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Putting the Computer to Work with Accounting Software
Are you seeking software to help enhance your company's accounting system? It sure makes counting and allocating all those credits and debits for your widgets much more easy, effective, and, something that's important to any accountant, cost effective! Here are some basic tips on what to look for in your quest for accounting software.
The software should accomplish general accounting tasks for you.
You will want the accounting software you buy to automate your accounts payable and accounts receivable departments by accomplishing tasks such as scheduling payments, producing P.O.'s and recording invoices as well as tracking outstanding ones.
Other important functions include ledgering and the ability to produce financial statements like income statements and balance sheets, as well as a budgeting and forecasting tool to help report on your company's meeting its budget goals. Good accounting software should also include reportproduction capability, such as sales and profit analysis.
A cash management function is also important. The software should be able to help reconcile your banking transactions. You may also want the accounting software to help with your payroll tracking and disbursement and produce the related documents for you and your employees.
Other more specific accounting functions that many accounting software providers offer are invoice creation, fixed asset management, inventory tracking, tasks specific to accounting/CPA firms like auditing and tax preparation, money conversion, CRM, project management, and other specialized solutions specific to your firm's needs.
This is just an overview to help get you started as you start the complex task of shopping for accounting software. You should try to research as much as you can through resources such as the internet, seminars, and magazine article reviews. Ask a lot of questions of other business professionals you know about any accounting software providers they know and like, because there are a lot of providers out there and there's no better endorser than someone who likes the product they're using.