Business Software Research - Helpful Tips and Resources

Budget or Premium?

Top tier software is often expensive. During the launch of a business it often makes the most sense to keep costs as low as possible. Later, as your business matures and grows, you can select a more mature software with all the features that you need.

Endless Research

Finding the best software at any price point is extremely challenging. You can spend endless hours researching, and still have no idea if you're missing out on a "Goldilocks" gem that is better suited to you than everything you've looked at so far.

Great Resource from BDC - Free and Low Cost Software

This compilation from BDC is an excellent resource that can help you drastically reduce time spent researching: https://www.bdc.ca/en/articles-tools/technology/free-low-cost-applications

BDC has included multiple software categories, including marketing, operations, and of course, bookkeeping software.

Accounting and Bookkeeping Software

One of the most common questions I get from clients is "which accounting software should I use"? I usually list 4 or 5 that I've used directly - QuickBooks, Xero, Wave,  FreshBooks and Sage - in that order. However, there are a bunch of software options in BDC's list that I've never used, yet might be a really great option.

Here are my two cents on the major accounting software alternatives:

1. QuickBooks Online- the most serious player in the market, with the most integrations to other software, and the easiest to deal with as an accountant.
2. Xero - a genuine player in the market, that is a genuine alternative to QBO, usually at a lower price point.
3. Wave - not bad, but not the easiest to deal with.
4. FreshBooks - not ideal
5. Sage - not my cup of tea, but some accountants swear by it

Comprehensive Five Step Research Process

When you are ready to invest in a more mature software option, below are five steps I recommend before you make a final decision. These are in no particular order.

1. Get in Touch with the Software Experts at Capterra or Software Advice
   1. This is an easy step that saves a bunch of time. Sign up for a free consultation with a software expert, where they will discuss your needs, identity a short list of vendors, and schedule demonstrations with each one
2. Identify the most popular software on your list, and Google search "_______ software alternatives" or "__________ competitors" to generate a list of several more options
3. Attend a trade show for your industry to meet software vendors that are invested in serving businesses just like yours
4. Network with other business owners in your industry and ask them what has and has not worked for them
5. Search Youtube and other sites for in-depth reviews of the software you are considering

Plan Ahead and Take Your Time

To make the best possible decision, start thinking about your forever-software more than a year before you make a purchase decision. The last thing you want to do is rush, pick the wrong thing, and have to start over.

Being Cheap Can Cost You

We all know frivolous spenders - its easy to identify the pitfalls of a never-say-no attitude towards "investing" in your business. But, there is a ditch on the other side. Don't just turn down a great software because of the perception of a steep price tag. What if it could save you a full time salary, every year? What is the value of working fewer evenings and weekends, so that you can spend more time with your family and friends? What if it frees you up to spend more time strategizing, growing and expanding? 

Invest in Implementation and Training

If you're investing in software, you need to invest the time to get the most value out of it that you possibly can. Budget the time and money to make that happen.

Our Approach

At Greg Cowan CPA, our software philosophy is to invest in business tools that can make us more efficient and effective at delivering value to our clients.