The world is upgrading and becoming advance with each passing day. The markets are wide and businesses are continuously looking for the opportunities to identify, maintain and build competitiveness and use it to have an edge over its rivals. However, in the quest of being at top, expansions, diversity and catering different market companies normally don’t have enough time to spend on conventional business functions like recording double entries, making ledgers manually, maintaining paper work. The time has gone when everything used to be on paper. Now, is the time when automated systems have replaced the accountants and is performing their duties very well.
Accounting software has made the life of finance people easier. The software is not only automated but it also provides other facilities like
· On-screen input and printout of sales invoices
· Automatic adjustment of stock records
· Recording of suppliers’ invoices
· Automatic updating of suppliers' accounts in the purchases ledger Recording of bank receipts
· Making payments to suppliers and for expenses
· Automatic updating of the general ledger
· Integration of a business database with the accounting program
· Automatic calculation of payroll and associated entries
· Automatic updating of customer accounts in the sales ledger
These computerized accounting programs also provides instant reports for the management like
· Trial balance, trading and profit and loss account and balance sheet
· Stock valuation
· Payroll analysis
· Budget analysis and variance analysis
· Aged debtors’ summary – a summary of customer accounts showing overdue amounts
· Sales analysis
· GST/VAT returns
Apart from the above mentioned facilities and reports, these accounting service software are speedy that is it doesn’t take much time to record all the accounting details as compare to the manual system. It automatically updates all the relevant and interrelated documents if changes are made into one document. Because it is automatic, there are less chances of making mistakes and human errors. The data is easily available to anyone, anytime and at any place. It is not difficult to extract the required data from the software. The management can always take the review of all the recorded transactions and can monitor the company’s performance. These software are efficient and helps in cost saving as the computerized accounting software will replace the human accountants. It easily converts the transactions in different currencies. Thus, it saves management from many hassles, it is more reliable and top of all it is the need of today’s time. You can’t afford to spend your time on these basic functions as many strategic decisions are awaiting which will in turn make you more competitive and will give your company an edge in the industry. The top 10 Accounting Service Softwares for 2013 are
· Sage 50 Complete Accounting
· QuickBooks Pro
· Simply Accounting
· NetSuite Small Business
· Cougar Mountain
For a good accounting service software, always look out for the following features
· Ease of Use that is how simple and easy it is easy to understand the software and use it.
· Help & Support: Look for the kind of support and the extent of guidance and help you are getting from the service provider.
· Accounts Receivable : This contains invoicing tools, estimate creation, billing tools and shipping.
· Accounts Payable: This part comprises of the ability to trail vendor payments, print checks and deal with purchase orders.
· Banking: The software you opt for, should be able to work with your bank and do automatic or direct deposits, as well as generate checks and deposit forms.
· Payroll :The one of the hallmark of best accounting programs is that it can administer the employee profiles and status. They have the ability to keep the record of hours, perks , deductions and taxes.
· Inventory Control: Most of the companies have to manage inventory and services, particularly manufacturing concerned or retailers and wholesalers. Good inventory tools have the ability to keep the record of product bys SKU, and the capacity to store a location with an item number and notifying when stock levels get short.
· Time Costing: This accounting tool can stalk time used up on projects and can invoice based on time spend on a project, project budgets, associated purchase orders and more.
· Job Costing: Job costing tools can keep record of the cost of a job and may also be able to generate job cost estimates as well.
· Fixed Assets: Fixed assets are comprised of depreciable or fixed items such as office furniture or company cars, some accounting programs will aid you to keep track of these types of assets.
· Conversions and Updates: Many small business owners may be advancing from Excel or another spreadsheet program, so look out for the software that could easily upgrade between programs and between versions.
· Reporting: Good reporting tools are essential to boost the probability of success. So, when making the purchasing decision of accounting service software, look for the one that can run a good array of helpful reports. With uncomplicated to employ reporting options companies can effortlessly examine what is working well or poorly for the organization.