Whether you are an established business or just starting out or maybe you just want to keep track of your personal finances, maintaining your accounts can be a challenging job. Many businesses entrust everything to an accountant as does the average person, however with the proper accounting software you can save time and money, money you could put into other aspects of your business or home repair.
The task of choosing the proper software could be very difficult and time consuming.
Requirements vary for every business, and person so when choosing the software that’s right for you make sure it has all the detailed requirements for all your personal and business accounting needs. Take a look at some of these important details to look for when choosing your software.
• Bookkeeping - this will keep track of all your invoicing, sales, purchases
• VAT calculations - allows you to keep track of VAT and to calculate your VAT
• Payroll processing – This is important if you have more than three employee’s, this calculates pay as you earn and your weekly/monthly Insurance contributions.
• Production of management information and decision support – will prepare internal management reports periodically.
• Invoicing - every accounting software package should provide an invoicing function. As well as allowing you to set your invoices to your desired appearance.
• Credit control – allows you to keep track of customers account’s and not let them exceed their limits.
• Stock control – If you keep stock for your business this allows for you to track what is being sold and what is not.
Most accounting software packages consist of various Tools. The main core modules of most accounting software packages are as follows:
• Accounts receivable - this is for the billing of customers and where the company enters money received.
• Accounts payable – This is where you enter an invoice when you receive it and remove after you have paid that invoice. These invoices cover money that is owed to people such as suppliers.
• General ledger – This is where you enter all your business transactions, this is also known as the main accounting record of the business.
• Billing – Invoices your clients or customers.
• Stock/Inventory – Here is where you keep track of your entire inventory what comes in and what goes out.
• Purchase Order – A document stating the type, quantity and agreed price of the inventory.
• Sales Order - Keeps track of sales orders so that a business knows how much inventory it has.
Accounting software could be what your business needs so choosing the proper software is very important to make sure your business runs at its highest potential.
CAN ACCOUNTING SOFTWARE BE BENIFICIAL
