How to choose financial software for SMEs: 8 tips

What is financial software for SMEs?

Financial software for SMEs is a tool that can greatly simplify all of a company's accounting operations. The reason is that it centralises all of a company's accounting operations in a single device, thus enabling better and greater access to a company's accounting.

It is therefore a software dedicated to processing and recording all accounting operations generated by the company's activity. These include sales, accounts and purchases as well as significant receivables. On the other hand, there would be the outstanding amounts to be paid, balances and payrolls as well as the production of outstanding items. In short, everything related to a business' productive activity.

What should be taken into account when choosing financial software for SMEs?

When choosing financial software for SMEs, we must take into account several important aspects.

1. Consider your business needs

When choosing financial software for SMEs, we must take into account the characteristics of our own business. First of all, we must take into account its size, its different departments as well as the way the business operates. This will indicate, in addition, what the needs of our business are. To do this, we recommend that you make an analysis and list as detailed as possible to find out which modules and what aspects your financial software should include.

2. Compares the different functions that may be performed

Another essential point to bear in mind when choosing accounting software for SMEs, and which is in fact related to the previous point, is to compare what different companies have to offer.

We should always bear in mind that financial software should be modular in nature and can be adapted to the needs we have detailed above. By comparing the different alternatives on the market, we will be able to find one that is as complete as possible for the functions and work we want to undertake.

3. See how simple this is

It is essential to have affordable financial software: This does not mean that it is the cheapest, but rather that it is the one with the best price once we have checked that it meets the characteristics we have mentioned. In this sense, we should not be guided so much by price as by the price/quality ratio.

That is precisely the most affordable, although probably not the cheapest. At this point SEIDOR is able to offer you affordable and functional accounting software.

4. Be aware of what extra services SME finance software could offer

Another must-have tip on our list is to take into account any extra features that accounting software for SMEs may offer you. Increased competitiveness among the companies that develop them can make some of the extra features they offer particularly beneficial to your business. Therefore, aspects such as consultancy or complementary software can make a difference.

This is especially the case for management software, a supplementary tool to financial software. In the case of some companies, such as SEIDOR, there are different software programmes that can be run in conjunction with our own financial software.

This can greatly simplify not only the process of the software itself, but also the overall operation of the business as a whole. The reason is that they can be coordinated with each other and operate with great synergy to deliver superior performance.

You can find out more about business management software on our website.

5. Keep in mind the growth potential of the software itself.

Let's say you own an SME that is expanding and will soon start to expand its borders or, in general, its market presence. In this case, it is recommended to have financial software for SMEs in advance that is able to grow at the same pace as you do.

This is not only due to the modularity of this type of software (which would allow us to add functions as our business grows); it also depends on the capacity of the company that develops it to provide you with a solution that does not interrupt the growth of your business.

6. Compare different views

It is always essential to check the opinions of other users who are already familiar with the financial software we intend to implement. The sooner we know these opinions, the sooner we can start sifting through the different options. For the same reason, we recommend that you search in different forums for the opinions of other users who have already tried the product and who can clarify some points that only come to light through the use of the software.

7. Always look for a solution that provides data analysis.

It is essential that financial software for SMEs has functions that makes analysing accounting data as straightforward as possible. This requires intuitive operation that allows you to get the most out of it.

At the same time, it is possible to take advantage of software that may provide a complete accounting picture that makes it much easier to interpret each part of an accounting entry.

8. Complete with as much information as possible

As we have said, the best choice of financial software for SMEs is one that, in a comprehensive way, is able to offer a solution in conjunction with other software. For the same reason, we have recommended that you take into account those technologies and software that will work together with it.

It is therefore recommended that you also seek information on these to find out what is the best possible decision. At SEIDOR we can help you choose the best software for your company through our advice and experience.