Key Features of Financial Accounting Software
The modern financial accounting software is an affordable, flexible, and secure package that provides a broad range of functionality. Features of financial accounting software differ from system to system. The list of features, you can see below will
help you to decide what your company needs for smooth running.
A list of features that can be provided by the financial accounting software:
- Accounts receivable to handle billing, to track customers' payments and owes.
- Accounts payable to track of company owes.
- Banking to make direct payments and import data from the bank into the accounting system.
- Reconciliation of bank accounts to track and reconcile bank accounts.
- Fixed assets to manage financial information about important company assets.
- Purchase orders to handle company purchases.
- Inventory management to manage the inventory movement and avoid over or under-stocking inventory levels.
- Invoice processing to handle invoicing with the purpose of knowing how much, from whom, and when to expect payment.
- Billing to create and send bills to customers for goods or services.
- Automatic invoicing with late reminders to remind customers of the need to pay their bills.
- Payment processing to pay bills by customers electronically.
- Automatic payments to automate the payment processes to prevent late payments.
- Check handling to print and process checks, including duplicate-check-payment notification and voided checks.
- Cash management to collect, handle, and payout of cash.
- Credit memos to track and control the vendor credits.
- Payroll to handle all aspects of the payroll process from calculating employee work hours, processing wages to paying payroll-related taxes.
- Tax forms to send all necessary data to the IRS electronically.
- Tax calculations for automatic calculating income tax due.
- Electronic tax payments to prevent the penalties for late tax payments.
- Direct deposit to set up scheduled direct deposit payments (such as paychecks deposited directly into bank accounts).
- Expense reimbursements and deductions to accommodate tax-deductible expenses reimbursements and made those payments in compliance with tax deadlines.
- Shipping to handle shipping processes.
- Reporting to generate different types (standard and customized) of financial reports.
As we told in the beginning, modern financial accounting software is an affordable, flexible, and secure suite of applications. Choose easy-to-use and, at the same time with a strong security and access control system and you will not worry about
your sensitive financial information.