Quick Summary: Running any business involves navigating high-risk challenges and demanding responsibilities. Thus, it’s no brainer that business leaders are constantly trying to improve performance, optimize processes and cut down on unnecessary expenses. Yet, amidst the chaos, there is a single area which is often overlooked but ripe for transformation: Accounting Software Development. 

Accounting, we all know, is the backbone of financial health of any organization. It has long been a labor-intensive task. Skilled professional toil over accounting platforms, meticulously balancing budgets and handling transactions. 

As indicated by a recent survey by Accounting Today, 51% of businesses face difficulties in keeping up with regulatory changes, representing the foremost challenge in financial management. Also, a few findings by Sage reported that 62% of accounting professionals show concerns regarding inadequate accountancy training programs. Source

But what if there is a better and efficient way of handling accounts?

With cutting-edge technology, every type of business, whether it is small or large, can now revolutionize their accounting operations, driving accuracy and productivity to unparalleled heights. Let’s see how. 

1. Payroll management- 

Needless to say, every company hires employees. And their salaries need to be managed. So one of the significant features of any accounting software is payroll processing. With an efficient payroll management system, your accountants can take the mundane task off of their hads and perform the more important salary calculations, employment tax filing etc. To start with this feature, they just need to simply input the required information like wages and total number of hours worked for each employee into the system. 

2. Tax calculation- 

Accounting softwares aids in minimizing human errors, and taxes are an area where even a small mistake can lead to serious consequences. Therefore, when looking out for a comprehensive solution, ensure it possesses the ability to compute all the important tax payments at the end of each period. This saves the valuable time and efforts of your accountants which they can utilize in performing other tasks. 

3. Invoice processing-

Another responsibility accountants frequently undertake involves invoice processing. However, if you have a software solution in place for this, they will no longer have to spend hours on this task. Instead, the best accounting software will automate accounts receivable, invoicing, account payable workflows, and also aid in maintaining the general ledger. 

4. Analysis and report- 

Analysis and report are the features that a good accounting and finance software should have. Every business needs to maintain a record of financial reports so that it can analyze it any time or later in the time of crisis. Easy access to these records can facilitate major tasks within businesses. Not only does it save time, but at the time of decision making, a properly structured record helps the management and saves last minute stress. 

5. Tracking expenses- 

Ensuring right control over expenses is imperative for the success of any organization in the long run. Therefore, it is crucial that your accounting software tracks various expenditures including regular payments, employee-initiated expenses, and other costs that may accumulate over time. It allows you to input details like date, category, vendor, amount, and payment method for each expense ensuring comprehensive documentation. 

6. Auto updates and scalability-

An accounting software must be designed with a forward thinking approach. Given the rapid pace of technological advancements and ongoing innovations aimed at streamlining business operations, it is essential to use adaptable software. As technology evolves, you may upgrade your system through swift updates and take advantage of the add-ons. 

7. Online payment processing- 

The digital payments market is currently on boom, driven by the increased usage of e-commerce websites, ease in mobile payments, and contactless payments after COVID pandemic. Digital wallets and payments apps like Paytm, Payoneer, Gpay have become increasingly popular among consumers for their seamless and safe transaction abilities. So, when you set an accounting software for your business, ensure that it accommodates an online payment processing feature so you will be able to process digital payments and facilitate customers to directly pay online. 

8. Data protection- 

Softwares that deal with financial data are highly sensitive, and must come protected for any discrepancies. So the best accounting software is the one that comes with multiple levels of security so that you can stay relaxed while also preventing every employee from accessing the confidential data. You can look for softwares that employs blockchain technology as it offers next-level security to your system. 

Conclusion

Accounting software for small business is becoming a must-have nowadays. After all, every type of organization wants to boost its employee’s efficiency and minimize risks. Yet, not every software is created with equal capabilities, so it becomes essential to understand which of the above features work for you. If you are looking for any help regarding accounting platforms, you may reach out to us. We are ready to offer our expertise in web development programs and the software that supports them!