Easy-to-Use Accounting Software System Helps to Manage Business Finance
At first sight, it might look that all offered on the market accounting software systems are largely the same. All of them provide general ledger, accounts receivable, accounts payable, billing and series of other standard components. However, there are other features and characteristics that cover the extensive functionality of accounting software.
Certainly, different companies need different features and functions. Therefore, each company decides which features are indispensable for managing and controlling its financial transactions, which of them are indirectly useful and which ones are nothing more than marketing tricks.
The company's size is one of the decisive aspects that determine needs in accounting software functionalities. It is natural that an easy accounting software system can cover the small company's needs. At the same time, large corporations that perform thousands of financial transactions every day need powerful, comprehensive and complex accounting software systems. In any case, regardless of a company uses a complex or easy accounting software system, it should provide security, automatic updates, and powerful reporting.
Any simple accounting software system should cover companies’ needs in:
- tracking income:
- up-to-date profit and loss reports give a full picture of how business is doing;
- organizing expenses:
- a connection between bank and credit card accounts enables automatic categorization,
- reports give an insight view of spending habits as well as show where the money is going;
- sending invoices:
- invoices customization allows to give them a professional look that matches the brand;
- reconciling invoice fees automatically;
- getting paid by credit/debit cards or Automated Clearing House (ACH) bank transfers;
- managing bills:
- setting up recurring bills allows avoiding the miss payments,
- tracking bill status allows don't worry about the due dates,
- creating and printing checks,
- recording payments;
- tracking sales taxes:
- calculating sales taxes on invoices automatically allows knowing the sales taxes that a company owes from each selling;
- tracking inventory:
- tracking inventory levels,
- managing vendors,
- creating the purchase orders,
- powerful reports give a picture of popular products and materials.