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30 April 2021

How to choose a good accounting software

Uncategorized Article

How to choose a good accounting software. Having accounting programming offers many features and tools that can help you manage your finances. It should meet the needs of our company and facilitate the performance of routine accounting tasks. Thanks to it, we can also get a complete picture of our company.

We should pay attention to ease of use and time saving.

Basic elements

Basic accounting features. The vast majority of small businesses can easily use accounting software that offers basic functions. Such basic functions include invoicing, tracking income and expenses, generating financial reports and managing clients. However, if we offer more goods or services, we need more complex software. It should track our inventory, manage suppliers, and help with ordering purchases. If our business is a service business, the software can facilitate time tracking and billing of billable hours.

Automatic time-saving features. Sometimes accounting software can be configured. Then it will automatically send recurring invoices and advance notifications. It saves time by invoicing and settling accounts receivable. Other software offers time savings by suggesting transaction matches. We can convert documents to invoices with just a few clicks. If you run a sales company, look for a specialized system. It can reorder products, automatically creating purchase orders if there are stock shortages.

Assistance in tax settlements. Let’s make life easier for ourselves and our accountant, thanks to the appropriate accounting software . It can have many useful extras. Such interesting functions include automatic tax calculation, multiple tax rates and preparation of tax reports. The accountant will have access to relevant data in the system. We will also be able to send him all the necessary data and files.

Additional services. It is worth looking at additions to accounting software. It can be useful to process payments and handle payroll. This way, we can more easily accept payments for invoices online and pay employees. Although you usually have to pay extra for such services, remember that their most important advantage is the convenience of use.

External integrations. Such software can make running your own business much easier. It can be integrated with other programs and functions that we already use. It can automatically share data between different systems in real time. Most often it can be integrated with POS systems, payment processing, advanced inventory management, e-commerce, ERP, CRM, e-mail marketing and Google applications.

list of questions

If we want to choose good software , we should ask a few questions to the company that offers accounting software.

      1. Does the software fit the industry in which we operate?
      2. Does it offer custom solutions tailored to the needs of our company?
      3. How many employees and customers can we add?
      4. How can such software help us comply with the law, tax and financial regulations?
      5. How are data backed up? Can we recover data in the event of a failure?
      6. What security measures are applied in order not to lose data, important both for the company and for customers?
      7. What’s the total cost? Do we have to reckon with any installation or cloud storage fees?
      8. What technical support and customer service does the supplier offer? For example, what is the preferred form of contact, telephone, email, live chat?

Good accounting software

We can choose software that we can use on PCs and laptops. Let’s look for one that offers an attractive value for money. It should be equipped with features. It should also be convenient to use.

Accounting software can be cloud-based. It should be well suited to most activities, including non-profit organizations.

Subscription plans should be fully functional. Sometimes we can find software that supports an unlimited number of users and does not bind us with any long-term contracts. We should double-check that there are no setup fees or hidden costs.

The user interface should be intuitive and functional. Additionally, many software vendors offer movies or guides. Just click to follow the tutorial.

We can easily add data, link accounts, create reports, and find the tasks and information we need. The dashboard should display key information with widgets that show bank account balances, invoices due, all incoming and outgoing transfer transactions, outstanding bills, urgent tasks and much more.

Widgets can be mobile. Then it will be easier for us to organize the screen according to our preferences. We can also click on them to easily jump to certain parts of the software.

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