August 4, 2019

5 Key Features in Every Accounting Software

Investing in accounting software’s is a vital need for businesses nowadays as it helps improve efficiency and productivity.  Every business requires a type of accounting software which best fits its needs and requirements. Most accounting software’s provide the basic features such as general ledgers, journals, trial balance, accounts payable and accounts receivable. There are also some other accounting software’s provide more detailed features which are more suitable according to the type of business. This helps to handle tasks more efficiently which may otherwise ay have been done manually consuming more time.

Here are 5 of the key features which must be present in every accounting software:

  • Accounts Payable

This feature helps in keeping track of the outflows of the business; it allows you to enter and pay owing bills. Some of the features provided in this are as follows:

  1. Vendor Records Management
  2. Purchase orders
  • Payment Date Calculation
  1. Automatic Payment
  2. Advance Payment Scheduling
  3. Electronic Funds Transfer Support
  • Suspicious Payment Alerts
  • Accounts Receivable

This feature helps keep track of the billing and the payments the customers owe to the businesses. Some of the features provided in this are as follows:

  1. Invoice Creation
  2. Payment Processing
  • Balance-Forward
  1. Sales Tax Calculation
  2. Return Merchandise Authorization Support
  3. Invoice Duplication
  • Recurring Invoices
  • Electronic Funds Transfer Support

 

  • Payroll

This feature helps a business keep track of the payments and required compensations. It helps ease the process of calculating worked hours, processing and paying wages, making deductions. Some of the helpful features provided in this are as follows:

  1. Wage Schedules
  2. Time and Attendance
  • Employee Self-Service
  1. Automated Tax Calculation
  2. Provided Incentives
  3. Direct Deposits
  • Check Printing

 

  • Inventory

This feature can help your keep track of what is in your inventory/stock, on which items the purchasing budget is being spent and which items need to be re-ordered or re-stocked. Some of the features provided in this are as follows:

  1. Tracking Inventory
  2. Serial Number Tracking
  • Location Tracking
  1. Stock Level Alerts
  2. Price Management
  3. Landing Cost

 

  • Security

This is a key feature as it helps to avoid losing and the tampering of data. So some of its important features are as follows:

  1. Encryption
  2. Role-Based Authentication & User Privileges
  • Automated Data Back-up
  1. Locked Reporting Periods

In order to choose the best accounting software and narrow down your options according to the needs and requirements of your business HelpMePickIt can be used for assistance. HelpMePickIt recommends software’s according to the size of your business and its requirements based on research on different customer reviews. Similary there are other reviews as well like this one https://www.helpmepickit.com/best-sewing-machines/

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