With increasing pressure to have data at our fingertips at all times, business owners all over the world are looking for an accounting software solution that can keep up with the high demand for quicker access to the information they need.
Cloud-based, access-from-anywhere accounting software is what savvy entrepreneurs and businesses of all shapes and sizes are using to ensure their business has the time and bandwidth it needs to make amazing things happen. But that doesn’t mean all cloud-based systems are equally brilliant. Here are four accounting software features we can’t live without.
1. Intelligent Banking. The days of toggling between bank account and accounting software are almost gone for good. The future of administrative tasks include less data entry and more automation. A cloud banking solution will connect your bank accounts and automatically enter transactions so that you can keep track of your money without worrying about clerical error. Accept or reject transactions in an instant for better management of your accounts, and say goodbye to pesky duplicate transactions. A smart accounting software will pick up on patterns in your transactions, and will instantly organize them into categories. Check auto-updated bank accounts from one convenient place with intelligent banking.
2. Intuitive inventory management. A truly unique accounting softwre will have fully-integrated inventory management, meaning you can always keep an eye on your inventory, either by category or by location. Tracking allows business owners to search for inventory by project and costs, and simple return management features make sales and purchase returns a breeze. Easy item receipts and shipping are just another benefit of having an integrated inventory management function in your accounting software.
3. Reports that speak volumes. Knowing where your business stands right now is they key to creating a better plan for next quarter. By generating customizable reports that are easy to digest and speak directly to your questions and concerns, you can discover challenges, trends, and opportunities for growth and savings. A great cloud-based accounting software will always have a wide variety of reports, like sales by item reports, open sales order reports, quantify on hand location reports, inventory stock status by item reports, and so on.
4. Organized Sales and Purchase Orders. The more efficiently you can move the sales and purchase orders process along, the better. Sales orders should be a simple one-step process, and your software should absolutely include electronic delivery of invoices. Make sure you have the capability to add important notes to each invoice, that you can email the invoice from the same window, and that you receive automatic updates when the email was sent. Are sales quotes built-in? Do you have access to a price matrix to make sense of more complicated pricing? These features, along with advanced statements and multi-currency capabilities are non-negotiable when it comes to making the most accurate decisions in more complex business situations.
Whether your business is just getting started or it’s growing exponentially, having your data in the cloud will only make your processes more efficient. Banking, reports, inventory and sales are only the tip of the iceberg. Find out more about cloud-based accounting software.
Need an accounting software solution that truly does it all? Try AccountingSuite today!