There are many different accounting software packages available these
days, and many of them have different functionalities and features,
depending on your specific business requirements. In this article we
will discuss the pros and cons of free accounting software packages and
explain why a paid accounting software package is probably your
company’s very best bet.
The pros of free accounting software
One of the obvious reasons why some companies opt to use free
accounting software is the cost saving. There is no need to fork out
money to purchase the software or having to deal with monthly fees.
There is no need to dip into your company’s cash flow for the benefits
of automated software to handle your financial transactions and other
bookkeeping related tasks.
The cons of free accounting software
Is anything ever completely free?
Are you not just using the trial version?
Why paid accounting software is your best bet
The bottom line is that free accounting software is hardly ever a very
good idea for your business. Paid accounting packages provide solutions
for businesses of all sizes, from small companies that are just starting
out to established medium and large businesses. These packages are
generally simple to use and provide a lot of added functionality such as
costing and purchasing functionality, item quantity tracking and so on.
Paid packages are very user friendly and intuitive and enable
you to manage business expenses, credit cards and bank accounts with
confidence and ease. These packages grow with your business and are
usually also easily integratable with most other bookkeeping software
packages. They are available for use by a single person, to up to 1.000
users, catering to a large spectrum of requirements, from simple
transactions to more customisable functions and features. The packages
are usually powered by one central database and can be integrated across
multiple businesses and across various branches. Some of the paid
accounting software packages also include full HR functionality.