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What to know about Accounting

What Features Should You Look for in Your Accounting Software?

At a minimum, your accounting software is an online bookkeeping program that carries out the core accounting processes we mentioned earlier–such as invoicing, accounts payable, accounts receivable, income, and expenses. But that’s not all it should do. Below are some of the advanced features included in the best accounting software for small business.

Tax integration. Your accounting software should provide balance sheets, profit and loss reports, and any other customized reports you or your accountant require in order to file taxes. The top bookkeeping software even lets you photograph and save receipts using a mobile device so you have it all stored securely for tax time.

Payroll management. Payroll usually isn’t built into accounting software but is offered through integrations with third-party payroll and HR software. Once everything is set up, your software will be able to calculate and file your payroll, pay payroll taxes, pay with same-day direct deposit, and manage employee benefits.

Business insights. Online accounting software programs gather a lot of data about your business, so why not use all that data to your advantage? The best programs offer business insights and intelligence through user-friendly reports and dashboards.

Custom invoices and receipts. Remember, every interaction with customers and service providers is an opportunity to promote your brand. Some accounting programs let you create custom invoices and receipts, helping to make your brand more memorable.

Multi-user access. Depending on the size of your business, you may want to grant access to more than one person. The best accounting software programs offer plans for multiple users, including access for your accountant.

Support for mobile. You never know when you might need to capture or access data from a mobile device. Most of the big names in accounting software offer free iOS and Android apps.

Unlimited cloud storage. One of the benefits of using online accounting software is that all your data gets stored in the cloud, where capacity is virtually unlimited.

Free support. If something goes wrong, then you want to know your software provider has your back. Premium subscriptions usually include a dedicated account team.

Scalability. Accounting software is perfect for the rapidly-expanding business that finds that manual entries no longer cut it. The sky’s the limit for your business–and so you need software that offers small business accounting services that scale with you.

User-friendly. Last, but not least, is user-friendliness. Your accounting and invoicing software should be easy enough for anyone on your team to learn how to use it within a couple of hours.

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