Initially, you might think that all the accounting software are pretty much the same, offer payable and receivable accounts, maintain the general ledger, and have other billing and standard tools. However, there are a lot more features and tools covering several functionalities. Some of the features are crucial, while some are of no use.
Some of the functions which one can expect from a good accounting software include cash flow management, ledger management, and financial operations. Here are the top ten features you have to consider for in an accounting software:
Reports and Analysis:
In the current business environment, information is power. So, the accounting software you evaluate must have robust reporting and analyzing abilities. Reporting and analysis functions help give the users a keen insight into the financial activities. It even helps business firms adhere to industry and government regulations.
Accounts are number-based. However, a graphical representation in the form of charts and illustrative formats is a way better to understand the current trends and concepts than the traditional method where you only get to know through the numerical-based data.
For several business firms, supporting basic financial management tasks and accounting transactions isn’t enough. They need full automation of expenses, budget, and other financial activities.
Using out-of-date accounting software does no good as the tax laws and other regulations change over time. So, it is essential to use accounting software that is fast and updates automatically.
No accounting software would match your business needs exactly the way you want. Hence, you need to look for software that allows easy customization of reports, statements etc.
Good Internet Connectivity:
The entire business world is using the Internet to simplify their business and so you want your accounting software to do the same. This is why you want to make sure that accounting software you choose can help transfer and receive data and funds.
Make sure any accounting software you consider has the ability to interoperate with other software. For instance, the data which is entered into your accounting software could be used productively by other business applications. In the same way, you might want your accounting software to extract information from other software applications as well. Hence, you have to check for this feature before you decide to purchase the software.
Your business might be growing sooner in the coming years. Make sure your accounting software matches with the pace. Look for any software that accommodates or can be easily upgraded to accommodate the financial activities of your growing business.
Your business might grow in scope and size. Your vendor should be able to provide add-on modules to increase the capability of accounting software or have a path to migrate the users from the current environment to a bigger ERP one.
The most crucial feature about handling any accounting software is security. Data should be confidential and if your data is tampered or lost you might lose your money, time, and perhaps your business secrets. The vendor you consider must tell you about the built-in security features in detail and how the software can interface with your own on-site safeguards.
BusinessSaathi Plus is one such financial accounting app you need to handle all your financial activities of your business. Get access to this app by downloading it from the Google Play store and Keep Track of All Your Expenses.