Many small businesses overlook small business accounting software when choosing for the best automation software. The problem with this is that most of them do not even offer many features that will really help a business manage and control its finances better. This means that when you are looking for this type of software, you need to look out for certain features. Some features in this type of program are described below.
You should always look for a system that can handle transactions from multiple currencies. With the help of this software, you will not have to import or export data from foreign locations into your own local currency. This type of program should also be able to integrate with banking information. Thus, it will allow you to track all the money coming and going in and out of your business account. It will help you keep track of what you spend your money on, giving you an idea whether the purchases and sales you have made are right for your budget.
Another feature that you should look for in business accounting software is the ability to offer transactions for barter. Bartering can be a great way for your business to generate extra revenue. For instance, if you are selling a product that has a high demand but no buyers, you can consider accepting payments from interested parties for the products you have. These transactions can then be recorded and later on you can use them for profit generation.
The software should also be able to allow the recording of transactions. For instance, when someone pays for a product that they bought with their credit card, you can immediately deduct this from their balance. This will give you an idea of how much money you can save and use to invest for future projects. Also, the software should be able to link your bank accounts and credit card accounts. Thus, payments for products and services will be deposited automatically in your bank account.
You should also ensure that the software you choose can produce custom reports. Custom reports are more flexible in nature and they offer the users a chance to customize certain aspects of the report. This is to provide the needed information for decision making. In other words, you will be able to get reports that include: sales, transactions, gross sales, expenses, net sales, and many more. You will also be able to get customized versions for different types of businesses.
The accounting and business reports feature of the software you are choosing should be easy to use. For instance, you do not need to be an expert in computer programs in order to use the reports feature of the software. If you know a bit about marketing, you can create a report on sales trends in the last six months. If you know the basics about accounting, you can create a report on depreciation charges.
Another important feature that you should look for in software is ease of installation and set-up. When you purchase software, you should not have to face difficulties in installing and configuring the software. The software should also be easy to install on your own network. Thus, you will not have to depend on any third party in order to set up the software.
Finally, you should purchase software that comes with backup features. In case something unexpected happens in your business, you will be able to easily recover the data. Most accounting and business reporting software comes with a backup in order to protect you from data loss. Some of the companies also offer unlimited restores for a specified period of time for a nominal fee.