Accounting Software (10 Distinctive Features)

 ERP software solution provides powerful accounting software features

Bookkeeping and accounting software is a subset of accounting ERP software.

Terms “bookkeeping” and “accounting” strictly refer to the financial aspect of the business operations. Therefore, any accounting software provides major functions of financial management and control such as accounts receivable, accounts payable, invoicing, trial balances, general ledger, and payroll. Some software providers improve accounting software systems with modules for managing additional business activities, for example, billing, purchase order, sales order, electronic payment, timesheets, and others.

Accounting ERP software solution includes all accounting software features and many others. This powerful software system provides all functions that are needed for monitoring and managing:

  • business finances, 
  • inventory, 
  • tangible and intangible assets, and
  • human resources.

Intangible parameters such as working hours, product life cycles, customer relations, key performance indicators are not financial in themselves, but have an influence on the company’s finances and are essential to accounting.

10 Distinctive features of the modern ERP software systems are:

  1. Automation – to eliminate manual data entry and calculation with the purpose to reduce errors and increase labor performance; 
  2. Automatic updates – to exclude from using the out-of-date tools and constantly use accounting software that always corresponds to tax laws, governer regulations, and financial practices;
  3. Internet connectivity – to send and receive digital documents and regulate electronic fund transfers; 
  4. Security – to protect companies from losing financial data and business secrets; 
  5. Scalability – to be easily upgraded and accommodate a larger number of users and a growing quantity of financial transactions and business data; 
  6. Expandability – to add extra capabilities to the ERP accounting system; 
  7. Interoperability – to productively use by other business software in various sectors the data entered into the accounting ERP software system and vice versa to extract business data from other software products to ERP accounting software system; 
  8. Integrability – to house business data spread across separate databases in a single location; 
  9. Mobility – to have access to the centralized database from anywhere; 
  10. Customization – to exactly meet the company's business needs.
Features of the accounting ERP software system

Implementing the accounting ERP software gives companies many advantages and, first of all, streamlining processes, increasing efficiencies, and improving productivity.