1. Functionality: What do I need?

The first consideration should be function. Does the software have the features and functions I need? Can I customize it for my business? Is there an industry-specific version of software available? How many users can I have? How many customers, vendor, and inventory items will it allow? Will this software run on my existing computers? Will this software integrate with my existing industry-specific software? Will this solution simplify tax time? Does my CPA use this software?

So many possibilities…every business has different needs. Start by making a wish list of what features and what functions you need. For example, your wish list may look like this:

• Three users
• Track accounts receivable, accounts payable, payroll, estimates, sales orders with backorders
• Process credit cards
• Direct deposit for payroll checks
• Online banking capabilities
• Download my credit card statements
• Job costing functions
• Allows me to create professional sales templates with my logo
• Includes reporting such as Profit & Loss, Balance Sheet, and other reports to help me effectively manage my business

Maybe you’re not exactly sure which software package will work for your particular business, but creating this function list will point your search in the right direction.

2. User friendliness: Easy to learn and use?

The next consideration is ease of use. How easy is the set-up process? Will it be easy to learn? Can I find local training and classes to learn how to use this software? If I need assistance, can I locate local accounting experts to help set up my books, customize the software for my business, and train me? Can my employees learn to use this software without being experienced bookkeepers? Will I be able to find bookkeepers in my area that know this software?

If you choose software that is well-known and trusted, you can easily find help when you need it. These trained professionals can assist you in proper set-up, customize the software for your type of business, and provide helpful training. They can help you get started fast, avoid mistakes, and reduce frustration.

3. Affordability: What is the cost of the software?

As with most of your business purchases, cost is always a consideration. So ask yourself: Is the software affordable? How much will it cost to add additional users? How much will it cost to upgrade the software? How do I get software updates? Will the software support my business growth over the next five to 10 years? How much does it cost to add modules, such as payroll? Are the modules included in the software or sold separately? What is the cost of support?

With all the choices in financial software, you don’t need to spend a fortune to get all the functions you need. Great software is available at reasonable prices.

4. Reputable: Is the software company well-known and highly regarded?

Reputation is a big factor to consider when you buy software. How long has the software company been in business? How many users do they have nationwide? Is the sales team knowledgeable, professional, and helpful? Do you know a colleague that uses this software? Is this software a household name? Have you heard about it before? Will this company be around in five, 10, or even 20 years? Do they have a demo that I can test drive?

To ensure your purchase has a long life span, you need to know that the maker of the product will be in business for years to come. Then you will be able to find ongoing support for the product, get improvements and downloadable updates for your software, or buy upgrades as your business grows. You want to choose software from a company that has been making—and improving—the product for many years and has a good reputation within the industry.

5. Help: What if I need support and training?

Finally, don’t forget to factor in the help options available. Does the software have unlimited technical support? What is the quality of support? What are the hours that I can get support from experts via phone? Does the software have in-product and online support, so I can find answers on my own? Do I get any free support when I purchase the software? What is the cost of an on-going support plan? Can I find local professionals familiar with the software that will come to my home or office and help train me to use the product? Is there a website with information on the software, tips, and proven workarounds from other users?

Unlimited support, local assistance and training are all must-haves for financial management software. You need to rest assured that you have help available when you need it.