Accounting software provides the tools that companies or accountants need to successfully track accounts receivable, accounts payable, general ledger income and expenses, payroll, billing, invoices, and navigate tax compliance, deductions, and filing each year, all in a centralized system.
Efficient, accurate accounting practices are very important for a profitably run business. In recent years, accounting software vendors have been working to improve their systems with more helpful accounting tools, interfaces, and automations to streamline all the work that goes into business accounting practices. Many of these new tools and automations are a result of accounting systems moving to the cloud, where they’re affordable, accessible, and feature-packed for companies of all types and sizes.
Using this technology can help save a lot of time and boost productivity by streamlining processes and eliminating manual, error-prone work. You can use cloud accounting software to automate your accounts payable and receivable, track invoices, store data and receipts, and more – all in one centralized system.
While your business needs, users, and budget will all work together to help you choose the best system for your business, there are a list of core features offered by most Accounting Software providers that you will want to make sure are included in whichever option you choose.
Features of Accounting software include but are not limited to:
- Invoicing and billing
- Accounts payable
- Accounts receivable
- Income & Expense Reporting
- Payroll management
- Tax calculation, compliance, & filing
- Stock and inventory management
- Sales and purchase orders
- General ledger
- Financial reporting & analytics
The benefits of using Accounting Software are:
- Time and cost-savings
- Efficiency & productivity gains
- Instant access to financial tools and reporting
- Consolidated, synced financial data across all aspects of an organization
- Data accuracy, privacy, and security
- Simplified accounting processes such as invoicing, billing, and payroll
- Business insights via in-depth and real-time reporting
- Streamlined financial processes
Integrating your accounting software with other departmental automation systems such as human resources, customer relations, marketing, etc. can help you gauge the profitability ratios of your company – both independently as business units or as a whole.
Ultimately, your company’s bottom line matters the most, and making your Accounting Software be part of a fully-fledged ERP system will help you learn about various financial aspects pertaining to your company, all from different angles.
While cloud accounting software offers many automations on its own, you can increase your efficiencies even further with Artificial Intelligence (AI) tools that can help with tracking spending and sales, and help you plan and prepare for the future with predictive analytic tools.
Accounting software can vastly improve the manner in which money, assets and other financial aspects are managed in a business. Fortunately, there are many Accounting Software programs offering an array of powerful, effective tools to support your business. Selecting or switching to the perfect accounting software system for your company involves deep business examination and thoughtful research and analysis of the features and system capabilities that will best suit your business now and scale with you as you grow.