In an unending quest of reliable accounting software, generation of more productive features by every individual is intensified. Peek ahead to the basic properties of accounting software which include accounts transactions, General ledger & financial reporting, accounts payable and receivable, invoice generation and other standard components. However there is much more to be incorporated within a software.Prior considering an accounting software,a business owner must emphasizes on whether it is suitably effective for the business requirement or not? Following components should be seek out while purchasing an Accounting Software given below:
1) Safety and reliability: Accounting software stores bulk of confidential data, such as account numbers, financial balances and, in some cases, Social Security and employer identification numbers. If any of this information were obtained by an unauthorized, unethical individual, it could be a severe loss for the company and also if data get tampered or loss things can get even worse so the owner must have look for the software having on-site safeguards such as anti-malware technology, network firewalls and strong password protection to protect your enterprise from identity thefts and permanently data loss.
2)Customizable: Every business differ by one another according to their needs so while considering a software keep focus on whether the software allows an easy customization of attributes, pointers, documents, forms, reports, graphical or documented presentations and help system with all the technical aspects.
3)Internet Connectivity: Internet has made accessing of information and communication way easier and reliable as it provides instant availability of vast information pool. So its obvious to have an INTERNET linkup of the accounting software to generate online receipt and send it via email, initiate an electronic fund transfer i.e. debit/credit card transactions, send and receive digital documents , provide immediate assistance to the users or customers when required thus maintaining customer relationship.
4)Graphical Representations: Enhancing graphical features in a software is more fruitful then a tabular form. An accounting is a data-driven activity so graphics in form of charts, statistics and other expository designs beneficially present the results in a finer form then the words.
5)Shipment Related Information: For online retailer or e-Commerce website holder who needs to courier their good on frequent basis, a shipment management attribute would be of prime importance as it reduces the cost and time to its halves.It includes printing shipping labels, estimate shipping cost which differ according to distance and weight and affix it to the final bill, Tracking the courier and monitoring the delivery or the reason if delayed and eventually evaluate the time of delivery.
6)Inventory Management: Monitoring and analysis of What is in Stock? What needs reordering? And Where the purchasing budget got spent? Could apparently streamline your business. It includes specifying stock location and tracking the inventory from ordering to shipping to delivery, the entire cycle. Also the images of the goods in stock can be considers valuable.
7)Reporting and analysis: On the basis of gathered data , its easy to consolidate the overall revenue generated and provide a comprehensive and configurable work flow of the entire session of the enterprise’s productivity and differentiate between the time of actual culmination and downfall Thus, Achieving better methodology from the next starting phase.
8) Time Management Enhancements: An ideal Accounting software must be equipped with an per-built Query and search tool as it is a hidden time saver, export/import tools for migration of data. For Overseas business ? It must have the aptness to store multiple currency and their functionality. Also keyboards shortcuts for repetitive tasks and configurable alerts .
9)Interoperability: On the other hand , the data stored in the accounting software can be productively use in any other domain of the same organization i.e. HR, Sales, Marketing and other key-operating sectors etc. Therefore an accounting software must have the ability of interoperability within various software systems and process valuable data efficiently.