Accounting is among the most crucial tasks a business has to perform. Accounting requirements vary from basic, such as crediting and debiting accounts, to advanced, such as generating income statements and balance sheets. Accounting software solutions automate processes in line with the relevant accounting rules and regulations and according to the relevant standards. Using this type of software, businesses can handle accounting in a convenient and organized manner. Accounting encapsulates a number of subcategories mentioned below, including tax management, payments and invoicing, as well as financial reporting. Read the full software guide...
Any digital solution that helps individuals or organizations to monitor and keep a record of their financial transactions can be called accounting software. Products in this category range from single-entry systems that help automate record keeping and check writing to double-entry systems capable of performing more complex accounting tasks for SMBs or larger companies.
Accounting software for business organizations usually comprises of some specialized modules, such as general ledger, accounts receivable and accounts payable. More advanced products may have functions for financial reporting and analysis, billing, payroll and fixed asset accounting.
You’ll also find accounting software solutions designed for a specific industry or market. These products usually come with some additional features specially designed for the target market. For instance, products targeting the non-profit market often come with grant management and fund accounting features.
When choosing accounting software for your business, consider the degree of automation the software provides and its integration capability. For instance, you may need an accounting solution that will seamlessly integrate with your existing payroll or POS system. If your business is growing, you’ll need more automation to help reduce manual errors.
Depending on the size and nature of your business, choose either an integrated suite that combines multiple functionalities into one software package or an entry-level product that focuses on one particular area of enterprise accounting. Some common areas of focus include accounts receivable, accounts payable, financial forecasting and financial reporting. Choose a product that includes all the features you’ll need.
Accounting software usually features the ability to track daily expenses, create and send invoices, track payments, record sales and provide real-time reports on profit and loss. More advanced products often feature the ability to create customizable purchase orders, add attachments to bills and invoices, keep track of inventory, make collaboration with accountants and internal team members easier, support multi-currency accounting and create financial reports.
You’ll also find products that come with industry-specific features. For instance, if you are running a real estate firm, you may look for a product that automates commission calculations. If you often need to send financial reports to regulatory authorities, you may look for a product with strong financial reporting capability. Some products even allow you to report depreciations to your tangible assets, such as equipment and buildings. Other important considerations include scalability, user interface, ease of navigation and the number of users the system can handle.
|2-Factor Authentication||Adds an additional layer of security by requiring an extra step in the login process. Usually external devices are required for this or a text message with a verification code is sent to the user when trying to login.|
|Accounts Payable||Keep on top of payables and manage what you owe to creditors and suppliers.|
|Accounts Receivable||Track unpaid invoices and keep on top of what your customers and debtors owe you.|
|API||Application Programming Interfaces (APIs) are programmatic intersections with external products or platforms that allow for custom integrations with your own solutions or other solutions you are using.|
|Balance Sheet||A common financial statement used as a snapshot of a business's assets, liabilities and capital at a particular point in time.|
|Billing/Invoicing||Issue bills and invoices to customers, often combined with tracking capabilities for outstanding payments.|
|BitCoin||BitCoin support - a digital currency operating independently of a central bank.|
|Budgeting||Planning and tracking capabilities for financial budgets and plans often used to manage funds across different departments or for investor / shareholder oversight.|
|Calendar Management||Manage and update calendars for scheduling or consolidation of events across teams, departments or business functions.|
|Contact Management||Manage large amounts of personal or business contacts in a centralized system.|
|CRM Integration||This indicates whether integrations with Customer Relationship Management (CRM) software are supported by a software application.|
|Customer Management||Manage customer databases and/or track outstanding shipments, payments and more.|
|Dashboard||Dashboards are digital interfaces commonly used to visualise data or give quick access to important features and functions of online platforms. They often serve as an overview gateway in software applications.|
|Data Export||Exporting functionality can be used to streamline the migration of data sets and information across systems, platforms or applications.|
|Data Import||Importing functionality allows you to use data sets from other systems or platforms to cut down on data entry requirements or to more easily migrate records from similar applications you have used in the past.|
|Data Visualization||Data visualization features render a visual interpretation of data sets through the use of charts, infographics and other visual cues generally in form of a reporting dashboard.|
|Expense Tracking||Track employee travel and other expenses to stay on top of budgeting requirements and reimbursements.|
|External Integrations||Integrations with other software products or platforms to improve efficiency and compatibility across systems.|
|Forecasting||Forecast upcoming expenses, sales, revenue, user levels, etc. through the use of predictive methods and past data.|
|General Account Ledger||Track transactions in the form of account information to prepare financial statements and reports.|
|Inventory Tracking||Stay on top of inventory levels, to manage the storing, reordering or production of stock items.|
|Multi-Currency||Support of different currencies for payments, accounting purposes, taxes, reports and more.|
|Multi-User||Supports more than just one user account and generally allows for collaboration with colleagues.|
|Notifications||Includes notification support and sends you alerts with information on important events and other time sensitive instances. For example through push notifications on mobile phones or email notifications.|
|PayPal||PayPal support allowing for the transfer funds electronically or online payments.|
|Payroll||Manage employee payroll to keep track of taxes due to the government, pension schemes and payments to employees.|
|P&L||Support for Profit & Loss statements in financial / accounting systems.|
|SAP Integration||Integrates with common SAP services.|
|Stripe||Stripe support as a payment gateway allowing you to accept payments online and via mobile apps.|
|Supplier Management||Manage suppliers and purchases required in the day-to-day operation of a business.|
|Tax Management||Manage tax payments and reporting requirements to ensure compliance with local or national taxation regulations.|
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