Large business organizations have one basic advantage not enjoyed by small business owners – scale of implementation. Large organizations can afford to evaluate all the software tools available in the market ‘irrespective of cost’. Small business owners have this constraint – they would like to have all the features of a financial software minus the huge cost involved.
Any small business should first of all prepare a checklist of requirements. For example, a typical financial software will have inventory, job costing and time billing as modules in addition to routine accounting stuff. The small business owner should have thorough clarity here – if his is a service organization, he may not need an inventory module. Ditto for a builder with no need for time billing module. On the other hand a small business may need inventory module if he is a manufacturer or goods seller. There are many industry specific financial software tools available. One can also have a comprehensive understanding of each of these available and checked for their utility for the business.
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