Businesses need all the help they can get and that help is even more valuable if it helps them save time, money, or both. Accounting software is the perfect type of software that fits this description as it helps businesses with a lot of important tasks. Every business has different needs and all accounting software products are created different and serve slightly different types of businesses.
To choose the right software, a business has to assess its needs and requirements and then choose software that has the features it needs. Below, we are going to look at some of the most important features the right accounting software should have.
Accounts Receivable and Accounts Payable Management
To help your business better manage its accounts, accounting software should help you record and keep track of accounts receivable (amount of money others owe your business) and accounts payable (amount of money your business owes other businesses or people).
Some of the areas your software should help you with include invoicing, sending payment reminders and integrating with payment software and solutions to make it easier to pay and be paid.
Project and Time Tracking
When you run a business that works on client projects, you need accounting software that makes it easy to track the amount of time spent on a project and that enables project-based billing. The software you choose should make it easy to bill your clients on the number of hours worked or to set a project-based pricing model that ensures everyone is on the same page regarding payments and when they are due.
Software that enables project and time tracking also keeps you on track and ensures you never miss a deadline, which can be quite costly to your business in terms of time, money and damaged reputation. The accounting software should also be easy to use so you can see and monitor everything easily at a glance.
Helping with Tax Readiness
Good accounting software ensures that you are always tax-ready. The accounting software you use should be able to work within multiple tax brackets to calculate your tax liability and generate tax reports that help your business comply with the tax regulation set by the government.
Good accounting and practice management software such as the one developed by BTC Software takes this a step further by making it easy to manage individual, partnership, and corporation tax. It also makes it easier to manage digital documents and provides a secure client data storage area that is GDPR compliant and securely protected by passwords. In addition to their practice management software, BTC software also develops other types of software such as self-assessment, accounts production, and corporation tax software that can be used together with their practice management software to make the work of practitioners easier.
Integration with Payment Gateways
Safe, secure payment gateways ensure that you not only receive and pay money but that you protect everyone involved in the process while doing so. By allowing integration with secure and safe payment gateways, the software gives you different convenient options that your clients can use to pay your business. These include debit and credit cards as well as bank transfers.
Once payments are made, the software should update all relevant records to reflect the changes. This way, you do not have to keep track of every transaction that goes through the business unless you want to take a deeper look or are being audited.
Accounting software can be a critical tool for your business if it is used well and to its full potential. Because your needs and requirements are different from those of other businesses, ensure that you take your time to find software that serves all the needs your business has.