- Running profit and loss – accounting software provides creating profit and loss statements and reports to measure business performance. Profit and Loss reports show the performance of the business over specific periods of time. Thus, information about total income and subtotals of income, the categorized expenses and losses with the identified over-spending, the detailed transactions, the customized comparisons of the month-over-month financial activity, and other helpful data are available with only one click.
- Safety and security – all software providers offering simple accounting systems designed especially for small businesses, guaranty safety and security of their software systems. Each from an accounting solution provides login IDs and passwords that authenticate users and their rights. Some systems can automatically request changing a password after some period, for example, every 90 days.
Finances are crucial for any business. Without understanding your company’s finances, you cannot change your business towards increasing your success. So, tracking finances allows you to know how your company is doing and what changes it needs.