Accounting software is used by businesses across the globe to better manage their day-to-day operations. The best software performs a wide variety of functions and has the option to customize the platform based on the individual organization's needs. Select one that is able to generate business reports, set up payroll, monitor projects, share files, and manage invoices.
Generate Business Reports
Business reports are the primary way organizations can keep a close eye on the details that otherwise might be overlooked. Choose accounting software that lets you view your finances at a glance, tie your bank account value into the summary reports and offers a range of report formats (balance sheets, categorized transactions, payments, etc.) QuickBooks, for example, has a feature called 1-click reports. With one click you can get Profit & Loss sheet and a balance sheet that you can take directly to your accountant or business partners.
Roll through Payroll
If you feel like you're wasting precious time doing payroll the old fashioned way, then seriously consider investing in software. You can set up an automatic payroll on many accounting platforms like QuickBooks Intuit. Better yet, by setting it up this way, you'll save time later on down the road when it's time for taxes!
Monitor Projects and Tasks
Wondering what your team is up to? With accounting software, you can incorporate users and allow them to input their projects or tasks. Employees can document team activities, reviews, and log their operations. The information can then be transferred to a number of other reports to paint a comprehensive picture.
File sharing has never been easier. Accounting software that allows multiple users access to the data, is also great for file sharing, sending out company memos and reviewing feedback. Who needs email when this way is so much faster?
Manage Invoices/Send Alerts
Invoices have a direct correlation to the revenue coming into a business which should be an indication of their importance. With the right accounting software, you'll be able to manage your invoices with just the click of a mouse. Find a program which can track the status of invoices whether they're paid, sent or pending. Sage One, a leading accounting software that ranked on the MSP top five list even lets you set alerts and reminders to ensure that everything gets taken care of on time.
Make sure that the system platform you're using is compatible with whichever software you select. Generally, you'll need access to the internet on one of the four common browsers (Chrome, Internet Explorer, Firefox, and Safari). Mobile devices should also be checked to ensure compatibility.
These features are basic components of a bookkeeping/accounting software. They allow your business to operate at peak performance and make use of all the tools available. Now that you've pinpointed exactly what features sound appealing and relevant to your organization you'll be able to make a decision. Review our list of the top five accounting software programs for further information.