Choosing the right accounting software for small businesses like senior care organizations is essential for day-to-day financial management, but that’s not the only area your software choice impacts. The cloud accounting software you choose will also support your operations, marketing efforts, compliance needs, and the overall financial health of your business.
The right cloud-based accounting software can streamline tasks, improve accuracy, and offer valuable insights. All this makes it easier to reach your business goals and create a thriving senior care community and team.
Key Factors to Consider When Choosing Accounting Software for Small Business
With so many options on the market, it may be difficult to focus your search and find what you need. Starting with some basic questions can help you weigh your options while identifying what is most important for your small business. Start by focusing on these six key areas:
1. Weigh Cost Options: Assess your budget and consider the value of additional features. Is a basic, cost-effective option sufficient for your needs, or would investing in a pricier solution with advanced capabilities be more economical in the long term? For a senior living community, this might mean choosing software that integrates with resident management systems versus a simpler, standalone accounting tool.
2. Consider Accessibility Needs: Think about how the software will be used by your team and what level of accessibility is required. Do you need cloud accounting software that can be accessed from any location? How many users will need access? Is it crucial for the software to have a mobile app? In a senior living community, this could involve ensuring that staff can access the software from different care facility locations.
3. Determine Necessary Features: Identify the key functions and features needed for your business. This includes not only the accounting department but also other teams that rely on financial data, such as operations, sales, and marketing. Would additional features like time tracking and payroll integration be beneficial? What specific reporting capabilities are needed? Some solutions, like Sage Intacct reporting, provide intuitive, in-depth reporting capabilities that can serve all areas of your business. For example, in senior living communities, features that track resident billing and healthcare expenses are crucial.
4. Account For the Learning Curve: The best cloud accounting software in the world won’t benefit your business if you and your team can’t utilize it. At a small business, it’s likely that users won’t strictly be accountants, so you’ll want to consider tools that are intuitive, have an easy-to-use interface, and come with a variety of resources and support to help your team through the learning curve.
5. Assess Customer Support: Evaluate the customer support available for the cloud accounting software you’re considering. What is the average response time? How easy is it to get a live person on the phone when you need to troubleshoot? For senior living communities, reliable customer support is essential to quickly resolve issues that could impact resident care.
6. Keep Growth Potential in Mind: Just because your business is small now doesn’t mean it’ll stay that way forever. As your business grows, so will your accounting needs. Choose an accounting software for small business that meets current needs while being scalable for future growth. For senior living communities, this might include expanding from a single location to multiple locations.
What Comes Next in Choosing Accounting Software for Small Business?
After considering all the factors above and identifying other specific needs of your organization, you can begin exploring available options on the market. However, you don’t have to navigate this process alone. Many accounting and technology companies offer consulting for senior care organizations and small businesses, providing expert guidance to help you make the best decision.