How to Choose Business Accounting Software: Flow chart


Without a doubt, a good accounting system in a corner stone in any company, regardless of its size or industry and this is why, when selecting one, you should focus on the benefits and future needs other than core accounting.

Financial Software

Core accounting is a given – every company needs it but if your company is expanding, both in business volumes and in human resources, you should select a financial software that is scalable enough to support it and will include some of the following modules:

  • Finance and bankingFixed Assets Management – tracking your properties and equipment including the depreciation process
  • Budgeting and Forecasting – helps you to plan your budget across the company by forecasting revenues, expenses and cash flows
  • Project Accounting – if you are a project-oriented business, this will help you in tracking project resources, progress and profitability
  • Payroll Management – manage your payment to employees, print checks and controls your tax withholdings (this part will usually interface with your HR software)

Once you have established the basic functionality that is required, it is time to contact your IT experts and discuss what platform is the most suitable for your business. If there are no regulation restrictions and no major information security risks then a cloud-based solution (aka SaaS) might be the preferable option for your company. These solutions could both simplify the implementation and reduce the operational costs.

Business seminar, training

Important note: if your company is either traded in the stock market, regulated or operates globally, there are additional aspects you should consider when choosing and accounting software. Click here for more information.

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With over 20 years of experience in SW development and IT Management, Ohad Appelbaum can provide insights to those who are considering purchasing a new software to their company. As an IT executive for more than a decade, in 3 different companies (Internet Services, Hi-Tech and Government), Ohad has managed and supervised the purchasing, development and implementation of dozens of IT and IS systems and projects, in all of the common domains – CRM, ERP, Finance, BI, Manufacturing, Cloud-based system and many more. Ohad has managed large-scale budgets, teams, programs with major vendors and integrator and achieved success and high customer satisfaction in critical IT projects through the years. Ohad holds a bachelor's degree in Computer science and statistics from the Tel-Aviv University and in a bachelor's degree in Business Management and Economics from the University of South Africa (UNISA)