Accounting has always been associated with large calculations & lengthy pen and paper algorithms.
But did you really think that the uprising technologies will remain aloof of this part of jobs and business world.
Well! We don’t think ….absolutely no way.
So here is what we have brought in for you guys who still consider accounts as a gruesome & tedious good for nothing calculations.
After reading through this we can bet that your unidirectional views are going to take a complete turn.
As already said it was a maintained fact in earlier days that keeping “the books” for a business or an organisation was literally a paper-based process, involving a record for business’ essential financial data.
In the digital age, however, even the smallest business can benefit from a wide variety of small business accounting software products on the market Accounting software can not only help you reduce human errors in your calculations, but it can help you gain insights into your business
Business accounting software is well defined structured software that will reduce the work for you and in doing so will also present your accounted data with well- defined structure.
Well we have made you see new side of the coin let’s get you started by taking into consider important points before using these software.
What to consider
Every business will have different needful & by considering different software is really a much needed approach for this discussion to continue so here are we enlisting what you actually need to consider before you decide which software you want to choose for your firm. When choosing an accounting software consider the following:
- Whether the system is calculating all payroll requirements.
- Other than thatyou need to take in choosing accounting software for your business is to undertake a good needs analysis, which will address both managerial and financial needs.
- Does the system track stock, work in progress, orders, jobs and other task management requirements.
- How the system is going to handle multiple bank accounts.
- Is the system able to handle foreign currency?
- Does the system have the ability to track separate financial records for each business or department within the business
- Is the system able to interface with other computer systems such as online payments?
- Another consideration is the type of business you operate. Several different sectors have specialized modules or add-on packages because they need to keep specialized data.
How to Choose Business Accounting Software?
Business Accounting Software Options
Types of accounting products available:
The range of accounting software products available for small and mid-sized businesses has been growing steadily.
- Small business payroll and accounting: Today we have been fortunate enough to have different software catering to our specific needs for example there are several top-selling accounting software programs you can get for enhancing the credibility of your small business needs. These include the best-selling QuickBooks series by Intuit, which is available in a variety of tiered editions and for which there are add-ons, such as a cash-flow calculator.
- Business management software programs: As business management has always been associated with much higher workload & complex calculations these programs have been specifically designed to be higher-priced and more full-features accounting programs that may also include other financial functions you need to track in your business, such as point of sale, inventory control, customer relationship management (CRM), billing, purchasing and even enterprise resource management (ERP).
- Web-hosted accounting applications.A new breed of online financial management applications has emerged in the last few years, taking advantage of the growing confidence that businesses are developing in the Web as a safe business environment.
Here are some of the features accounting software should offer to help you save time and better manage your finances:
- Basic accounting tasks.Most small businesses can make do with accounting software that offers basic functions like invoicing (both by email and snail mail), income and expense tracking, financial report generation, and client and vendor management.
- This includes things like automatic billing, recurring payments, past-due notifications and other automated processes save you time because you will not have to manually do them yourself.
- Quote and estimate creation. Use customized, premade templates to create quotes and estimates for clients; then automatically convert them into invoices.
- Tax preparation. Features include automatic tax calculations, multiple tax rates and tax reporting, and the ability to instantly email all necessary data and files to your accountant at the click of a button.
- Multi user access. Most accounting software products give access to multiple users (e.g., you and your accountant), so you don’t have to do everything on your own.
- Payroll processing. Enter time sheets, calculate pay, print checks and pay your employees — without all the legwork.
- Mobile access. Use your accounting software anytime, anywhere on your mobile phone or tablet. This is particularly useful for business owners who are always on the go and are too busy to sit down and manage the books at a computer.
- Simple interface. The ease of use of his accounting software takes away the frustrations and complexities of bookkeeping.
- Less stress.Finance is difficult enough as it is, so it’s important to have accounting software that alleviates that stress instead of adding to it.
- Tracking capabilities. The ability to track when a client has viewed email invoices
Software options :-
There are many software packages on the market that allow business managers to successfully control records without an accounting degree. Some of them, such as Free Accounting Software, have no cost. Some commonly used accounting systems used by small businesses are:
- MYOB (http://myob.com.au/) —- In 2015 MYOB was awarded Most Innovative Large Company by BRW. It also earned a Canstar Blue four star customer satisfaction rating for small business accounting software.
- Intuit (https://www.intuit.com/ ) — As the world evolves, so does Intuit. It inventsolutions to important problems. It simplify the business of life.
- Reckon One (https://www.reckon.com/au/one/) — Its software uniquely simplifies to your needs, so it’s easier to learn and use.
- Sage (http://www.sage.com/company) — Having all of the tools that we use in one place is essential. Sage Impact makes business even more efficient
Even after discussing so much about your options for best accounting software, finding the best accounting software program for your business can be a challenge, with an explosion of shrink-wrapped software products and online application offerings.
In order to choose a business accounting software program, you need to understand some business accounting basics,
Do take a good look at your business and its accounting needs, and assess the products available today.
Hope you find this article useful enough!