Any company looking for help managing its finances should use an accounting tool. Especially for small business owners, it makes managing your finances easier, because it automates tasks and reduces human error in your data entry. Accounting software also helps you comply with tax laws.

This software is useful for businesses looking to save time or set up a bookkeeping or accounting system. Accounting software lays the groundwork for that. It also helps manage your tax filing and business taxes. 

The whole idea behind accounting software is to make it easier for you to manage your operations. If it is too complex or requires a lot of manual entries, it may be a waste of time. Good accounting software should be easy to use, integrate with your bank and other apps, and enable collaboration with your accountant. The best options also include invoicing, reporting and a mobile app.

There are many aspects of accounting software that make it a useful tool. Most online accounting programs offer accounts receivable, accounts payable, banking and reporting features. Some even include tools for inventory management, project management, time tracking and payroll. Here are some core elements of accounting software you should look for.

• Bank Reconciliation

Smart reconciliation tools identify potential matches between your bank transactions and the bills and invoices you’ve entered into the software, saving you the hours it would take to sift through records. You can then approve or deny the suggested matches. The best products we reviewed suggest potential matches as you reconcile your accounts, and a few also include a reconciliation feature on their mobile apps.

• Financial Reporting

Every accounting program generates financial reports; some are more basic than others, and some require you to subscribe to a higher plan for advanced reporting. If you need specific types of financial reports, make sure they’re included in the program and plan you choose. Detailed reports can help you interpret your financial data to make informed business decisions.

• Integrations

The ability to connect your accounting software to the other business programs you use saves you the time of manually transferring data from one system to another. Payroll service, payment processing, point-of-sale systems and customer relationship management software are some popular types of integrations you may want to look for. Integration with systems you already use also cuts down on training time for employees. 

• Tracking for Billable Hours

If you’re a consultant or your business is an agency that bills clients by the hour, you want accounting software that allows you to track and bill your time or integrates with the time-tracking program you already use. This is an especially important feature for freelancers.

• Inventory Management

If you have a retail or distribution business, you’ll want accounting software that tracks inventory and helps with purchase ordering. You may need to subscribe to a top-tier plan to get this feature. If you need more advanced inventory features, look for software that integrates with a dedicated inventory management system.

• Project-Based Billing

Firms, freelancers, and consultants who work with clients on projects or jobs should look for accounting software that helps them track the projects’ tasks and budgets. The software should allow you to invoice customers for tracked time and rebill them for project expenses.

• Support for Multiple Businesses

Several programs we reviewed allow you to add more than one business to your account, though some of them charge extra for this convenience.

Do not hesitate to contact with NaviWorld Việt Nam to be consulted for your business solution.

** Hotline: 092 636 2468
** Email: info@naviworld.com.au
** Fanpage: NaviWorldVietnam