Choose cloud software with your eyes wide open. When you choose a software that is core to your business – like accounting software, make sure you spend the time to make a good choice. If you do, the software should not only be able to meet your current functional requirements, it should also be able to meet your needs as your business grows.
Today choosing cloud software is so easy, but changing cloud software, once you have set it up, may not be. Accounting software is a great example. You might think your requirements are pretty straightforward – set up a chart of accounts, add vendors and customers, and start sending out invoices and payments. This works for a while. But things to tend to change. We see it every day. When things can’t be handled, you start having to do things outside the software, perhaps using Excel, or set up workarounds. This works for a while, but eventually it becomes a real drag. Invoices don't get out on time. Reports take a lot of effort to create and don't always have the most current data. Auditors grow concerned and spend more time confirming results.
So if you have BIG plans for your business, think about some of your future requirements before subscribing to an accounting software that seems convenient. Down the road, will you need to deal with things like revenue recognition, project billing, multiple entities, different users with different roles, integration, and robust reporting and analysis? Most likely. So select your accounting software like you hire employees - with long term goals in mind.