If you are running a CPA firm then you will have to take care of many things. From keeping tabs on the changing technological landscape to managing the client relationship, there are many things to look at.
The demand for CPA firms might have increased because more people have now started realizing the importance and benefits of using accounting solutions but thriving in the CPA firm industry has also become challenging. Although there are many things that you need to focus on but the most important one is to choose the right accounting software for your CPA firm.
Accountants and CPA firms have abandoned stacks of papers and spiral bind a long ago and they have flocked towards technological solutions like software application, cloud, and AI. But before moving to more advanced solutions like AI and cloud, you will have to first choose the right accounting software for your CPA firm. All your efforts of shifting to the cloud and using the latest technology will go astray if you will not choose the right accounting software. There are many options of accounting software available and that’s what makes it choosing the right one a bit difficult. But you don’t need to worry as this blog post will help you in knowing the things to consider while choosing accounting software for your firm.
It is true that you need to use the latest technology in order to step up to the plate but it doesn’t mean that you need to deal with a complex IT solution. Most of the accountants at a CPA firm are not technology buffs and therefore you will need to choose software which is very easy to use. But this doesn’t mean that in search of user-friendliness, you will have to compromise the features and functionalities of the software. An ideal software offers advance accounting features that are very easy to use. If you will choose a complex accounting software then it will have a steeper learning curve and it will difficult for your accountants.
Because of the advent of the internet, the distance between users and businesses has reduced. Gone are those days when a small CPA firm has to confine itself to its own local area when it came to offering accounting service. Now even a new CPA firm at a very small level is able to offer its services to a client sitting in a completely different corner of the world and that’s why your accounting software should have multi-currency transaction. You are never sure from which country a client will contact you for accounting services and that’s why you should be ready with an accounting firm that can deal with different types of currencies.
You might be using accounting software without any integration but with the advancement of time and with the growth of your CPA firm, you will surely need to integrate your accounting software in order to customize it or enhance its ability. This is why it becomes important for you to choose accounting software that offers seamless integration with other third-party apps. The accounting software that you are going to choose should be capable of third party integration on the cloud platform as well. Integration with third-party apps helps you minimizing the manual workload as well. From inventory management to employee time tracking, good accounting software can be integrated with a wide array of third party accounting apps.
You might have started working as a solo CPA or just started a CPA firm but still, sooner or later, you will have to move to the cloud. Just within few days of services, you will realize how important it is to move to the cloud but at that time, if you will not have cloud compatible software then you will have a very steeper learning curve. An ideal accounting software solution will always be cloud compatible but you should know that there are many accounting software out there that are not compatible. In such a situation, along with understanding cloud accounting, you will have to work on completely new accounting software with a different UI.
Last but not least; price. While analyzing the different accounting software available in the market, you should always keep your budget in mind and check the price of each of accounting software. The price of accounting software becomes more important for you when you are a small CPA firm or a solo CPA.
Choosing the right accounting software can be a difference between the success and downfall of your CPA firm. Whether you are providing accounting services as a CPA or a CPA firm, it is very important to choose the right accounting software.