payroll

Need More than Basic Accounting Software?

Having basic accounting software is fine for a new business startup, but you’ll need a complete solution as your business grows. Expanding businesses require software that can handle a flood of invoicing, and a large payroll. As taxes become increasingly complicated, management needs more detailed reports in order to create a budget for the upcoming year. A complete accounting software package is needed to ensure the successful running of your company.

Generally, accounting software will include modules that smaller businesses need, such as general ledger, accounts payable, accounts receivable, and payroll tools. The software should also be able to produce standard reports and income statements. There may be options to filter and track custom data fields as well. While this software is great for the new business start-up, something more advanced may be required for an established business.

The best accounting software should have more advanced features. Reporting and analytics are important for a larger firm. Some programs include preconfigured reports. These can easily be altered with custom data fields. Customized reports can be produced as required. With good accounting software, detailed analytics can be made so that your business can be taken to the next level. Management will be able to assess which ventures to focus on. Accounting software should be able to quickly generate reports and statements, sorting through data to find pertinent information.

Most accounting systems will manage the payroll, whether an employee is hourly, salary, or commission-based. An accounting system will accurately calculate the taxes due and keep track of them for each employee. More advanced systems can handle either cheques or direct deposits, as well as providing yearly tax forms. The more employees you have, the more likely you will need a complete accounting software solution, rather than trying to work around your basic accounting program, which can lead to frustration on the part of your accountant.

If you have a large online store, or brick and mortar shop, chances are that at some point, you’ll need advanced business accounting software tools. Every aspect of your inventory can be electronically managed. It can manage purchase orders, including receiving POs, track all shipping, and recommend reordering stock. Intricate details can be managed such as history, bill of materials, serial numbers, and even bar coding.

Good accounting software will be adaptable to your business’s needs. Basic accounting software will only be able to handle the payroll for a limited number of employees. Good software should not be obsolete when you have 200 more employees. It should scale up to your requirements. Software may be available for your specific industry, organization, school or government branch.

It’s also important that accounting software allow for multiple users. More than one employee should be able to use the accounting software. Nothing is more frustrating than having one employee enter data, while someone waits over their shoulder for them to finish. Productivity and time can be lost while one employee waits for another one to complete a task. Search for software that allows several users to access it at any given time.

Look for accounting software that provides a variety of add-on modules, as well as working with other third-party software systems. Document managers, time-clock software, expense tracking and other solutions may be warranted. Credit card processing, as well as data backup management of accounting data may be required. When you have all your software working together in one package it’ll increase productivity. If you’re currently using multiple software packages you may you’re wasting a lot of time importing data from one software to another. A good accounting software package will streamline your data all into one accessible location.

A comprehensive accounting system should handle more than the basic tasks. You need a complete accounting program solution that includes reporting, payroll, and inventory control. Also look for packages that are adaptable as your business grows, whether through additional modules, or unlimited usage. A good accounting software package will grow with your business, helping you to maximize business profits.