Simple Accounting Software Advantages
If you want to understand and know your business better, track your company's expenses and income, and be ready for tax time, you should use the accounting software even if you are an individual professional. The company size determines
features of the accounting system that the organization needs to provide effective monitoring and control of all its financial operations. The smaller company, the fewer features it needs for bookkeeping.
Simple accounting software has two main advantages:
- It can be used even by non-accountants.
- It does not require any additional configuration to your hardware.
At the same time, simple accounting software provides small business and individual professionals with all the necessary features, so by using such a system, they can organize the processing, measurement, and communication of financial operations
in an effective way.
The larger organization, the more sophisticated the accounting software system it needs, and the more money are ready to pay for that system. Therefore, while finding the best accounting software for small businesses, any small business owner should
focus on three main aspects, namely:
- How much he/she is going to pay for the accounting software system?
- Why does he/she need the accounting software?
- Which features do his/her small business needs require the accounting software?
It is well known that accounting software programs vary in cost which is dependent on by features the program has.
Depending on the reason for choosing the new accounting software solution for your company, you will define features that can help to better manage your finances. But, not only the accounting system’s features determine the best accounting software
for small businesses. You should ask your potential software provider some additional questions, including:
- Can your accounting software solution be easily customized to meet my business needs?
- How many clients and employees is your accounting software able to accommodate?
- How will my financial data be backed up?
- What security measures does your accounting system have to keep the data secure?
Simple accounting software can give everything a company needs in one place:
- Invoicing – enables sending customized invoices online to any contact.
- Payments – enables tracking payments and see who owes you money.
- Expenses – enables categorizing expenses (by project, by income type, and other categories) and receiving reminders of due expenses.
- Collaboration – enables using the accounting software system by different people (accounters, assistants, business partners, and others) at the same time with controlled access.
- Contacts – enables generating an address book and tracking all contacts (customers and vendors).
- Reporting – enables generating different reports (profit and loss, receivables and payables, wage and liabilities, and other)) to see where the company’s money is coming from and going.
- Data export – enables printing and online sending finance documents to recipients.
- Third-party integrations – enables the integration of third-party applications such as Prism’s software solutions that make a simple accounting software system more powerful.
To make your simple accounting software more powerful, use it together with third-party software which is specially designed for your industry.
Advantages of simple accounting software:
- Managing the cash flow.
- Expenses control.
- Less paperwork and manual calculations.
- Bank reconciliation.
- Direct downloading of the bank account data.
- Credit card tracking.
- Formalized financial statements and records.
- Greater accuracy and fewer errors.
- Saving, organizing, and retrieving the financial data.
- Saving work time.
- Customer and vendor history.
- Importing and exporting data.
- Automatic backup.
- Making better decisions, and more.
With simple accounting software, your bookkeeping will be not hard. You will always know all your expenses, as they will always be recorded, and will always be informed who owes you money and how much and will be able to easily bill the debtors.
EZIBELINE LLC