What is Accounting Software? Features & Uses of Account Management Software

Gone are those times when people use to hire the accountant for their company and maintain the various databases of the accounting.

Now it is the era of 21t century, the era of technology. When you get to have software for the accounting task, why involve in the man power. It is very essential software which is able to get you updated about the accounting and the book keeping. Thus it reduces the time involved in doing it manually and cost too. Also it helps in making everything error free and makes the auditing just the perfect one.

We have today brought to you every detail that accounting software has.

Features of the accounting software

Let me first convince you why you should have one of this accounting software:

  • Accurate result

Finance needs everything to be perfect and there is no place for approximation. The software is the right solution for making your financial issues accurate. It is a great way to perform well.

  • Get high transparency

As it is error free, so you can get the transparent result. Moreover as the results are not being done by the human so it is also human error free.

  • Cost savings

While you need to do the accounting task through manually, you need to hire a team for the task. But when it is the software, it can do the task of a team solely.

  • Simple and fast

It is simple software which is easy to use and can do the task very fast.

  • Tax compliance

Along with the accounting software, it also helps in getting the payroll and the others reporting so that it can create the tax documents easily.

  • Security

Software offers you the great security to your data by keeping it private. Also it is not in any wrong hands.

  • Improved relationships

When customers gets the right things then it build a strong relationship. When you get satisfied customers, you are near to the success of your company. Without satisfied customers you will not get the work done properly.

Types of the accounting software

Well, when you get all the things done by the software, it is of different types. The types have been classified based on the types of operation and accounting and finance system.

  • Billing and invoice

If you are in need of billing and invoice, then these types of software are the best. It can meet your day to day need to basic billing, day to day tasks, check writing, informing the customers and the due payments.
Example for such accounting software: Zoho books, Zoho invoice.

  • Payroll management systems

When you need to maintain the accounts of the employee about the payroll and the other related finances, software can handle it. Employee salary calculation, leave deductions, salary deductions, essential PF or tax deductions, depositing savings and many more can be easily done through the software.
Example: Xero, Zenefits, AccountEdge.

  • Enterprise resource planning systems

Product planning, purchasing of assets, Inventory management, marketing HR and finance can be easily managed and controlled by this type of software. It also prepare better strategies which can help in getting the right CRM and business modules.
Examples: Bright Pearl, Odoo.

  • Time and expense management

To achieve the billing cycles and approving the expenses which are essential at the operation of the business, this software is perfect. Collection of payments, detect improper practices in business and preparing graphical reports too- are the main tasks accomplished.
Examples: FreshBooks, Zoho Expense.

Uses of the software

Here are the uses of the software which can actually optimize the business:

  • Accounting- includes doing general ledger, fixed assets, payable and receivable amounts and many more
  • Billing and invoice- automatic billing and making of the invoice.
  • Budget doing and forecasting- calculation of the budget and the preparing financial reports and performance data.
  • Fixed assets management- manages various financial data and interpret them.
  • Payroll and other accounting of the project- features including payroll and the accounting of any project is being prepared by them.
  • Fund accounting- help in tracking donations and the various expenditures including the grant management and the GASB.
  • Management of the inventory- it is a toolkit which can help in getting the stock control and necessary tools.

Software is always an expensive thing to own. No software is quite cheap in price. Owning any of them can be a bit pricy. So in that case you can take the subscription according to your requirement. Monthly or yearly subscription is there to make the use of the software more convenient.

Pricing of the software

Here are some of the software with their basic plans:

  • FreshBooks: it has three affordable plans. The price may be starting at $5 per month to $50.
  • Xero- the pricing of this software can start with the $25 per months plan.
  • QuickBooks: they have variety of plans whose price start from $10.36.
  • Wave- it is the best choice as it is absolutely free.
  • Zoho Books- very popular one and starts from $9 per months
  • Brightpearl- annual charges starts at the 3780 euro.

Things to consider while buying the software

If you are considering a buy of the accounting software, then consider these factors before making the buy:

  • Customization: every company is different and so is the need of the software.
  • Ease use of the software: should be user friendly so that anyone can use it.
  • Security- should be secure enough to control the leakage of any data
  • The invoicing module should be complete one.
  • Connectivity: should have a good connectivity to maintain the easy upgradation.
  • Pricing- it is the important thing to consider when you get the budget of your company.
  • Reliable support: should be supported by the team to get the things done rightly and serve you the best.

Conclusion

So it is all that I need to tell you about the accounting software. If you are thinking of taking the subscription, consider all these factors.

Compare items
  • (0)
Compare
0