Account Management software is designed for professionals to manage accounts, record the flow of a company’s money, and simplify financial operations in organizations.
Using this, we can record transactions, generate reports, manage customer and vendor contacts, create purchase orders, track stock levels, bill customers, and monitor account balances.
Before accounting apps, financial tasks had performed manually. The accounting entries have to be copy-pasted from spreadsheet to spreadsheet for various accounting purposes.
It takes huge human effort and time. Accounting systems automate these tasks, reducing accounting costs, and enabling better financial decision making through real-time reporting.
Use of Accounting Software
- The main advantage of using accounting software is we can save the company time and prevent errors.
- The transaction information will be available in one place. So it is easy to track what is spent or what’s come into the business.
- The accounting software categorizes the expenses, schedules, and pays bills, whether the bill is paid online, by check, by credit card or with cash. It will help to keep track of those transactions and manage the cash flow. And also helps to create and send invoices and past-due notifications.
- Rather than manually inputting data and transactions, we can use the bank feed feature to connect the software to the business bank and credit card accounts. This will give a daily update of the transactions.
- The software can create a variety of reports and financial statements, including profit and loss statements and balance sheets, which are necessary for requesting funding from an investor.
Which are the Online Payment Services?
Online payment services have captured a major portion of the whole e-commerce field. By using online payment gateways, it provides the high-grade user experience and also improvises the overall functional speed. Users can simplify and secure their online payment process by working with an online service provider and some of them are listed below:
- Google Pay
Google pay is an online payment service provider that makes money transactions secure and easy for users. Users can store their credit cards, debit card, and even gift cards to their google pay account to make further transactions easier.
Users can perform the transactions from their web browsers, smartphone, or Gmail account. Google pay has implemented multiple layers of security that keeps its customers’ account info as well as payment info safe.
The benefits of using PayPal are users can accept credit cards through their phones or online, can generate and track invoices which helps you to receive payment faster.
PayPal has helped millions of businesses with payments and credit solutions. In the case of business, they can accept card payments in person and can be processed with the help of PayPal.
Authorize.net is a payment gateway service provider that allows your clients with an acknowledged payment option that doesn’t require them to move onto a third-party site, as authorize.net works with your current merchant account.
This online payment service accepts credit cards and e-checks through the client’s website. Authorize.net offers several other services like mobile payments, phone payments, and e-commerce solutions.
4. Amazon Payments
Amazon Payment is a small online payment service for online business-friendly money transactions. It helps the users to pay for any goods and services they purchase immediately.
Amazon Payment service can be readily integrated into your present website and the user can directly pay using the payment information stored in amazon.com account.
ApplePay is an online payment service provider for those who use Apple devices as a Point Of Sale machine, iPhone or Apple Watch to make purchases. ApplePay service offers a faster and secure mode of payment transaction as the app uses a touch ID confirmation method.
It provides a quicker way of the transaction so that the users can either transfer the money they receive to their bank account or else they can use that money for purchase easily.
Benefits of Accounting Software
Accounting software will automate the given tasks and enter data faster. In addition to the decrease in errors, it collaborates between different departments by keeping all the financial information in one space. The benefits of accounting software are:
- Ensuring Financial Control
Using accounting software, business owners can control their finances by themselves. A little training will make everyone to manage all accounting operations using their mobile device. So they don’t need to pay external parties to keep their budgets under control.
2. Saving Costs
Accounting apps automate the complex core calculations and administrative procedures, so there is no need to outsource the financial management to an external party. Since the data is stored digitally, we can reduce printing and distribution costs.
3. Increasing Data Accuracy
One of the important benefits of accounting apps is it can reduce human error that usually occurs during calculation and data entry. Accounting software can reduce these issues.
4. Improving Decision Making
The main advantage of implementing accounting software is to improve decision making. Without an automated accounting solution, you will find it difficult to understand the present financial status of the company. It provides you with exact numbers that can help you figure out where to cut expenses or where to invest more. Also, you will able to develop smarter strategies on time by tracking the companies financial condition.
5. Improving Financial Data Security
An accounting system ensures your financial data So the company can decide who all have access to see the data. The most confidential information of a company is its Financial data, and it needs high protection. Accounting software ensures your financial data security and remains safe by storing it in a centralized system.
Features of Accounting Software
Every accounting software system has its own strengths and weaknesses. Nearly all online accounting software uses double-entry accounting to ensure accuracy and have accounts receivable, accounts payable, banking, and reporting features. Here are some core elements of accounting software.
- Financial Forecasting
This is the essential feature of the accounting software. Every business owner wants to estimate its revenue and expenses in the right method. Financial Forecasting tools help them to control finances and to eliminate unnecessary costs and optimize profits.
2. Billing and Invoicing Management
Accounting apps helps business owners to create, manage, and send various types of bills and invoices. E-invoices, along with their components, can be customized according to business preferences and can be generated.
3. Bank Reconciliation
Bank reconciliation is to ensure the accuracy of your financial data. If done manually, it can be very time consuming and prone to errors. But with accounting apps, you can reconcile your bank accounts and statements within a short time.
4. Financial Reporting
Accounting systems can generate digital reports of income, balance sheet, cash flow, etc. It can also create them in multiple formats like tables, graphs, lines, and pie charts.
5. Purchasing and Sales Management
Accounting systems allow users to manage transactions whenever they want. Accounting systems are integrated with purchasing and sales management. It is easy to create various documents such as purchase and sale orders, debit and credit notes, quotations, receipts.
6. Asset Management
With an accounting system, you can calculate the reduction in the value of assets automatically and accurately. Depreciation can be calculated by various methods according to the company policies as well as applicable tax.
Accounting software makes it easier for business owners to manage financial procedures, performing financial tasks correctly and quickly. Accounting Management software helps business owners and accounting managers to gain complete visibility into their company’s financial health so that they can make wiser decisions.
iScripts EasyBiller is an online billing software and a one-stop solution for sending bills, generating invoices, selecting subscription plans, collecting payments, customer account management, wallet management and more via electronic mode for any service business.
It focuses on creating specifically for service-based businesses. The advanced software will be provided an intuitive mechanism for changing the billing and account management to an online self-serve model.
There are many features packed into this software, including a Mobile App. As one of our most popular software packages, you’ll enjoy taking advantage of all the features it offers.
For startups, those who are coming up with new business plans only have to do is install the iScripts EasyBiller on your server, it can easily deliver the perfect billing solution for your business.
You will be able to create an efficient online billing system within minutes. Add your own logo, plans, and services to the system and receive payments from your customers through the payment gateways of your choice.