Building your accounting infrastructure requires expert insights since the program is not only for inputting numbers into spreadsheets, but also for analysing business trends for future decisions. That second purpose necessitates that your accounting software is fully featured without being too hard to use, aside from the fact that it must also offer security, support, and scalability. Whatever size of business you are running, you would be grateful for choosing accounting software with the following features:
1. Financial accounting. Simply, your accounting software must offer a fast and easy way of recording financial transactions.
2. Registers. This feature allows you to store data on your products and/or services. Look for an intelligent system that helps you understand product/service profitability as well as movement and popularity.
3. Database. A system for keeping an organised record of your clients, suppliers, and prospects will give you peace of mind, for it will let you do repeat business easier. A basic Customer Relationship Management (CRM) program will do, but if you want to automate processes, opt for a ‘live database’ that will automate customer-contact events.
4. Documents. An ideal accounting program has an efficient way of managing invoices, quotes, packing slips, and delivery reports. The quoting function must allow attachment of spreadsheets to provide more details to the customers. After a quote is closed, the invoice must be generated quickly, with the ability for future changes as well as analysis. Packing slips and delivery reports go hand in hand; these must be generated with ease with the use of a ‘dispatch’ function.
5. Team builder. The program must enable the accounting team to self-manage. This means that the accounting software must allow recalling of minutes in meetings, scheduling and notifying of tasks, tracking of bills, etc. Once the workflow is organised, you will be able to leverage on fewer people, in turn reducing costs spent on salaries.
6. Performance indicator. A good program for accounting gives you daily reports on how you fast you are achieving your profit goals. The program must report on a daily basis how much you are making daily, and this data must be compared with your weekly and monthly goals. A performance indicator should also include real-time feedback.
7. Repeat functions. A lot of business time can be saved if repetitive processes can be set to automate. Look for a system that automatically produces statements, bank transactions, data input, and more.
When choosing accounting software for your business, make sure to undergo the search and buying process. Start by asking your accountants what features are needed according to your business model. Consider the three S’s mentioned above, and add to that customisation options. Price should be the last criterion to put weight on; your goal is to get quality and suitability over investment cost.
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