More and more companies have started using business accounting software for promoting efficient and effective working in their workplace. An accounting software will help gather all the information related to finance and accounting in a single package, making it easy for you to manage all your financial data and conveniently comply with government regulations and manage taxes as well. You don’t need to dig into every single report or application that you use to find a simple ledger statement.

What are the different types of business accounting software?

• Depending on the type of operations that are carried out as a part of your business or organization, there are specific business accounting software available in the market.
• Invoicing and billing is the first type, and it covers the day-to-day expenses or financial information of the company. It even manages the company’s payment structure, be it by cheque or net banking, and tracks other due payments as well.
• Payroll management system is the next kind of business accounting software. If you want to keep a complete track of payments and receivables, this kind of accounting software can be the right choice.
• Expenses and time management system is the third kind, and it is good for the businesses that want to set a billing cycle for all kinds of payments.
• The last and very important kind of business accounting software is an enterprise resource planning accounting software. This includes everything that you do as part of your production, material planning, inventory, purchase, accounting, marketing, and HR as well.

What does a business accounting software do for your business?

• One of the main tasks that business accounting software does is accounts management.
• Billing and invoicing is another feature of any accounting software.
• Fixed assets management is also done with the help of business accounting software. It can be an included tool, or you can choose to add a separate module for it.
• You have different types of payroll features to check and choose the right accounting software.
• Fund accounting, dues management, customer relationship management, and email reminders are some of the features of a standard business accounting software.
• Budgeting and forecasting is another important task of an accounting software.

Why should you get a business accounting software?

• All the redundant tasks will be automated with the help of a business accounting software. You need not do them manually, which is definitely a time-consuming task.
• At the time of tax payment, you find these accounting software packages really helpful, as they will keep all the important financial records in one place and hence you need not worry about missing something or about calculating incorrect tax dues.
• Accounting software is often easy to use and hence even if you do not have any accounting education background, you need not worry about it.
• Cost cutting is an advantage, as you don’t need so many people handling the accounts part of your business when you automate it.
• It can be accessed from anywhere and at any time and hence it is easy for you to get any kind of information as and when you need it.

What factors should be considered while choosing an accounting software?

• Check the features of the accounting software that you intend to buy. Sometimes you may not need so many features. Selecting modules or features you need can help you cut down on overall costs. An accounting software for a small business will be different from those for larger businesses.
• Scalability is another important feature that you should consider. Growth is a common thing in any business, and as your business grows, the software should be scalable to adapt the new teams or structures.
• Choose the one that is easy to learn. You don’t need accounting knowledge, but it is important to learn how to use the software.
• The overall price of the software is something you need to consider. Cheaper ones are not always the worst, and expensive ones are not the best. If what you are getting as the software package seems to be the best fit for your company, you may want to reconsider your budget in case the software is costly.
• You can also request a trial so that you can yourself experience the functionality and usability of the software.

What are the best accounting software packages available?

• FreshBooks
• Xero
• Tipalti®
• QuickBooks
• Book Keeper
• Zoho books