10 Questions to Help You Find the Best Ecommerce Accounting Software for Your Business
Essentially, a comprehensive financial management system should be at the core of any ecommerce business (second only to their product and customer service). From receiving and analyzing data to sharing and implementing the results, ecommerce accounting software has the power to either launch a business toward success or get stuck in a vicious cycle of mediocrity.
Unfortunately, many business owners get stuck. Either they’re simply not aware of the alternatives or they’re just too busy to stop and research other (better) options. The good news is that many software products are designed specifically to streamline reporting efforts and improve performance results.
Perhaps Quickbooks was fine to start out, but how will you know when the time is right for an upgrade?
Planning for Your Next E-Commerce Accounting Software? Ask Yourself These 10 Questions First
Before you’re forced to make a change, plan for an upgrade while your business operations are still running smoothly. To help you anticipate how your business needs may change in the future, set short-term and long-term goals. Will the system you’re currently using be suitable in five years? Consider the following questions to help you come to this conclusion:
1. As you grow, what changes do you expect to encounter?
2. What key challenges do you expect in the future?
3. Do you anticipate your customer base to change?
4. Are you currently tracking the prospecting cycle and marketing efforts?
5. How much do you expect your customer base to grow?
6. Is there opportunity to shorten your order-to-cash cycle?
7. Do you plan to expand your product portfolio?
8. Will you expand your workforce as your business expands or reallocate responsibilities among employees?
9. Are you tracking revenue and costs correctly with the right level of detail to support your decisions?
10. Do you understand all aspects of reporting that could potentially impact your financial success (or failure)?
Once you have defined your goals, you can identify an ecommerce accounting software to help you manage your financial affairs more effectively. Without a doubt, it has the power to help you succeed and bring accuracy to all your financial reports, but your choice of who to work with requires careful consideration.
Depending on what your business needs are, your financial software should have the capability to improve functions such as fixed asset management, inventory and order tracking, allow multiple users access to financial data, organize supplier and customer data, track sales and create financial statements and real-time reports.
At Lumiola, we’re not just about the software.
We know that accounting goes way beyond software and bookkeeping. Our in-house team of accounting professionals work together to construct a secure, user-friendly enterprise-level financial system that gives you powerful insight to reports and access to real-time customer data. Our unique combination of technology paired with our individualized accounting services will help you bridge the gap so you can experience powerful growth.