A good online accounting software can dramatically improve your business’ productivity and minimise expenses. Whether you are a small business or a large corporation, the right accounting software streamlines your company’s financial processes, such as sending out invoices, accounts receivable, billing reports, financial projections and others.
Switching to an online accounting software enables you to access important financial information in a streamlined manner. It makes the lives of your employees and business stakeholders much more straightforward, empowering them with robust financial accounting tools.
However, finding the perfect online accounting software can be a daunting task with so many options to choose from. It is essential to consider your business’ specific needs before selecting the accounting software.
Here’s the list of 6 best features of an online accounting software that you should take note of –
- Core Accounting Features– The most significant role of an accounting software is to lighten your financial bookkeeping load. Accounting software should enable core accounting features such as general ledger, accounts payable, accounts receivable, and invoice processing to ensure efficient financial functionality.
As a business owner, the first step is to ensure that your accounting software caters to your core financial reporting needs. It is necessary to keep in mind that the core features are always more critical than enticing add-ons. Click here to check Dext’s cloud-based accounting software that captures, uploads, and tracks your cash flow, all on one platform.
- Scalability– Before you settle on an online accounting software, it is vital to make sure that you can scale it in size and scope as your business grows. The software should either offer the option of accommodating a more extensive user base and financial information or be easily upgradable.
Migrating to an entirely new software is often cumbersome, but you can make your life easier if you choose an easily scalable accounting software.
- Integration/Interoperability – An accounting software should function seamlessly with other software and tools used by your business. The integration with other tools enables efficient import and export of data, thereby improving flexibility. This flexibility ensures minimal manual intervention is required in the transfer of information between systems, reducing the chances of error.
Your online accounting software should also make it easy for your finance team to connect and coordinate with other internal teams, banks, and stakeholders.
- Automation – One of the key features of online accounting software is the automation of grueling financial tasks such as expenses, timesheets, payrolls, and budgets. Many accounting software offers automated invoicing, allowing you to set recurring invoices, payment reminders, and even reconcile bank statements.
Automation of these processes can dramatically improve your business’ efficiency and minimise the risk of human error. It also ensures that your accountants can make better strategic decisions with access to reliable financial forecasts, reports, and projections. This reinforces the idea that automation will push accountants towards more strategic and advisory roles, influencing major financial decisions.
- Customisation – No online accounting software will match your business’ exact financial requirements, but good software will be highly customisable. The customisation of accounting software allows for the modification of screens, and the generation of reports and statements according to your business’ accounting needs.
Considering these key features will lead you to the right choice of accounting software for your business.
With accounting moving towards a machine learning-empowered future, it is crucial to prioritise efficiency and intelligent decision-making for your business’ growth. The right online accounting software will strengthen your financial operations capabilities.
Still, got questions about what makes accounting software a must-have for businesses? Feel free to reach out to us. We’ll be happy to help!