Even though financial bookkeeping is a complex and lengthy task, it is still something that has to be done regularly in order to manage a successful business. Often it is challengeable to only cover the basics such as paying the bills and tracking income, let alone thinking about questions such as – Are we making a profit? Should we invest in new pieces of equipment? Are we going to hit our budget? Do we need to make some cuts and if so, how do we do that? Due to the complexity of this task, many small companies use accounting software that will help them answer all these questions, and in the following text, we are going to tell you about some of its features.
As complicated as it can get, accounting is something that has to be done precisely. This is why companies like Compunet Infotech have created software that is user-friendly. The layout of this software is fairly easy to navigate. It allows you to group tasks such as inventory, purchase, payroll activities and reporting as it pleases you. Also, you will have a clear view of charts that compare your profit and fees, account balances, as well as bills and invoice that have to be paid as soon as possible. It is also easy to enter new data and restrict users to certain areas of the software. In addition, if you provide home services to your customers you can track mileage and time worked, and all expenses that come with it.
Setting up an account is easy, but depending on the amount of data and services you require, it may take from several minutes to a few hours to get everything ready. The first thing you have to enter is information such as yours and the company’s name, address and contact information, and so on. If you want the company’s logo to be printed on forms, you can also upload it. The software also allows you to access all your data online. Simply put in the username and password and you will be presented with all the recent transactions. In addition, you can also allow your customers to pay with credit cards by signing up with a payment processor such as PayPal.
Furthermore, by using the accounting software you will get rid of those awful spreadsheets because once you have created a customer’s record, you will not be required to enter data every time, you can simply copy it from the file. Additionally, the software creates the list of all transactions ever made, which means that you will have a clear view of the history of every action performed. Moreover, use the software to pay your employees, but it may take some time to set everything up because you will have to enter precise data regarding payroll tax requirements, benefits, and pay cycles.
In addition, you can connect your financial account to this accounting service and you will be able to get a clear view of your bank and credit card activity. You can categorize each transaction, so you will know where your money is coming from and where it is going.
Lastly, you will get reports at the end of each month as well as quarter and annual ones. The best thing is that all of them will be ready in just a few minutes, and all you have to do is wait.
In conclusion, as you see can using accounting software can facilitate your business running, and provide you with more time to deal with other aspects that require your attention.