Features to look in an Accounting Software
To record and process
accounting transactions within functional modules such as accounts payable/
receivable, payroll and trial balance we employ an Accounting Software. It
functions as an Accounting Information System.
At first
glance all accounting software
look similar but beyond these core attributes lie dozens of other features
covering a vast array of functions and services. Some of these features can be
considered indispensable. Many others however, are marginally
useful or nothing more than marketing gimmicks.
Reporting and Analysis- Besides helping users gain insight into crucial financial
activities, reporting and analysis functions help companies confirm to
government and industry regulations.
Graphics-
Accounting is a numbers-focused activity. Yet graphics, in the form of
charts and other illustrative formats, is a powerful tool that can be used to
present trends and other concepts in a way that numbers alone can’t convey.
Automation- For
many business concerns support for simple accounting transactions and basic
financial management tasks just isn’t enough. Many companies require the full
amount of employee expenses, payrolls and time sheets, company and departmental
budgets, purchase requisitions and other complex financial activities.
Automatic Updates- Using out-of-date accounting software is like eating food that has passed its date
of expiry. Tax laws, regulations and financial practices change over time, so
it is vital to use software that receives fast, user-transparent and automatic
updates.
Customisation-
Chances are that no accounting software will exactly match your business needs.
That is why the software should allow easy customization of statements, forms,
reports, screens, help systems and other program facets.
Internet Connectivity- With the world on the web accounting software should enable transmission and reception of
digital documents and handle electronic fund transfers.
Interoperability- Data entered can be productively used by various business
applications in HR, sales, shipping other key business sectors. Conversely, you
may want your accounting program to draw information from other sources.
Scalability-
When business expands the software should keep pace through up gradation to
accommodate a large number of users and a growing amount of financial data and
transactions.
Expandability-
The business can grow both in size and scope. The accounting software should either offer add-on modules that
allow customers to slap extra capabilities to its product or migrate to a full
ERP environment.
Security- The
entire business depends on the accounting
software for its existence. If data is lost or tampered with, you
stand to lose time, money, business secrets (such as sales or profit data) and,
if damage is severe enough, the company itself. We should be aware of the
software’s built-in security features as well as how its product’s ability to
mesh with on-site safeguards (such as anti-malware technology and network
firewalls).
However, human frailties of miscalculations and
forgetfulness can have disastrous consequences. So the question of implementation
of software is of utmost importance. Basic training in the use of software may
be necessary and only when thorough with all the aspects of the accounting software, should it be
installed and configured in our system.
One major benefit of accounting software is that it systematizes the whole process with regards to financial accounts of the company. Those features above are indeed beneficial to make the company’s accounting process more proficient. However, it would be very difficult to choose which accounting software is best.
ReplyDeleteJamie Shellman
My expected feature of an accounting software is just same as you over here presented. If we forgot all adjacent presented feature, but it is too important to keep better management of financial control. Every small or large business needs to maintain their records and all data of company so only the accounting software can help to keep it.
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