The accounting software landscape has undergone a significant transformation. Once a relatively straightforward decision, choosing accounting software has now become a maze of global players, niche solutions, and cloud versus on-premise options. For growing businesses, making the right choice is more than tech – it’s strategy.
“Technology has played a major role in fragmenting the accounting software market,” says Stephen Howe, director of business solutions specialist Times 3 Technologies (T3T). “You now have global players that have acquired smaller ones across tiers, introducing enterprise-grade capabilities to the mid and lower markets. At the same time, local vendors are still servicing niche needs, which further diversifies the available options.”
This fragmentation has led to a scenario where many businesses operate a mix of non-integrated and on-premise systems, creating inefficiencies and risk. “We often see clients struggling with systems that don’t talk to each other,” Howe notes. “Cloud solutions can feel overwhelming, but the real risk lies in sticking with outdated, disconnected systems.”
When businesses rely on disconnected financial tools, they face several key risks: data inconsistencies, compliance failures, and a lack of real-time visibility. These issues can result in missed payments, inventory inaccuracies, and ultimately, poor decision-making. “For example, you might issue an invoice or accept another order from a customer who hasn’t paid in months simply because your systems aren’t speaking to each other,” Howe explains.
Furthermore, regulatory compliance – especially with emerging mandates such as ESG (Environmental, Social and Governance) reporting, is increasingly difficult with siloed systems.
In this crowded market, product reviews can serve as a guiding light – but only if approached with discernment.
“Product reviews should ideally be independent,” says Howe. “What’s even far more valuable are peer reviews – real-world customer feedback on how a solution functions in the trenches.”
He suggests platforms that gather peer insights can provide authentic perspectives. Businesses should pay close attention to reviews from similar industries and use cases or customer references to gauge fit and reliability. “It’s not just about shiny features. It’s about how well the software supports your processes, and how well the vendor supports you,” Howe adds.
So, what should companies watch out for in reviews? Howe recommends looking for mentions of poor support, hidden costs, and misleading uptime guarantees. “Also, be wary of vendors offering canned demos without letting you ‘get under the hood’. A flashy interface is useless if the back end can’t support your needs.”
He also urges businesses to evaluate the total cost of ownership (TCO), and not just the immediate cost. “A solution might look affordable up front, but what happens in year two?”
For growing businesses, scalability and integration capabilities are paramount. “Your business will change over the next five years – will your software keep up?” asks Howe. He advises companies to speak with existing users who’ve scaled with the product and ask about real-world experiences with new business requirements.
On the integration front, API capability and ease of configuration are key. “You don’t want to hire a team of developers just to connect your CRM to your ERP. Look for solutions with robust, documented APIs that support near real-time data exchange.”
Howe’s advice for businesses vetting new accounting software is simple but vital: go beyond the brochure. “You need to understand the software’s usability, its configurability, and the vendor’s philosophy.” He also recommends working with solution providers who understand both the product and the industry. “Your partner should help tailor and configure the solution – not just install it. That’s where real value lies.”
The power of informed decision-making cannot be overstated. Product reviews, when vetted carefully, are one of the most powerful tools businesses have to ensure their financial systems are future-ready. “It’s not about the trendiest tech,” says Howe. “It’s about choosing a system that will grow with you, integrate seamlessly, and support your success well into the future.”
