A buyer's guide explains crucial criteria which can help in choosing the right kind of accounting software for the organization or individual purpose to fulfill the requirements. There are many types of accounting software which may appear same in terms of features and modules but are seriously different from one another in terms of functionality. The difference is due to their design which is different because it is focused at either providing solutions to certain industry specific problems or to automate certain time consuming processes involved in general accounting activities.
Identification and deciding your own individual or organizational need is the first step that is required to be taken. Some organizations need inventory finance software and some project based accounting, however there are other types of accounting software too other than these which have specific functionality. Some high end accounting software include all the functionalities required by different industries which are costly and robust but provide valuable solutions like multiple currency, language, capability to comply with different set of rules and regulations, consolidation, flexible reporting, cost analysis, project analysis etc. Understanding and analyzing requirement of the purchasing organization gives out a clear cut picture about the functionality sought in accounting software and solutions expected.
Specific requirement analysis is another step according to buyer's guide that a buyer needs to take before choosing any accounting software. These specific needs can be either due to industry or internal functionality of the company. Sufficient support for some special processes in the working, which are most of the time crucial and important for the company and not possible to drop or change them easily, shall be checked.