Not all businesses need the same type of accounting software, and it's best to get a kind of software that meets your company's specific needs. If you’re running an import business, you’ll need to factor in several additional tax and import levy calculations. 

So, what is the best type of accounting software for importers? 

Importers can use several types of accounting software to streamline their financial calculations. Let’s explore what importers should look at when comparing accounting software.

What Type of Accounting Software is Ideal for Importers?

If you’re an importer, you’ll have to take specific care of tax calculations, import levies, and conversion rates. While standard accounting software will cover each aspect, it’s hard to find accounting software that covers all these aspects. 

Here are some factors to look for in good accounting software for importers:

●     Tax Calculations

Importers have to consider several tax calculations at different stages of the import process. The accounting software has to be streamlined enough to input these calculations separately. Some accounting software types will only consider the total tax, but this won’t work for importers. 

You’ll need accounting software that can calculate import levies of products separately and GST or other tax calculations separately.

●     Flexibility

As a manufacturing business, you don’t need accounting software that’s too flexible, as you’ll only need to change the fixed costs at certain times. However, the import business is volatile, and expenses can vary daily. 

The more flexibility in accounting software, the better it will be for importers. With flexible software, you can streamline your accounting calculations and make automatic real-time changes according to the constantly changing business environment.

●     Currency Valuations

This is another factor to consider when looking at accounting software for importers. Since importers have to deal with different currencies, regular accounting software may have issues with currency conversion.

 The best business accounting software will have various currency options, so you can easily input payments made in foreign calculations without converting currency manually.

Best Types of Accounting Software for Importers

Considering the factors mentioned above, you must consider different accounting software types. Cloud software is ideal for larger businesses as it can be accessed from separate locations. You can also use complex ERP systems or other software.

 Here are some types of accounting software for importers:

●     Cloud-Based Accounting Software

Cloud-based accounting software is the ideal business accounting software and can work perfectly for larger businesses and importers. Most types of cloud accounting software are designed to be used across different locations, and many have currency conversion tools that make it easy for importers to use.

●     POS Accounting Software

If you’re an importer selling to individual customers or distributors, you can use POS accounting software to calculate the distribution and profitability. However, POS software can be simple, so only use it if you’re a smaller importer.

●     ERP Software

While ERP accounting software is mainly used by service and manufacturing firms, importers can also use it to their advantage. You can use ERP software to accurately calculate a range of business costs and tie operational costs with other expenses in a single interface.

 This accounting software is ideal for more prominent importers with several business divisions.