There is a point in time where generic softwares just don’t work. Organizations can only do so much with spreadsheets and generic accounting tools. While they may be the best solutions for startups, growing companies and corporates eventually require a custom-tailored solution which meets their precise needs. A software that is specifically made for your organisation and not for everyone else.
Tailored solution built to meet specific business needs
Custom accounting softwares are tailor-made financial softwares built around the unique ways of your business. From advanced financial reporting, multi-currency support and complex tax compliance, a custom bookkeeping software makes everything work your way, precisely the way your business operates. Unlike off-the-shelf accounting softwares that force you to adapt your business to their process and fit their template to your business, bespoke accounting software ensures the softwares adapt to your business needs, with unique financial structure, industry-specific workflows and regulatory obligations.
Developed from scratch or built on a framework
Custom accounting softwares are usually built from scratch but can also be developed from an existing framework to reduce development time. Custom accounting softwares are not customisations of existing softwares like Billbook, Tally but are built from a framework which is different from customising an existing software. Building from an existing framework like Laravel, Django and .NET allows the use of modern tech stacks, build secure compliant architecture from day one and add/remove features without breaking the system. Integrating real-time expense tracking, ledger management system or custom billing cycles are easy to handle in a custom-built platform.
Fully scalable and modifiable
One of the benefits of a custom-built software is its ability to scale and extend. A scalable accounting software with customisable financial tools ensures multi-branch financial systems with upgrade-ready finance platforms. Adding new branches, currencies and user roles while keeping compliance in check ensures a smooth-performing accounting interface for your organisation ensuring no struggles with painful migrations. Integrate AI-powered insights, automated invoicing or machine learning or fraud detections without starting from scratch. No limitations to what can be achieved with a custom financial software when it comes to scalability.
What is Off-the-Shelf Accounting Software?
Off-the-shelf accounting softwares are ready-to-use softwares. They work perfectly well but in their own way. It may not align to your business needs exactly the way you intend it to work. Softwares like QuickBooks, Xero, Tally and Zoho are designed to cater to a wider audience and are best suited for small and medium-sized businesses who can get away with the regular features and functionalities of an accounting software. They come with all the standard features like invoicing, expense tracking, bank reconciliations, tax calculations and financial reporting, but lack customisation to your business needs.
One-size-fits-all with limited flexibility
Off-the-shelf softwares are great for small businesses and startups but are not flexible enough to adapt to enterprises and large businesses with specialised accounting needs or complex financial workflows. With an off-the-shelf software, you may find yourself adjusting your internal processes to fit the software structure, use third-party software to solve problems that the accounting software does not provide, and hitting feature limitations as your business grows. You are always looking at expensive add-ons or advanced workarounds with standard accounting softwares and generic bookkeeping applications.
Available on a subscription or license basis
Most off-the-shelf solutions run on a SAAS (Software as a Service) model. You pay a monthly or yearly subscription fee. Some come with a lifetime licensing option. While softwares with a one-time fee may seem low, the long-term expense on these softwares can pile up as you add premium modules and subscribe to third-party integrations for missing modules. Subscription model finance softwares and pay-as-you-go accounting tools are cheaper initially and may seem affordable, but companies end up paying more than what a custom software would cost over the years.
Flexibility and Personalisation
A software should adapt to your business needs and not the other way around. With unmatched flexibility, your business can benefit from custom accounting softwares which are built around your existing workflows and not the other way around. Generic platforms force your business to work to their structure which could limit your business functionality and deter progress. An accounting software is scalable and changes according to your business and its growth.
Every business has its own quirks and it’s a good thing. Custom accounting softwares adapt to your business needs and changes and adapt seamlessly to the way your business runs. If it’s a specific invoice approval chain, custom user roles and permissions, department-wise budget allocation or multi-entity accounting with intercompany transactions, bespoke accounting softwares are designed to act exactly the way you want and how you need it.
Custom Dashboards, Approval Flows and Reporting Formats
Every off-the-shelf software comes with their own dashboard which provides a fixed reporting template. That’s often not sufficient when your CFO needs a cashflow forecast every Monday and the finance manager wants to see an expense breakdown per department. Reporting is crucial for every business and decisions are made based on these reports. With custom accounting softwares, you can design dashboards with different roles, set up smart approval workflows for bills, invoices and reimbursements, and create reports exactly in the format your team or auditors prefer. With automated alerts and triggers based on specific financial thresholds, you have a tailored expense reporting system, which most off-the-shelf accounting softwares cannot provide.
Support for Niche Industries and Regional Tax Systems
Think about an accounting system for real estate firms which require project-based cost tracking. Or a non-profit with donor-based fund accounting system. A logistics company may need distance-based cost allocation. These are features which are not available in most off-the-shelf solutions. Custom-built platforms can accommodate industry-specific workflow variations and industry-specific compliance and even regional tax requirements like GST in India, VAT in EU and UK or sales tax in the US.
Integration Capabilities
Custom software’s key feature includes its ability to integrate with CRM softwares, ERP and bank feeds or inventory platforms that already exist in your business. With easy and seamless integration, you have centralised data, among other benefits.
Connect easily with CRM, ERP and Banking APIs among others
Off-the-shelf tools come with certain integration capabilities that are pre-approved. Custom solutions are built with open architecture allowing you to integrate with the software of your choice provided the target software has the provision. You can connect with major systems like Salesforce, Hubspot or other CRM software. ERP softwares like SAP and Odoo come with facilities to integrate with them. Banking APIs provide you with real-time reconciliations and inventory management including eCommerce stores, POS systems and tax filing portals come with integration facilities which can be integrated with your custom accounting softwares.
With custom solutions, you can integrate with softwares like Stripe, Gusto, PhonePe to record accounts receivable instantly. Salary and tax deductions can be triggered in your general ledger and you can get accurate cash flow visibility without manual reconciliations.