Are you struggling in your search for the best accounting software for your organization? There are more options than ever and it can seem like a confusing choice.
Obviously, the decision needs some thought before you take the plunge and move all of your systems to a specific system. Thousands of companies are competing for your business, but is their accounting software the right solution for you? We’re here to help you make the right decision.
Of course, you could be forgiven for thinking we’re just going to recommend our software to you, but this isn’t automatically the case, we’ve got a full list of the features you require and even a definition of accounting software below.
Let’s start by defining what an accounting program is.
What is accounting software?
Accounting software is a software system used by businesses to track financial statements, cash flow, invoices, bank accounts, and purchase orders. The best accounting software for a small business should include basic bookkeeping features such as: double-entry bookkeeping, tracking income, expenses and invoicing, and reconciling accounts.
More advanced features may include inventory management, project accounting, employee time tracking, tax preparation, and financial reporting.
Vom (the most effective cloud accounting software in Saudi Arabia with hundreds of customer testimonials) helps small and medium enterprises to facilitate and automate the entire accounting process in just a few minutes . We even have a specific subscription plan for startups and small companies with a 90% discount on all packages for a period of 6 months. Manage your accounting professionally without spending a fortune now.
Now that you know what Vom is, let’s get into some of the benefits of accounting software and how the right software can simplify your business operations.
Benefits of accounting software
The accounting software enables efficient and speedy processing of financial transactions by automating them, and in the process reducing the costs of staff who would otherwise be needed to enter information manually. In addition, it improves data entry accuracy and facilitates the creation of detailed financial reports.
Check out the benefits of accounting software in detail below::
Expense and revenue management
The accounting program enables companies to manage their various financial operations professionally. An accounting program gives the user options represented in recording expenses and revenues according to their cost center, in addition to determining the applicable tax for each branch or cost center separately. After completing the registration and setting up the software, you will be able to know the status of expenses and revenues through the financial reports provided by the program.
Easy to calculate taxes
Most of the professional cloud accounting programs have a highly developed accounting system that helps you to make no effort to manually calculate the applicable taxes in your country. You select your country of operation at the start and the specific software will take care of determining the required tax in the specified country automatically. This means that you just need to enter purchase and sale invoices, and the system will calculate the tax percentage for each invoice and other advanced taxation sums that are needed.
Enter data accurately
The accounting program provides numerous advantages, and allows for manually entering entries, including all expenses and revenues, or recording them automatically, so that the system gives you a detailed report on their status. You have the ability to customize the report to display a specific period of time or a full accounting year.
Plus, another advantage: the option to edit and modify so that in the event of an error occurring during the entry process, it is possible to refer to the accounting program and correct the error easily. You can automate the journaling process with the press of a button.
Access financial data quickly
The chart of accounts is the axis of accounting, and most accounting programs are keen to facilitate the process of designing and preparing a simple overview of the accounting system used in your organization in an effort to provide you with a complete picture of your financial numbers in moments. You should also have the ability to extract reports in Excel or PDF format.
Also, with Vom, the accounting program has the option to add more than one new or sub-account and fill it with the appropriate financial information in order to keep all your financial data accurate and secure.
Get access to your cost center system at any time
The financial data provides the bottom line for your company. Is this branch profitable or is it causing me huge losses?
Imagine with me how long-winded the situation would be if you followed the traditional method using Excel accounting forms. By using a quality accounting program, you will be able to add the relevant cost center and its branches, and know the status and financial detail of each of them in moments by recording the expenses and revenues of each branch separately.
Full knowledge of the company’s assets and depreciation
The accounting software enables you to add your assets and set your depreciation period and its applicable tax, calculating automatically without any intervention from you, except in the part of recording the required financial data. You just need to monitor the status of your assets and the depreciation period.
Full control of the accounting cycle
When it’s the end of the fiscal year, you need to catch up on your accounting cycle and make sure everything is correct. With the accounting program, you will not struggle in controlling the accounting cycle. Throughout all of the year you will be able to determine the relevant accounts such as liabilities, purchases, and sales, follow-up on employee costs or wages, follow-up invoices, and set up entries, in time for the end of the year.
You can filter all of the data for the desired period of time, whether this is a month, a quarter of a year, or a full year. Additionally, you can enter your bank account data or accounts and track the movement of money in them with some ease and simplicity.
Get accurate financial reports at any time
Almost any accounting program provides you with two types of information: the first is a complete picture of the purchases summary, sales summary, and expenses summary through a control panel that appears to you immediately after logging in. The second type of information is detailed financial reports, including the journal, ledger, balance sheet, and income statement. You will find almost all the required financial reports in moments. You can view the desired report with the ability to print it or extract it in Excel or PDF format.
Vom (the most effective cloud accounting software in the Kingdom of Saudi Arabia with the testimony of hundreds of clients) provides you with all of the above benefits and features. Try Vom for free for 7 days and see for yourself.
Now we know what the accounting program is, and its most important features, functions, and benefits, but how do you choose the most appropriate accounting program?
Below, we explain how to choose the most suitable accounting software for your business in 8 steps.
Truth be told, the process of choosing a suitable accounting software is a complex process, because it all depends on your circumstances, the condition of your facility, your budget, the size of your work team, and your accounting goal. At Vom, with our cloud accounting software, we guarantee that if you follow the following steps, you will be able to make the right decision and end up with the desired software.
Step One: What are your accounting needs?
Before you jump into an in-depth search for the best accounting software for your business, take a moment and assess your own accounting needs (if you have an accountant, it is imperative that you involve them in this needs-determination process). Determine exactly what your requirements are, such as:
- Design and send invoices.
- Track expenses, revenues and purchases.
- Track cash flow.
- Follow-up wages and salaries.
- Other financial functionality as required.
These are just some of the criteria, but you must define your basic needs in detail, and you must also bear in mind the future needs you may develop, but your role for now is to honestly identify the most important current accounting needs for your organization.
Step Two: Does your chosen accounting software match your business model?
Accounting software differs in its features and even in the sectors it serves. There are programs built specifically for restaurants, and others for hotels. Do not be deceived by the statement that it is an accounting program for hotels, for example. It’s likely that the software is suitable for any other sector.
There is also a second type of accounting software, which is the general accounting software that the entrepreneur, freelancer, agency and other small and medium sectors may benefit from. If this suits your needs, review the program’s features and match them to your needs.
If you are the owner of a small or medium company that mainly serves the Saudi market, then Vom may be the most suitable option for you. It is completely built to help small and medium enterprises in automating the entire accounting process. Try Vom for free for 7 days and see for yourself.
Step Three: Is the accounting software easy to use?
We build our software with the assumption that you are an entrepreneur or CEO of a small or medium company. Therefore if your accounting knowledge is minimal, then you need software that can provide sophisticated solutions without being difficult to use.
Why would you subscribe to an accounting program that is difficult to understand, or that was originally designed without taking into account the condition of someone who isn’t an accountant, like you?
So, be very careful that the program you choose is easy to use and provides a practical way for you to start using it immediately after signing up. On Vom you can see the testimony of hundreds of customers who we asked about their opinion on the experience of using the program.
Do not take our word for it, you can try the program for free without the need to register your credit card data and judge for yourself. Try it now for free .
Step Four: Is your accounting software safe?
Security is the basis of the accounting process, especially in two matters:
- Security of your financial data hosted on the software servers.
- Not to disclose the accounting process data or share it with any external party.
Of course, you don’t want your financial data to be on public display. It is a very sensitive private matter. Many accounting programs, although they guarantee you security in the two previous matters, may not have the best reputation.
Step Five: Does the accounting software offer automatic linking and compatibility?
The truth is that the accounting software that you have chosen or that you have found to meet your needs is only one element of a set of elements in your technical kit, that is, the technical tools that you use to manage your business. Therefore, it is absolutely necessary that the chosen accounting software supports automatic linking with the most prominent applications that you use in order to automate the process of entering accounting data.
Vom provides integration with over 3,000 apps via Zapier, so you never have to worry about auto-connecting with your favorite apps.
Step Six: Will the program meet your requirements as your business grows?
Earlier in the article, we mentioned the need to take into account the needs of your future project. Your needs may be as simple as creating and sending invoices and knowing the status of expenses and revenues, but it is obvious that your project will grow and grow in the future.
Therefore, your business will need an accounting system capable of serving you as your project grows and expands, and then you must include the future need into your requirements to avoid a disaster or costly switch to other software.
Due to the diversity of Vom packages and their inclusion of all your future needs, we find that it is the most suitable for you.
Step Seven: What about my accountants or hiring an accountant?
The accounting program can not completely replace the accountant, but it greatly facilitates their work. One great thing about our software is that a non-professional can try for himself and manage his money without suffering.
And if you ask for the advice of a professional accountant, there is a chance he will recommend to you the program he uses and get used to it, but is this program suitable for your specific needs?
Be sure to follow the previous steps so as not to fall victim to a wrong decision.It is better for you to rely on an accounting program such as Vom that enables someone without a lot of training to manage his accounting process with great ease.
Step Eight: Is the price of the program right for you?
Almost all cloud accounting software offers a free trial to preview their software so you can decide for yourself whether or not it is right for you. But the dilemma is that if you try the program and you like it, then its price stands as a barrier.
So before you embark on the trial period, take a close look at the prices of the software, you will find, in most cases, both monthly and annual prices, see which one fits your budget and then choose what’s right for you. Then be sure to trial the program to preview it before investing in it entirely.
Vom (the most effective cloud accounting software in Saudi Arabia with hundreds of customers testimonials) helps small and medium enterprises to facilitate and automate the entire accounting process in just a few minutes . We even allocated a subscription for startups and small companies with a 90% discount on all packages for a period of 6 months. Manage your accounting in high professionalism and at the lowest costs now.
That’s almost all the information you need to understand in order to choose the accounting software best suited to your organization and circumstances. But even with all this information, you may still have questions related to the same topic, so the section below is there to help.
Questions and answers about accounting software
Here are the most prominent questions that arise regarding accounting programs, and their detailed answers:
What is the best accounting software?
The best accounting software, as we explained in this article, depends on a set of elements, the most important of which are: your accounting needs, its price compatibility with your budget and business model, its high security, and its ability to automatically connect. Vom is the best accounting software in Saudi Arabia for small and medium companies.
What accounting software is used in Saudi Arabia?
There are many accounting programs used in Saudi Arabia, but do they all suit the nature of your project? Herein lies the problem. Reading our article will help you to choose the most appropriate accounting program for your project. Among the accounting software used in Saudi Arabia by hundreds of companies is the cloud accounting software, Vom.
Is there free accounting software?
Yes, there are free accounting program options, but they are often limited in capabilities and features, depending on its characteristics and original design.
What is the electronic accounting system?
The electronic accounting system is a program that is stored primarily on the official computer of the company or facility, and sometimes it is a cloud accounting program that provides answers to all the required accounting needs.
The process of choosing the most appropriate accounting program for your organization is an easy process if you know the correct considerations that must be taken into account when making your final choice.
Following the steps described in this article is the perfect way to choose the appropriate program for you and your business situation. If you are the owner of a small or medium business, Vom is the best option for you.