Why companies need a customized accounting software as per business operations:

  • why companies need an accounting software

As the business expands, the financial data of the business also keeps changing and expanding. Maintaining business accounts becomes difficult, time-consuming, and prone to errors. Growing businesses need scalable accounting system solutions for their expanding financial needs. To adapt to the ever-growing financial data of the business, entrepreneurs need to think out of the box and have customized accounting software for their business.

Benefits of accounting software:

1. Invoice and billing:  Invoice and billing are the two main functions and modes of cash inflow to the business. Managing invoice on paper is a tiresome and error-prone job. When there are recurring orders, it is not easy to generate an invoice physically for each and every time a client has made a purchase from you. It is also difficult to track the invoices and remind the customer of the pending payments without depending on automated software.

Accounting software provided by Ahex technologies addresses these issues effectively by providing you with customized accounting software to make your invoice billing easy. Accounting software helps you create recurring profiles for regular customers to schedule their invoices automatically whenever an order is placed. Payment terms and invoice conditions can also be mentioned to give a heads up to the customers regarding the payments. Invoice due dates and payment expected dates can be updated in the software and reminders will be sent automatically to the customers. With the help of accounting software payment invoices can be tracked and reminders can be sent to customers and also accidental missing payments can be avoided.

2. Online payments: The next step after the invoice is generated is getting paid. Collections of payments can be a difficult task if clients are not offered a proper system to make payments.

Online payment gateways can be integrated with accounting software to enable the client with swift and secure payment options. Payment gateways take records of the payments received and updates them in their corresponding invoices in the accounting systems. Various payment options like debit cards, credit cards, and net banking are also provided with online payment gateways.

If the business is operating globally then it should be able to take payments in foreign currencies as well. Online payment options connected with your accounting software allow customers to make payments in their currencies and still do your accounting in the currency of the country where the business is operating from. This helps in avoiding all the unnecessary calculations required to maintain the accounts.

3. Expense tracking: Tracking the expenses is very important as it helps to keep a grip on the cash flow. Accounting software helps you keep track of all the expenses and categorize them to get a clear picture of where your cash is going.

Accounting software can also be used to upload expenses receipts, scan them and get the required information from the scanned receipt automatically. This eliminates the process of storing paper bills and the fright of losing them. Accounting software makes it easy to bill the customer for the expenses you bear on their behalf.

4. Bank reconciliation: Bank reconciliation is the most important feature of business and accounting software streamlines it. Connecting the bank account directly with the accounting software allows you to get statements from the bank automatically to your account.

Custom criteria and bank rules can be set up in the accounting software to categorize and match imported bank accounts automatically. With simplified bank reconciliation statements accounting software keeps your audit-ready throughout the year.

5. Timesheets and Project Management: A powerful accounting software includes a timesheet module that allows you to charge the customer based on the time spent on the project. Timesheets allow you to manage projects from budgeting to logging time to invoice customers.

Using accounting software to track the time spent on a project allows you to avoid both overbilling and underbilling the customer. Time entries can be generated to show your clients and to make sure everyone is on the same page. After the project has been completed timesheets can be used to calculate the exact time spent on each project and plan accordingly for the next project.

6. Tax compliances: Fine accounting software is designed to adhere to all taxes and make the work with taxes easy. Accounting software makes it easy to work with multiple taxes rates and calculate taxes faster and apply the right taxes to the right transactions easily. It can also give you a better understanding of the taxes by generating a tax summary report to help you organize your taxes.

7. Report generation:  Every business owner should monitor his business and growth to ensure that it stays healthy. Accounting reports help you understand your business growth and trends in the market. However, generating a report on the spreadsheet is difficult and you have to enter formulas manually to do it. Accounting software generates a report automatically and saves your time.

There are three crucial accounting statements in business 1. cash flow statement 2. profit or loss statement 3. balance sheet. Accounting software has built-in reporting features to analyze cash flow and prepare a balance sheet. All these reports let you maintain good health, make quick decisions, and generate instant reports.

Ahex technologies are there to help you out:

Keeping accurate records of your financial data all the time is very vital for the business to stay on top. However, for maintaining proper accounts, you need a system to overcome the drawbacks of traditional accounting systems. Your invoice and payments are the vital clogs of the business where accounting software excels in managing the accounts automatically and regular spreadsheets fail. Thus Ahex helps to provide customizable accounting software to help your business flourish and stay afloat in the market. And finally, with an accounting system, you can generate automatic reports, draw conclusions from report data and steer your business forward. Accounting is part of your business every step of the way, and a good accounting software developer like Ahex technologies is there at every step to help you.