The Best Bookkeeping Software Must Provide Main Accounting Features

Best bookkeeping software provides the main accounting functionality.

When it comes to a bookkeeping software system, any business owner wants to purchase a software product that will track and support basic day to day business financial transactions.

The main accounting features include:

  • customer invoicing; 
  • paying bills; 
  • importing credit card and bank transactions; 
  • creating financial statements and reports.

Certainly, the company's needs in those or other accounting features that enable financial transactions depend on some factors, including the company's size and business industry. Therefore, when looking for the best bookkeeping software system for your company, you should well know what really your company needs.

You can divide all accounting features into three main groups:

  • features that are necessary for your company today; 
  • features that can be helpful for your company today; 
  • features that can be helpful for your company in the future.

There are many bookkeeping and accounting software systems on the market. Some of them can be used by any organization; others are developed by software providers by taking into consideration the specificity of individual industries. Therefore, there are not the same bookkeeping software solutions even if their developers offer the same features that enable handling the basic day-to-day financial operations. Many bookkeeping, especially accounting software solutions in addition to the basic features provide advanced capabilities.

The advanced capabilities, which the bookkeeping software system can provide, include:

  • inventory and warehouse management; 
  • purchases and suppliers management; 
  • customer accounts and credits management; 
  • multi-currency; 
  • payroll; 
  • credit control and credit card payment support; 
  • bank reconciliation; 
  • tax forms and withholding calculation; 
  • time and job management; 
  • cash flow analysis; 
  • customized reporting, and many others. 
 bookkeeping software system

So, if you want to find the best bookkeeping software solution for your organization, define features it must provide to track and support your company’s financial transactions.