In this article, we will discuss the purpose of an account management software, its functionality, and consider the best variants on the marketplace.
New age-new tools
We live in an era of technological prowess, and this influence seeps through every segment of society, even finance, and accounting. Using accounting software can take a huge burden off the shoulders of tired accountants who are very nervous about messing up an account or getting a few numbers wrong.
Accounting software is designed to make accounting easier. Accounting programs help entrepreneurs to control income and expenses, simplify and automate document flow, help to draw up reports correctly. Automation of accounting, tax, management accounting in economic activities has already become the norm, forever replacing manual accounting.
The principle of operation of accounting programs is quite simple – the accountant fills out primary documents, such as payment orders, cash receipts, invoices, etc., and the program creates all the necessary entries for each document automatically and accurately performs the necessary calculations.
Advantages
Electronic reporting has a number of advantages over its predecessor – the paper method:
- Resource savings
Electronic document management saves not only paper but also the most expensive resource of any worker – time. A few seconds are enough to put an electronic digital signature. The company’s costs are decreasing, profits are growing.
- User-friendly interface
It is not necessary to send accountants to advanced training courses. For the most part, all programs have an intuitive interface that is very easy to master.
- Confidentiality and security
Electronic reporting is accessed by password and access rights, so your data will be easy to close to outsiders.
Alternatives of accounting software
A wide variety of software products have been created to automate accounting. High-quality legal account management software should have several functions:
- invoicing;
- ability to track time and date;
- possibility of accounting.
So, let`s consider the most popular programs:
- Freshbooks. The target audience is small businesses and entrepreneurs who work with clients and need an account management tool. You can upload documents to the server and define different access rights.
- Zoho Books is a comprehensive accounting solution that allows you to automate all the standard operations that the accountant performs on a daily basis. In your personal account, you can connect several users and define roles for each of them.
- Xero is an accounting platform to help small businesses grow. The platform helps to track company finances and cash flows in real-time through integration with banks. At Xero, the company links an account to a bank account and manages accounting processes.
- The Moneyspire app supports unlimited accounts and multiple account types such as Bank, Credit Card, Cash, Investments, Other Assets, Other Liabilities, etc. It also has reminders to keep you in control of all your transactions.
- GnuCash has a number of features to keep track of your investments. You can track each stock individually or in a portfolio of accounts. It maintains online stock and investment fund quotes.