5 Features Accounting Software Should Have

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There is no doubt that accounting software is important for every business. Companies need to have an automated mind to crunch their numbers and guarantee 99.99% error-free reports. However, buying just any accounting program won’t do. What you need is accounting software that offers you the following 10 features:

  1. Reporting and Analysis Capabilities: With the amount of pressure put on businesses to produce accurate financial information, you need to be able to determine what financial activities are going on within your company. Plus, through reporting and analysis functions, companies will be able to comply with government and industry regulations such as Basel II.
  2. Automation of Handling Accounts: For many organizations, having software that supports simple accounting transactions and basic financial management tasks isn’t enough. Large companies will require their software to automate different aspects starting from employee expenses and all the way to purchase requisition.
  3. Easy Customization: There is always a chance that your requirements may not be met by most of the software available these days. For this reason, the accounting software you use should be easy to customize. Thus, you can always hire a few software developers to create a few modules and integrate them into your system.
  4. Internet Connectivity: Software that is connected with the Internet is always easy to update, provides better functionalities, and allows you to send and receive digital documents and electronic funds.
  5. Extra Security: Because the software will be in charge of your financial data, it should be very secure. If you choose software that doesn’t offer your data any security, then you are bound to lose everything you had worked for so far.

In addition to these five features, scalability, expandability, and the ability to generate graphics are also important. However, if you do get accounting software with the aforementioned 5 functionalities, your business will definitely flourish.

Further reading: Corporate Governance | Audit | Performance Improvement

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