate to a small business with fewer than 50 employees. While both may rely on the 500-hundred-year-old principles of double-entry accounting, the transactions each records are often markedly different and require notably different recordkeeping systems.

Small businesses tend to restrict themselves to specific-use financial accounting software. This is true even though cloud-computing has made integrated financial systems that include CRM, ERP, HR, and other non-accounting services available to every business regardless of size. But for many SMBs, just keeping an accurate set of financial records is enough.

Choosing the financial accounting software that best matches your business needs takes comparative research. Decision makers must examine several specific characteristics and features to determine which vendor and which solution will work best for their business today and in the future. These vendor comparison guidelines, and the companion tool, will help you compare vendors based on common features and help you document your findings to support your decision-making process.

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