Accounting software gathers under the same roof all systems and applications dedicated to managing and processing financial data. Accounting professionals and bookkeeping teams use these programs to govern accounts and automate systematic operations, while certain systems are also enabled to record accounting data, measure indicators, and report on the company’s financial activity.
The trend of accounting and bookkeeping technology is becoming vital to corporations orchestrated by accountants themselves to address time-consuming paperwork and cost ineffectiveness. Applied in a business setting, account software eliminates critical bottlenecks such as inaccurate audit information or noncompliance with internal and legal standards and requirements.
Quick Books & MS Dynamics
Available in several different editions, QuickBooks caters to the accounting needs of any company. Being a worthwhile Xero alternative, it offers a vast array of insights and organizational capabilities which will help companies keep accounting data organized, including their overdue items, payable bills, accounting notes, and contacts’ data, and standard accounting operations. Also popular for great Profit & Loss reporting.
It’s important that you ask yourself the question of why use Quick Books at all. Well, finance professionals find accounting software to be the companies’ most valuable asset that cuts costs and drives productivity. With an appropriate system in hand, companies automate bookkeeping tasks and draft in-time tax-friendly reports, this is important because they can forecast expenses and develop a smarter investment strategy with this system.
Quick Books puts finance control in the hands of a non-accounting audience, as they are designed to give numbers a meaning, and to perform automated calculations. With little to no training at all, the business owner can complete all accounting operations and comply with legal standards from his own computer (mobile device), and without paying an external party to keep his budget in the loop.
Accounting and financial systems automate core calculations and administrative procedures, and take control of your revenue framework so that you won’t have to outsource finance management to an external expert. In parallel, they also reduce costs related to printing and distributing documentation, and store sensitive data in secure and monitored locations.
Full financial transparency
From an accountant’s or an auditor’s point of view, the highlight of good accountancy systems is that they avoid costly and recurring human errors. In the business scenario, calculating inaccurate totals or failing to report data in time can lead to a crisis, and that’s where automating calculations is most useful.
It’s one of the main advantages of Quick books. Understanding in detail the patterns and trends of your financial performance is something that would take ages to complete without a solid system. Accounting software’s give numbers a meaning, helping you understand where to cut expenses or where to invest more. With a clear overview of your current financial state, you will find it easier to develop smart strategies and allocate resources the right way.
Should a business owner have to choose a single suite of digitized services to improve performance, his first option should definitely be Quick Books. The system drills deep inside the most cumbersome, day-to-day tasks of companies, collect, organize, and analyze their most sensitive data, and what is most important, make smarter use of their money.
Many of today’s top accounting systems are dedicated to payroll assistance and reporting, and adhere to tax regulations automatically. Once you’ve activated them, they become your number one source of tax and audit information; they store all the important details for you to maintain a transparent workflow.
Improved relationships with customers
One could argue that Quick Books has little to do with how customers are served, but that couldn’t be any further from the truth. Most accounting systems nowadays (regardless of their main functions) work around effective billing and invoicing, and prevent all sorts of delays and miscommunication. They are also easy to personalize on the business’s behalf, and thus, make company performance appear more professional and credible.
Financial data is the company’s most valuable information and must be prevented from falling into the wrong hands or getting lost by mistake. That’s exactly what accounting & finance systems like Quick Books do for their users, prevent accounting from being jeopardized in any way, and keeping an extra copy in case you need to retrieve them. In most cases, you will get to build your internal security structure, and decide who will have access to sensitive data.
Depending on the type of operations, accounting & finance systems fall under four different categories. Note that there are also comprehensive accounting suites designed for enterprises that combine the best features of each category. Here is a brief overview of what you will learn from after using the Quick books accounting software.
- Billing & Invoicing systems
Billing and invoicing systems complete companies’ basic, day-to-day tasks, including check writing and informing customers on their due payments. They are important to preserve control over the accuracy of accounting figures, and make service look more professional and credible to the end-recipient. On the company’s side, billing and invoicing tools help document finance activity and prepare it for authorization and validation.
- Payroll management systems
If looking to preserve control over your account payables and account receivables, you should be looking for payroll management systems that will handle it all. These tools were developed to perform an array of different tasks, including calculating employees’ salaries, cutting deductions, depositing the salary directly into staff members’ bank accounts, producing tax forms and payslips and more. On the long run, they will secure your financial transactions, cut expenses, and help prepare detailed reports.
- Enterprise resource planning systems
This is one of the most important accounting software categories that combines all systems used for product planning, material purchasing, inventory management and control, distribution, accounting, marketing, finance, and HR.
- Time & Expense management systems
These apps were designed to help expedite billing cycles and approve expenses on the go, and are usually configurable enough for any business to adjust them to its operation pace. The core rationale behind them is to help collect payments faster, and detect slow and ineffective practices that were not visible before. Their biggest advantage is being able to produce detailed graphical reports on how time and resources are being used in each company.
- Management of fixed asset
Both as a separate tool or an inclusive module, fixed asset management helps manage financial data much more accurately. The module combines features such as audit history, cost records, depreciation calculation, resource allocation and many more.
- Project accounting ( MS Dynamics)
Project accounting software is usually packed in separate systems that represent the accounting version of vertical industry software. They are most welcomed by construction operators and software developers, where both costs and applicable rules differ from one project to the other. The main capability of this software is to estimate and handle overheads and costs related to labor, material, and equipment, in line with all other features frequently met in accounting systems.
- Fund accounting
These features are to be found in accounting software designed for government agencies and nonprofit organizations, and include tracking donation expenditures, grant management, GASB (governmental accounting standards board) regulations, and a special suite of financial reports.
- Inventory management
Inventory management is a specific toolkit developed for stock control, and where you will find all necessary tools to give your business a higher shelf-life product line. This means you will be able to control the availability and movement of your products, and avoid all sorts of delivery issues such as overstocking or understocking.