Accounting Software
Development | Solution | System

Key Features of Accounting Software

From basic features that keep track and check on the money coming in and going out of your business, to the advanced features that give you more control over, accounting software offers many features that help to make accounting tasks simple. The features of any accounting software might be different based on the vendors.

It does not matter on your industry or business model is, the top-notch accounting system offers the following standard features.

• Accounts payable/receivable: This is one of the most commonly used features of any accounting solution, electronic management and tracking of A/P and A/R are included in every system with different levels of automation. The accounts payable features track payments to different third parties such as vendors, suppliers, and other financial outlay to ensure your payments are prompt and smooth. 
• Asset management: Electronically keeping track of and realizing the depreciation costs for a company’s material and fixed assets is the most important function of all accounting systems. 
• Bank reconciliation: The key to automating most of your accounting functions is to connect your software system directly with your financial institution. This will facilitate you to reconcile the accounting transactions you have recorded with your bank’s records for your company’s credit, checking, or savings accounts. Today most of the systems include pre-built reports for both month-end and year-end closing to streamline reconciliation.
• Cash management: Though many small businesses nowadays are handling less cash — or none at all — managing your company’s cash or cash equivalents is a key function of all accounting software and one more important function is to generate Cash Flow reports. 
• Departmental accounting: Best accounting software offers help for recording transactions throughout multiple offices, branches, or divisions. This lets you treat each subset as its very own entity on paper, yet maintain a comprehensive view of tax functions.
• Time and expense management: In addition to tracking your enterprise expenses through Accounts Payable, most accounting software offers a separate section for tracking individual employees’ expenses and reimbursements. This includes the capacity to easily accomplish price tracking in addition to reconciling expenses with various projects and departmental budgets.
• Reporting: Apart from recording transactions electronically, the most-cited reason for purchasing accounting software is the automated reporting feature. 
• Budgeting and forecasting: This module is very critical to the forward-thinking company, budgeting, and forecasting tools give companies insight into their past revenue and spending habits, which helps them better use their resources and plan for future financial success.