Your management team, and more importantly its shareholders may want to see certain Key Performance Indicators (KPIs) that may accurately reflect the performance of the business, be it financial or non-financial. Therefore, it would be best to consider the business's internal reporting requirements before choosing an accounting software.
Similarly, consider if the software's reporting options cover UK Generally Accepted Accounting Principles (GAAP) and/ or International Financial Reporting Standards (IFRS). It is also important to confirm that the accounting software meets industry standard levels and that its storage of sensitive financial data complies with the up-to-date General Data Protection Regulation (GDPR).
If your business is VAT registered, you may also want to ensure that the software is Making Tax Digital (MTD) compliant to allow for efficient digital submission of VAT returns to HMRC.
Pro tip – Taking advantage of trial periods and demos offered by accounting software providers is advisable, allowing you to evaluate the software in further detail.