4 Key Features to Consider in an Accounting Software
September 9, 2021
In any business, you need to have reliable tools to help you automate your processes and lessen the risk of committing mistakes. The same goes for accounting firms. If you want your firm to perform well and accommodate your client’s needs, you need to invest in good accounting software to make your job more efficient. Without a well-established accounting system in place, you’ll face many difficulties with financial analysis and reporting, which are crucial aspects of your role as accounting professionals. If you’re planning to invest in the best accounting management software, here are some features you should look out for.
1. Maintenance of Accounting Records
One of the most crucial features that every accounting software should have is the ability to store, manage, and easily retrieve accounting records. You should be able to maintain several accounting records at once, and they should be able to transfer data from different ledgers, balance sheets, and other regular reports. The digitization of these records gives stakeholders flexibility in terms of resource management. You also get to automate much of your process and generate reports easily.
2. Billing and Invoicing
Issuing invoices is part of your firm’s responsibilities if you want to maintain an orderly and efficient process for your clients. But creating invoices and monitoring all payments can be quite a painstaking process, especially if you’re handling multiple clients at once. This is where an accounting management software with intuitive billing and invoicing features could come in handy.
You’ll have better control over incoming payments, and, if possible, there should be a reminder on when the next payment is due. Some apps even send notifications to counterparties, reminding them to pay, which is a cool feature to have. You also need to automate the generation of tailor-made invoices for each client, so you don’t have to type these out manually.
3. Generating Reports
An accounting software should be able to generate several types of reports with a click of a button. This should be possible as long as all the data necessary is stored correctly on the app. If you have custom financial analysis software, it should be able to focus on the reports that are significant to your client, such as reports on particular departments’ performance. In addition, the reports are drawn up in usable formats and can be instantly sent to the parties concerned.
4. Financial Projections
Tracking key performance indicators is part of any business, and your clients will surely require the generation of such reports so they can review it themselves. That’s why having a software that can generate reports on these KPIs is a must, as it allows you to perform an analysis and even provide financial projections for your clients. It can also help you and your client estimate profits, monitor taxes, and evaluate financial risks for the company.
Finding the right software with the necessary features for your firm’s operations is a must if you want to provide quality services to your clients. You need to find an application that can help you record your client’s cash flow and examine their financial condition almost instantly. These software features should help you decide what tools to invest in and what features are valuable to you.
Firm360 gives you an intuitive platform that serves as the solution to disorganized filing, lost billing, and other accounting mishaps. We offer you accounting management software that can streamline your practice and help your team get more work done in as little time as possible. Contact us today to learn more about our platform’s features!