Man in suit tracks the price of business accounting software

How Much Should You Pay for Business Accounting Software

In an effort to keep up with finances, some businesses pay thousands of dollars annually for professional accounting software while some invest even more for the help of actual accountants. Business accounting software can help your business run smoothly without the need for an accounting firm, but there are a variety of factors to consider before shelling out hundreds on a product you don't need or won't be able to use. If you're in the market for new accounting software but aren't sure where to start, then read on for advice on how much you should be paying for quality accounting products.

The Average Price Tag

Most modern accounting software companies offer a monthly subscription service rather than a one-time fee because one-time fee systems typically offer less customer support, fewer features, and limited functionality. Regardless of the size of your company, you can expect to pay between $15 and $40 per month for mid-level products that offer standard features. For higher end software packages, you could spend as much as $600 or more for comprehensive, full-featured products that handle complex accounting situations.

In other words, there's really no average cost because the amount you spend will depend on your company's size/needs and the services provided by the software you choose.

Cost vs. Services Rendered

Because different companies have varying accounting needs, those who choose the software route need to consider a few basic options when picking out a package. Features to consider include:

  • Cloud capability
  • Online forums and community support
  • Updates and upgrade features
  • Specific accounting tools

Cloud capability refers to the software's ability to connect with online storage, which can help keep data secure and accessible in case of a technical glitch. In terms of specific accounting tools, you want as many features as you can to effectively track the information you need.

Customer Support

One of the things businesses often forget when choosing accounting software is long-term customer support. Many affordable products lack technical support, but even some costly software packages fail to provide ongoing support once you pay for the service. Unless you have a staff of tech-savvy professionals or employees who have a relatively high grasp of complex accounting issues, then you need to add in the cost of customer service when deciding on a brand or product.

Choose a software package that features technical support or at least offers the option to upgrade later if needed. You should also look for products that provide helpful online forums where users can answer questions for each other. Having a community forum helps you resolve issues quickly without the need for time-consuming technical support, and it could help you make more efficient use of your accounting software.

Last Updated: February 10, 2016