Technology has been a real boon for one and all and especially for all the business owners whether
big, small or medium. Technology has made it possible for one and all to save time and earn money
at the same time. However one of biggest one has been that all the paper work and the tedious filing
has been replaced by the business accounting software and various other applications.
There are many such tools available in the market as well as on the internet and they all look great.
What the business owner has to keep in mind while investing are the following because not all the
features provided can be put to use.
The size of the business
The turnover of the business
The nature of the business
The cost of the tool
Accounting software lets you understand your business expenses, your profit margins and helps you
plan your taxes in time at the basic level. There are a few software which can be used and
maintained by non accounting professionals also hence a business owner saves the manpower cost
as well. These are simple to understand, you can get started in seconds and no configuration or
technical expertise is needed and it can be backed up. Accounting software helps you connect your
bank accounts in a minute and the transactions appear in the book keeping records.
Security is also an important feature of any accounting software. Make sure that whichever software
you invest in have security features in place. Some software offer read only bank details hence
nothing can be manipulated. The servers must be housed under physical and electronic surveillance.
The basic software must also be Level 1 certified at least as it deals with credit card information.
Make sure that the software offers these basic features:
Automatic reports are generated
The invoices are automatically updated in the book of accounts
The receipts are uploaded in the book of accounts
There is a pay roll system
Run multiple business with the same account
Free journal entry
If the business is present in various other countries make sure that the chosen software allows you
to link guest accounts, offers currency exchange facility, accept payment in other currencies and
reconciliation facilities. Ensure that the system is valid and work in other countries as well and
especially in the countries where you have existing clients or plan to expand.
In case if you do not understand accounts but have business sense so make sure that the software is
accountant approved which means there is provision for double entry.
For different business there are different needs hence make sure that the software offers
customization options which can be used in a hassle free manner. For basic business needs any
cheap accounting software can be put to use. Hence make an informed decision and save a great
deal of money. Be wise, do your research and make profits!