Small Business Accounting Software (Main Features of the Online System)

Small Business Accounting Software Online

There are no two identical companies even in one industry.

Each company is unique.

Certainly, there are government legislation and some common requirements for conducting any business and accounting of its activities. However, in addition to common strict demands for accounting, there are certain industry needs and, finally, the company's specific necessities and wishes. Therefore, every single small business needs to select an accounting software online vendor that provides service meeting all government and industry requirements, and the company's individual needs.

The most commonly used features of the accounting software online system:

  • tracking income, expenses, and cash flow; 
  • recognizing revenue in monthly profit and loss statements; 
  • automatic daily online backups; 
  • general ledger journal and balance reports; 
  • creating the customized invoices and automatically sending them direct to customers; 
  • managing the billing of customers on a monthly, quarterly, semi-annual, and annual basis; 
  • performing the bank reconciliations and storing in the accounting system for debit and credit card accounts; 
  • quickly finding and easily managing all banking transactions: deposits, withdrawals, cheques, credit card, transferring funds, and more; 
  • customizing templates to ensure applying the company's brand to all documents: invoices, statements, job requests, quotes, reports, and others; 
  • customizable reporting options: dynamic dashboards, summary balances, spreadsheets, financial reports, and others; 
  • fully connecting with other critical applications needed to run the business.

This list includes features used by all companies, even the smallest ones and individual entrepreneurs. However, the more business activities a company fulfills, the more complex the accounting system it needs to account for, control, and report its results. Therefore, growing businesses prefer to start working with cloud accounting software vendors that offer more powerful systems with additional features such as:

  • processing sales: creating sales orders, projects, and others; 
  • processing the contract data: creating recurring billing contracts; maintaining, updating, and amending contracts; 
  • managing vendor and customer engagements; 
  • managing work orders: tracking the work time, costing labor expenses, and more; 
  • secure employee portal; 
  • managing multiple warehouses and inventory movement; 
  • automatically converting to the base currency the foreign currency transactions; 
  • uploading attachments in a variety of formats to any financial transaction; 
  • running payroll and others.
Business Accounting Software Online