I’m starting my company, what accounting tool do I need?
My company is growing and we need a new accounting tool, what should we choose?
… are the type of questions you may be asking yourself right now. Fear not friend, for we have prepared a clear guide on how to chose your accounting software properly. Cherry on top for our Swiss fellas, we’ve included a comparison of the key actors on the market right now.
Here’s the content of the article:
- Quick decision guide
- Key takeaways on what to consider
- Detail on how to choose the right accounting software
- Swiss accounting software feature comparison matrix
- What about Sway
- Conclusion
Quick Decision Guide
… Or a quick overview on the key players in the Swiss accounting tools, sorted for each company size.
Freelancers & Very Small Businesses (1-5 employees)
Consider Sway when: You want to automate bank reconciliation
Small Businesses (6-20 employees)
Consider Sway when: You want to automate account coding
Medium Businesses (21-100 employees)
Consider Sway when: You need automated invoice processing
Notes on pricing:
- Prices are approximate and may vary based on modules, users, and specific requirements
- Custom pricing typically requires contacting the vendor
- Some solutions offer annual payment discounts
- Enterprise solutions pricing depends on company size and implementation scope
- Prices exclude VAT and implementation costs
- Additional costs may apply for setup, training, and customization
Key Takeaways on What to Consider
- Don't just compare features and prices – consider the total impact on your business operations. Example issue: Saving on software recurring costs but spending twice as much on integrations.
- Future-proof your choice by considering your business's growth trajectory. Example issue: Switching solution rapidly because you opened a second branch office and the chosen solution does not support multi-entity accounting.
- Swiss-specific compliance requirements should be a top priority. Example issue: Facing audit issues because of an international software that does not properly handle Swiss VAT rates.
- User adoption and team capabilities are crucial for successful implementation. Example issue: Losing time in month-end closing after choosing a software without local language support.
- Data migration and system integration capabilities can make or break your implementation. Example issue: Loosing a lot of productivity with something as trivial as having incompatible bank statement formats (luckily Sway can help with that one).
- Vendor stability and local support in Switzerland matter more than you might think. Example issue: Stopping your activity due to an issue you face with the tool and having no local support that understand local requirements.
- Calculate total cost of ownership, not just the initial price tag. Example issue: A cheaper solution ending up costing more as it requires manual data entry. Note that if you find yourself in this situation, take the time to check, as combining your accounting tool with Sway Finance could just fix that.
👉 The full story: what to consider when choosing a new accounting software
Selecting the right accounting software for your business might seem as simple as comparing features and prices, but in today's complex business environment, there's much more to consider. As someone who's seen numerous companies navigate this decision, I can tell you that the most successful implementations come from looking at the bigger picture.
And if you're just starting your entrepreneurial journey - congratulations! As a new business founder, you might be tempted to postpone this decision or go with the cheapest option to begin with. However, setting up your financial systems correctly from day one will save you countless headaches down the road. While your needs might be simple now, look for solutions that offer a clean setup process, good learning resources, and basic Swiss compliance features like QR-bills and VAT reporting. Consider solutions like Banana or Bexio that provide a good balance of features and simplicity. Just remember - it's much easier to get things right from the start than to migrate your data later when your business is up and running.
Now if you’ve already been running your company for a while, let's talk about what's probably keeping you up at night: data migration and integration. Moving your financial history to a new system isn't just about exporting and importing data – it's about maintaining your business's financial story without missing a chapter. Before you fall in love with any solution, make sure you understand exactly how your historical data will make its way into the new system and whether it can play nice with your other business tools. Those e-banking connections, payment processors, and CRM systems? They need to work seamlessly from day one.
But here's what many businesses overlook: future-proofing. Your business today might look very different from your business tomorrow. That affordable, simple solution might seem perfect now, but what happens when you expand into new cantons, add more team members, or need to handle multiple currencies? The software that grows with you is often a better investment than the one that just meets today's needs. This is especially true in Switzerland's dynamic business environment, where regulatory changes and digital innovations like QR-bills can quickly make outdated systems a liability.
Speaking of Switzerland, let's get real about compliance. Our regulatory environment is unique, and what works perfectly well in other countries might need significant adaptations here. VAT reporting, cantonal tax requirements, and Swiss payroll regulations aren't just nice-to-haves – they're essential, although the last one may be tackled with a separate, dedicated tool. Make sure your chosen solution understands the Swiss way of doing business, preferably with local support that knows the difference between cantonal requirements.
Now, let's talk money – but not just about the price tag. When evaluating costs, think total cost of ownership: implementation, training, support, additional users, and those seemingly small extras that can add up quickly. But also consider the return on investment. How much time will automated processes save your team? What's the value of having real-time financial insights? How much would you save by reducing errors and improving compliance? Sometimes, the more expensive solution actually costs less in the long run.
The human factor is another crucial element that often gets overlooked in the selection process. The most feature-rich software in the world won't help if your team doesn't use it properly. Consider your team's technical capacity, their willingness to adapt to new systems, and the training they'll need. A solution with a gentler learning curve and good Swiss-language support might be more valuable than one with more advanced features that nobody uses.
Lastly, don't underestimate the importance of consulting with your fiduciary before making a decision. Swiss fiduciaries have extensive experience with various accounting solutions and understand the specific needs of businesses like yours. They work with these tools daily and can provide invaluable insights about which solutions work best for different business types, industries, and sizes. Plus, since they'll likely be collaborating with you through this system, their input is crucial for ensuring smooth operations and efficient collaboration. A solution that your fiduciary is familiar with and recommends based on their experience can save you significant time and resources in the long run.
Remember, choosing accounting software isn't just a technical decision – it's a strategic one that can either empower or hinder your business growth. Take the time to evaluate not just what you need today, but what will serve your business best in the years to come. Your future self (and your accountant) will thank you for it.
Swiss Accounting Software Feature Comparison Matrix
In the tables below, we’ve compared the most common accounting tools in Switzerland on a feature-basis. We used publicly available information as of early 2024. It may therefore not reflect the latest updates or specific implementation capabilities. We also purposely did not take into account solutions like SAP or Netsuite that are meant for much bigger corporate. If you’re looking for this, you certainly have a few consultants working on the case too!
In addition, Sway can serve as an automation and financial management layer on top of these different options (see dedicated paragraph further down).
Legend
✅ = Fully supported
✔️ = Basic or partially supported
❌ = No known support
💰 = Available as premium feature or separate add-on
Core Accounting Features
Swiss-Specific Features
Automation & AI Features
Integration & API Features
Deployment & Access Features
Support & Training
What about Sway?
Sway Finance allows you automate all that is not yet automated in the tool you’ve selected. To put it simply, streamlines access to bank and invoice data, and allows to automate the account input based on your historical data: you do not need to define rules manually and the algorithms will learn following your input. The following table summarises how to use Sway depending on the accounting solution you use.
Sway Finance usage for your accounting
✅ = Fully supported
✔️ = Partially supported or with limited value
❌ = No supported yet
🔧 = Work in progress
Do you have another tool or use-case you’d like to see covered? We’d love to hear about it! Contact us.
Key features
- Reading data from any format, be it PDF, CSV, CAMT, or pictures
- Formatting the data to match your tools and processes
- Automated account input
- Payment orchestration: pay from sway across all your banks securely
- Simple and intuitive interface with cash management KPIs to know where you stand in terms of payable, receivable and liquidities
Who is Sway for and how good is it?
Our current clients are SMEs and Fiduciaries. They report saving several hours per month per company to run the accounting. Typically running the monthly accounting closing with Sway takes 10 to 12 minutes.
If you’re running an SME, Sway Finance will streamline your processes and cut down your accounting costs.
If you’re a fiduciary, Sway Finance will do the same, times all your clients.
You can try it today or request a demo to see for yourself.
Conclusion
Choosing the right accounting software is a critical decision that impacts your entire business operation. While features and pricing are important, success depends on considering the total picture: compliance, integration capabilities, scalability, local support and user adoption. For many businesses, the ideal solution combines a robust accounting software with automation tools like Sway Finance to optimize efficiency and reduce manual work. Take time to evaluate your current needs and future growth plans, and don't hesitate to request demos from multiple providers before making your final decision.
