Key Phases to Developing an Effective Custom Accounting Software

Developing an effective customized accounting software helps your financial management become scalable and flexible. To build one, understanding each key phase and the right approach is essential.

The use of accounting software can be beneficial for a positive cash flow system and other business needs. Although there is ready-made accounting software, custom software can give you benefits that will save you time and money.

But building an effective customized accounting software can be daunting since you will create from scratch. The key to doing so is an effective process.

In this article, we will be talking about building accounting software using key phases in the development process and how to approach each phase properly.

Key Phases and Approach to Custom Accounting Software Development

The development of customized accounting software is divided into four key phases: research, design, prototyping, and testing. In each key phase, you will create important decisions that will greatly affect the features and results of the project.

Before we proceed, it is extremely important to take a hands-on approach and to work with developers that have already provided customized accounting software development services and solutions to other companies.

If you are looking for a development team to build your customized accounting software, Laneways Software & Digital can help. Over the years in the software development field, various companies have taken advantage of customized software solutions provided by the agency.

Research Phase

As the name of this implies, this is where thorough research is done by both the business owner and the software development company. In this phase, data about business processes and needs should be studied and analyzed.

During the research, it is important to consider software types, data storage, and accounting systems to use.

Since you will be using customized accounting software, you can combine and develop different types and systems to get the best project results.

There are several types of accounting software. Programs similar to Google Spreadsheets are the usual accounting software for small businesses.

But for medium to large businesses, more system features are needed, such as the generation of reports on payroll and taxes. Aside from studying the software type, the data accounting system, such as cloud or on-premise storage, needs to be considered as well.

Design Phase

During this phase, the involved processes are to sketch out the aesthetic appearance and map out the functionality of the custom software. The primary goal is to make accounting software easy to use and practical.

For the aesthetics, creating sketches of the screens or pages will help you visualize the looks of the accounting programs you are making.

Hiring a third-party designer company can help improve its appearance, giving it an edge in the market.

During functional mapping, create a workflow sketch of the accounting solution that you want.

This way, you’ll be able to visualize if there is a product redundancy, process optimization, and overlooked information. It’s also best to get technical information from software developers on how to optimize the product functionality of the accounting management software.

We build custom software with modern solutions in mind for any business and sizes!

Prototyping and Development Phase

This is the phase where developers program the accounting software according to the designs. During this phase, adopting an Agile development approach will let you stay on top of things.

To do so, develop one core function at a time, always meet regularly, actively give feedback, and take time to check if the given feedback was addressed by the development team.

If online accounting services are one of your software features, then this is the phase where you choose what type of hosting you want. There are three data hosting systems to choose from: on-premise solution, web-based accounting software, and cloud-based accounting software.

Test and Support

Before the full implementation of the custom financial software, it is essential to test the software. Although it won’t guarantee that no problem will occur, it will greatly lessen it—effectively decreasing the chances of a negative business impact.

Once implemented, close monitoring is essential as you continue to optimize and update the customized software. It would be best to keep working with one custom developer as a long-term partner.

Essential Functions of a Custom Accounting Software

Large companies that work with custom accounting solutions should always integrate core accounting functions. This will maximize the efficiency and benefits gained from using customized software.

For a small business, some features can be left for future development to reduce cost. Below are some of the essential functions that custom solutions should have.

We build custom software with modern solutions in mind for any business and sizes!

Conclusion

Developing the best accounting software requires insightful research, a simple yet effective software design, an agile approach to prototyping, and testing.

And although a customized business accounting software has a high initial cost, it can make managing financial records easier, leaving you more time and resources to stay on top of your business.