6 advanced features your business accounting software should have
2nd November 2018
When selecting accounting software, businesses need to find a program that will work now and in the future. When a business grows, their accounting software should be able to handle it. Advanced accounting software can handle increased transactions, more complex reports or the ability to have a whole finance team accessing it at the same time.
Here are some advanced features your business accounting software should have if you want it to do more for you.
Integrating inventory management with accounting provides accurate sales forecasting and cash flow, based on real-time information. It allows businesses to reconcile stock levels with actual sales, without combining reports from two systems to identify discrepancies. Companies can properly plan their stock orders and keep track of how much working capital is tied up in stock, while changing product costs automatically pulls through to invoices.
Automated reports save time and provide detailed analysis of the company finances, whether for board members to gain critical insight, to meet regulatory guidelines, or to assist tax reporting. No business can truly run successfully if those at the top don't have an accurate picture of key things like actual sales versus forecasts, or accounts receivable figures versus accounts payable. Relying on how you feel business is going is not enough.
The most advanced types of reporting include the ability to export the data, such as into Microsoft Excel, and switch between summaries and in-depth details. They have pre-defined reports that present data, removing time spent trying to understand what the figures mean and presenting it in a way others will too.
Advanced accounting software can take much of the hassle out of everyday tasks by automating them. Not only do your team save time, you know that your automated systems will work whatever happens - whether your staff are off sick or tied up with other priorities, businesses can keep running with accounting automation.
- Payroll: Enter your payroll details once, and have them automatically ready for you to approve each pay period.
- Expenses: Rather than key in your employee details each time expenses are due, have them saved and ready to go.
- Autogenerated invoices: For regular orders or long-term projects, schedule invoices in advance to keep your cash-flow coming in.
- Reports: Generate reports from your general ledger to department breakdowns on a regular basis and have them sent direct to key stakeholders.
Defining your organisational structure in your advanced accounting software makes it work for you. Advanced features allow you set up departments and cost centres as well decide what data is stored for each account and the authorisation structure.
Meanwhile, customising your financial reports, invoices, purchase orders and statements with your business's colour scheme or logos makes every interaction with consumers, suppliers and stakeholders professional.
Updates migrate to all systems and keep data up-to-the-minute.
Interacts with other systems
An advanced accounting system can talk to other programs you use in order to make life easier. Whether integrating with a CRM, HR database, shipping system or e-commerce site, the ability to pull information and push data through to other programs makes double-entry a thing of the past. Updates migrate to all systems and keep data up-to-the-minute.
Multiple bank accounts and payment methods
Dealing with payments into multiple bank accounts and in different currencies is an essential advanced feature for businesses working across continents. Knowing your tax duties are automatically updated for each region you work in keeps you compliant, while individual arms of the business can process payments to different accounts.
Meanwhile, giving customers the flexibility to make payments in a way that works for them, such as via credit card or directly into your bank account, makes doing business with you as simple as possible.
It's important to get the advanced accounting features you need. Get in touch with ABM for an informal discussion about our core and optional features via a free demo or meeting with one of our experts.
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