The Most Popular Features of the Simple Accounting Software
The most used features of the simple accounting software:
- Tracking income and expenses – tracking expenses and income gives information about how much your company spends and where company's money goes and allows to be better prepared for setting up a realistic budget for future business activity and finances spending. Spending categories put company's finances in control and prevent from spending more than is allotted. Recording the totals company's spent in the various categories gives an overall picture of the full financial situation. Tracking income and expenses provides a useful understanding the spending habits, this knowledge enables a business owner reasonably makes decisions about cutting spending and still keeps a view of financial goals.
- Sending invoices – any accounting software system, even simple one designed for a small business enables generating and sending invoices by e-mail or, in other words, request payments for goods or services. Some smart systems provide customized invoices with the company logo that makes invoices unique and helps customers to easily reconcile them and pay on time. Such feature as scheduling invoices allows saving time as invoices will be automatically generated and sent to customers. Ability to set the automatic reminders enables automatically sending custom reminders about unpaid invoices to customers. Store invoicing records, and you will always know when invoices were sent, viewed, and paid.
- Making and taking payments – collecting money is decisive for cash flow. At the same time, regularly paying your vendors and suppliers is significant for staying in business. Software providers have developed different computer programs and mobile applications included into accounting software that make payment process and sales transactions much easier. For example, “Pay Now” links included into online invoices and accepted online payments via debit and credit cards, enable customers easily make online or mobile payments.
- Running profit and loss – accounting software provides creating profit and loss statements and reports to measure the 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 business, guaranty safety and security of their software systems. Each from 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.