Need a Accounting Software For your Small Business
Accounting software offers many features and tools that can help you manage your finances. It should cater to your business’s needs, making it easy to accomplish routine accounting tasks. It should also help you see the big picture of how your business is performing. An ERP company that helps businesses manage their finances, notes that tailoring accounting solutions to a client’s unique needs helps the client better understand its business and plan for the future.
Many business owners we spoke with said that ease of use and timesaving features are the top two things they look for in a program. Here are some of the features accounting software should offer to help you save time and better manage your finances:
Basic accounting features. Most small businesses can make do with accounting software that offers basic functions like invoicing (both by email and snail mail), income and expense tracking, financial report generation, and customer management. However, if your business sells more than just a few products, you also want accounting software that tracks your inventory, manages vendors and assists you with purchase ordering. Some accounting software can be set up to automatically send recurring invoices and past-due notifications, saving you time with your invoicing and accounts receivable tasks. Others can save you time reconciling your accounts by suggesting transaction matches. If your business provides customers with quotes or estimates, look for a program that converts these documents to invoices in just a few clicks. Or, if you carry inventory, look for a system that reorders products by automatically creating purchase orders when items drop below a set threshold.
Tax preparation. Make your life (and your accountant’s life) easier with accounting software that helps you with your taxes with features like automatic tax calculations, multiple tax rates and tax reporting. You should also be able to easily email all necessary data and files to your accountant or give them access to relevant data within the system.
Add-on services. Accounting software add-ons, such as payment processes and payroll accounting software services, make it easy to accept invoice payments online and pay employees. Although these services usually cost extra, they’re convenient to use, and the costs may be comparable to what you’d pay elsewhere.
Third-party integrations, Accounting software can make it easier to run your business by integrating with the programs and services you already use, automatically sharing data between systems in real time. Popular integrations include POS systems, payment processing, advanced inventory management, ecommerce, ERP, CRM, email marketing and Google apps.
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