Accounting software- Features, types, and benefits

In today’s times, using technology for accounting and bookkeeping purposes is vital for corporations. Using an accounting software eliminates the problems associated with time-consuming paperwork. These software are more cost-effective and go a long way in reducing bottlenecks. They also prevent the possibility of incorrect audit information and follows the internal and legal standards and requirements completely. Accounting software are beneficial even if you do not know much about accounting because they are simple and easy to use.

In this article, we will discuss the need for using accounting software, their types, features, and benefits.

What are some of the best accounting software?

• Freshbooks – Freshbooks is one of the best accounting software in the country. It is easy to use and simple to process. This software has a robust inbuilt client invoicing and time-tracking system. It is especially good for new and small businesses because of its cost-effectiveness and ease of use. Freshbooks is currently used by almost 5 million people across the world.
• Netsuite – Netsuite is inarguably the leader when it comes to making the entire process of accounting hassle-free and also streamlining the processes that go in the backend. It is suitable for businesses of all sizes and is more or less industry agnostic. This accounting software has features such as an inbuilt business intelligence, reporting, and real-time visibility.
• Zoho Books – Zoho Books, an accounting software, is a great way to manage and monitor the money that flows in and out of your business. It makes it easy for you to manage your customers and also control your expenses by keeping a close watch on them. With the help of this software, you can record and monitor your bank accounts.
• Bitrix24 – Bitrix24 is an amazing software to work with, and it is absolutely free. It helps you in scheduling leads, appointments, managing invoices, and accounts, and also helps you with email marketing. If you purchase the advanced version, you will get automated sales and marketing features and also the ability to send SMS and emails in bulk. It is a great tool for accounting and campaign management.

What are some important features of a accounting software?

Some of the important features of a accounting software are:

• Accounting
• Billing and invoicing
• Budgeting and forecasting
• Management of fixed asset
• Payroll management
• Project accounting
• Fund accounting
• Inventory management

What are some of the benefits of using accounting software?

• Accounting software are simple and easy to use, even if you are not well-versed in the field of accounting. They simplify everything for you, so with little or no help, you are able to manage and monitor the finances of your business and keep your expenses in check.
• Accounting software are cost-effective. They eliminate the need to outsource the managing of finances to an external agency or individual. They also reduce inefficiency by eliminating the incorrect audit information and complying with the legal framework completely.
• They offer full financial transparency and avoid errors that can cost you money.
• Most of the good accounting software follow tax regulations so you do not have to worry about it. They help you in paying salaries to your employees and ensure that the tax aspect of the finances is taken care of.
• They keep your company’s financial data secure. It is extremely difficult to jeopardize them and even if you lose the data, it is easy to retrieve it.

What are some types of accounting software?

• Billing and invoicing systems assist the company in carrying out its day-to-day tasks. One of the main features of accounting software is their accuracy. They help you document finance activity securely and clearly and the emphasis it puts on security makes the final product look good to its users.
• Payroll management systems are used to handle account payables and account receivables. These software make calculating employees salaries and adhering to tax regulations an easy task.
• Enterprise resource planning system is an accounting software category that is all-encompassing. Right from planning the products to managing the inventory to distributing, marketing, and monitoring the finance, this software can help you with everything.