A good accounting software is crucial for any business, irrespective of its size or industry. More and more companies have started realizing the great benefits of well-performing accounting applications including ease and convenience in recording payments, tracking expenses, invoicing customers and reconciling transactions.
Due to the huge demand in the market, several vendors have come up to provide accounting solutions but, with each having a different level of workmanship. Some boast about their software to provide better functionality, while others are happy pushing on scalability. But, it is the final call of the owner to pick software as per his requirements and preferences.
Today, only a business with a negligible number of financial transactions can use paper-pencil accounting. For the bigger companies and giant players, manual book recording is not a way anymore. In fact, even the small businesses cannot carry on their long excel sheets, and have to think of automation, sooner or later!
So, if you have been on a hunt for a reliable and efficient accounting software for a while, here are top five features to watch out for –
Generally, accounting software is designed, keeping in mind various types of users. But it is still recommended that you spend some time and search for the one that comes handy and can be used by anybody in your team – even those who are not much tech-savvy. Make a choice that comes with an easy dashboard and shows detailed charts of the financial status of your company and simplifies your bookkeeping and accounting process.
- Integration of Billing and Invoicing
Every accounting solution you see in the market provides different functions. While, most of them offer basic billing, invoicing, and inventory management; you can get more benefit from the software that can integrate seamlessly with your suite of other software (if required in future). As a result, you can have all of them integrated into one system and save time in transferring data from one system to the other.
- Multi-User Access
You can find plenty of accounting applications that permit you to invite other users to the system. The best thing is they allow you to control the data that anyone else than you can see or access. Such programs work great for the situations where you want to give full access to your business partner or accountant but want to put limitation for the employees. You are not charged any additional penny for inviting the main users and can provide free access to them whenever you want. However, you do have to upgrade your plan to add a lot of users.
- Automated Error Correction
A reliable software brings commendable accuracy and efficiency to your business. It drastically reduces the possibilities of errors because there isn’t any human staff involved as such. It is in-built with the feature of automatic error identification and prevention along with high-class inventory management. So, in case, your system receives an order for a product that is currently out of stock, it sends an immediate alert and gives you the chance of making the corrections.
- Web-Based Software
The top-rated accounting applications you see online are web or cloud-based, which means you can access your account anytime, from anywhere. You can install mobile versions and monitor your key information and tasks on the go. With such convenience of access to your financial data, you can collaborate with your staff or the accountants to speed up the things. But, because the mobile app capabilities can vary, you have to ensure that the one you choose is compatible with your device.