How do I determine best accounting and payroll software for medium sized businesses?
The bigger the business, the bigger the task.
- If you have minimal transactions, off-the-shelf systems designed for small businesses will do the job. If you are savvy with Microsoft Excel, I recommend to use that so you have a lot of flexibility with running your accounts and payroll.
- If you are a medium sized business, it might be worthwhile investing some time in a Business Analyst that can help guide you in the right direction
- If your business is large enough, it is definitely worthwhile engaging a Business Analyst first to help you define what problems you are solving and help with defining a solution. During this initial phase, start to create a project team with external people to help choose the best way forward and implement the new system
- It is important to understand that an off-the-shelf accounting and payroll system is not going to do exactly what you want it to do because all businesses run differently. This is more of a problem as a businesses grows. The only way you will get exactly what you want is by having it built custom for your business. For larger businesses, off-the-shelf systems can cost just as much, if not more than having it custom built.
I would also add a different perspective. I think there are 3 things that help boil down a choice for this decision.