Accounting software is now familiar in the business activities of various companies ranging from medium to large scale. The use of accounting software will make it easier for all aspects of business calculations and accounting to be solved quickly, accurately and accurately.
The accounting software has a system that is integrated into all divisions of the company so that you have more extensive control. Well, for those of you who are interested in using accounting software in business, the following will be reviewed first regarding the meaning, features, benefits, and tips on how to choose a good accounting software provider to help you.
What is accounting software?
Accounting software is a set of systems designed to support modularity-based accounting activities that are interconnected by including purchases (accounts payable), sales (accounts receivable), general ledger, payroll, etc. Accounting software can generally be developed by the company itself or it can also work with third parties to provide its services.
The purpose of accounting software is to facilitate the compilation of financial accounting reports in the form of balance sheet, profit and loss statement, cash flow and final report. You must make the initial entry for the data to be processed in the accounting software.
You must compile a ledger with clear code and name. So then the general ledger should have clear postings on each position in the financial statement, general ledger for the balance sheet, profit and loss, manufacturing, and manufacturing costs.
Accounting software works in real time from various divisions that have previously been interconnected. So, for example, you don’t have to wait long enough to get an income statement. Various ongoing transactions, such as sales, purchases, production, inventory and expenses in the company, will be automatically entered in the journal and will always be updated at any time.
This will help make all the bookkeeping and accounting calculations processes in the company more automatic and easy. After knowing the meaning of accounting software, here are some benefits of using accounting software.
Accounting software benefits
Here are some of the benefits that companies can get from using accounting software:
- Financial reports are the most vital aspect of a business, using accounting software will make reporting work easier in no time.
- Reduce calculation errors due to human errors.
- You can correct input errors only in the found module without having to repeat all the calculations from scratch again.
- Increase business efficiency and productivity because the accounting process can run automatically.
- Accounting software will present more accurate data, therefore, this will help you determine the steps and decisions that need to be made.
- Monitor the global market.
Those are some of the benefits of accounting software that the company will get. The following are some of the mandatory features of accounting software that you must have.
Must-Have Accounting Software Features
Before choosing an accounting software that is suitable and in accordance with the vision and mission of your company, of course, there are several things that must be considered in the selection, one of which is the characteristics of the accounting software that you must possess. What are these characteristics? Let’s look at the following points.
Financial report features
Of course, the characteristics of the financial statements are the most important. You should pay attention to the ability of the software to carry out double-entry and accrual accounting processes. Not only that, another important feature is a balance sheet to analyze financial conditions, income statements, changes in capital, cash flows, journal reports and general ledger reports.
Accounts Payable Management Features
This feature is also very important in your business activities. With this feature, you can create accounts payable or receivable reports from customers and vendors and control when debt is due.
Buying is an activity that will always exist in all lines of business. This feature will help you view the status of transactions and reports, such as overdue purchases, refund, etc. Not only that, the accounting software must also be able to have features to make invoices and returns of purchases, purchases and deliveries to supplier It is about products.
With this function, you can record all the budgeting reports that have been made, such as making a remaining or remaining budget that can be adjusted to the period of your business activity. Not only that, this function can also be used to calculate profit and loss budget.
Financial functions Forecast
This feature is one of the most important. Of course, in every business course, you want to correctly estimate the cost of income. Now, this financial forecasting feature can help you manage your finances smartly because you can eliminate unnecessary costs and maximize profits.
Tips for Choosing a Provider for Accounting Software Development Services
In order for the accounting or bookkeeping activities in the business to work well, you should also pay attention to the selection of the accounting software vendor to be used. Here are some tips.
Ease of access
Each accounting software developer service / provider has, of course, its own variety of aspects. As a user of the software, you should be able to choose software that is easily accessible so that an accountant can use it smoothly and easily, even if they don’t have a basic accountant.
Data security is your main consideration when choosing a software-based product. Similarly, with the selection of accounting software to be used, ask the developer in a detailed and clear manner about the security of the data against online or offline theft.
There is a data backup function
The next tip for choosing an accounting software vendor is the data backup feature. This is because, in general, all financial reports will be accessed more frequently with Microsoft Excel, so you should choose an accounting software that provides data import and export functions in the form of Excel.
There is customer support
When you first use accounting software, of course you and the team still need help related to accounting software, so when choosing a provider, be sure to choose a provider that serves you well and is capable of providing accounting services. Customer Support.
That is a discussion of what accounting software is and the various benefits and features that it must possess. Not only that, before deciding to use accounting software and choosing a third party service provider, it is a good idea to consider several aspects to get the best provider.
One of them offered by Solitius is the SAP Business One package that will help you control your business easily. For this reason, Soltius is here as the best accounting software product developer providing solutions to help control accounting activities within your company.
If you decide to buy an accounting application for your company or MSME business, make sure that the application can provide the above advantages.