All About Accounting Software & its Features

 

Accounting software helps you track and organize your financial data, giving you an accurate, real-time view of your business finances.

Features like bank feeding and automatic billing save you time by automating tedious bookkeeping tasks.

Some Online accounting system have advanced features or add-ons like payroll, shipping inventory, and project management that can streamline other aspects of your business.

Managing your business finances can be difficult, so you need accounting software to help you track your money as it comes in and out of your accounts. Quality programs have several time-saving options that reduce the time you spend entering data into the system. Depending on the program you have, online accounting system Philippines can make tasks like billing your clients, recording payments you receive, and keeping track of past due accounts much easier and faster.

However, the sophistication of the software may vary by vendor. While some systems offer only the basics, allowing you to record what is coming in and what is going out, other companies offer more advanced tools, automating tasks that you would otherwise have to perform manually, such as daily data transfers through a feed, banking, reconciliation and recurring billing.

What is accounting software?

Accounting software is a tool that helps you record the flow of money in your business and examine your financial situation. With it, you can record transactions, generate reports, manage customer and vendor contacts, create purchase orders, track stock levels, invoice customers, and monitor account balances.

Why use accounting software?

Using accounting software can save your business time and avoid mistakes.

"The main benefit of using modern cloud accounting software is efficiency," said Fabien Dawidowicz, CFO of Spendesk. "Instead of copying and pasting data from one spreadsheet to another, you have all your transaction information in one place. You can easily see what has been spent or what has entered the business, and you always know where to find it information".

Instead of entering data and transactions manually, you can use the bank feed feature to connect the software to your business bank and credit card accounts. With this in place, you have a daily update of your transactions. Most accounting applications have a dashboard that gives you a real-time view of your most important metrics.

The software can create a variety of financial statements and reports, including profit and loss statements and balance sheets that are required to apply for financing from an investor. You can also compare transaction activity or statements from previous months and years to current ones, which can help you analyze your business growth, sales trends, and other key metrics you need to make informed business decisions as you prepare for the future.

You can use cloud accounting software Philippines to categorize expenses and schedule and pay bills, whether you pay online, by check, credit card, or cash. This will help you keep track of those transactions and manage your cash flow.

You can also use the software to record payments you receive in cash or by check, and create and send overdue invoices and notifications.

Accounting software automates many tedious and repetitive accounting tasks, increasing the accuracy of your data and keeping your accounting efficient. If you use cloud accounting software, you can do your accounting anywhere there is a signal.

What are the benefits of accounting software?

Like most digital tools, accounting software allows you to automate tasks and enter data faster. In addition to reducing errors, it increases collaboration between different departments by keeping all your financial information in one space.

In addition to keeping your finances organized, online accounting tools keep you in compliance with local, state, and federal tax laws, helping you avoid problems with the IRS.

Additionally, online accounting software Philippines continue to make their applications easier to use, which means (depending on the size of your business) that they can eliminate the need to outsource accounting, saving you money.

What are the advanced features of the accounting software?

Online accounting software can handle processes far beyond the scope of financial management, providing a single platform to control almost every aspect of your business. Look for the following advanced features if you think they will help you manage your organization.

Transport

For online retailers and businesses that frequently ship products via courier or customers, an accounting platform that can handle shipping processes will save you the investment of a separate shipping software program. Here are some of the features to look for:

Shipping Label Printing - This can save you a lot of time and streamline the shipping process when producing labels alongside orders or invoices.

Shipping cost estimate - Some systems can be configured to understand weight and distance differences to provide accurate shipping cost estimates. This ensures that you include those costs in your billing and pricing.

Shipment tracking - A link to a courier's tracking system ensures that you can control what has been shipped and estimate delivery times more accurately, providing better service to your customers.

Direct Shipments: If you need to ship a product to a customer directly from a supplier or manufacturer, it can wreak havoc on your billing unless your accounting platform can handle direct shipments.