Bookkeeping Software Overview

Recording and controlling the day-to-day financial transactions (sales, purchases, payments, receipts, and others) and their effects on the business is an important part of the accounting process of any company. A clear picture of the company's financial health helps to make better decisions and forecast future demands. Bookkeeping software specially designed for small companies helps bookkeepers to perform their job faster and with minimum errors.

Bookkeeping software helps:

• to reduce paperwork by using computers and software; 
• to track inventory by automatical updating the inventory quantity; 
• to receive the low stock alerts when it is time to reorder items; 
• to see how the business is running in the powerful reports; 
• to be prepared for the tax year by proper reporting; 
• to control the cash flow by monitoring invoices and bills; 

• to organize expenses by connecting the credit card and bank accounts for automatic downloads; 
• to automate spending by setting up automatic payments for recurring bills; 
• to send recurring invoices by scheduling them to go out automatically;
• to have real-time access to the data from anywhere anytime by using a mobile bookkeeping software application developed for mobile handheld devices; 
• to make billing more flexible by applying for discounts and promotions and performing tax calculations automatically;
• to send custom invoices and sales receipts by customizing them with the company logo and colors that reflect the company's brand; 

Bookkeeping is the most critical and time-consuming aspect of the business. It might look like all bookkeeping software for small businesses offers the same standard features such as accounts receivable, accounts payable, billing, invoicing, and others. In reality, it is not so. With the main features, bookkeeping software systems provide various other attributes that can cover a broad range of functionalities. Some of the features are indispensable for bookkeepers, some – can be marginally useful, and, finally, the rest of them are nothing more than marketing tricks.

Requirements for bookkeeping software:

• Strict financial control.
• Strong security.

If any financial data is lost or tampered you can lose time, money, business secrets, and, even, your company in the case of if the damage is serious enough. Therefore, when you are choosing an accounting software solution for your business, you should ask each vendor offering computerized accounting systems about:

• The software's built-in security features.
• How the software product can engage with your on-site safeguards.