Computerized accounting software is a solution to account management with the help of which one can evaluate the financial performance and profitability of various enterprises. This software can either be used by installing on your computer or access remotely through your mobile phone with the help of an internet or WiFi connection. People have stopped doing manual accounting nowadays as it is very tiresome and consumes a lot of time.
A computer accounting system prevents human error while managing the complex accounting tasks of the business. Moreover, it helps you to track, record, generate and automate accounting transaction reports of both small and mid-sized organizations. Besides these, you can do many other complex accounting tasks easily with the use of accounting software.
Features of Computerized Accounting Software – myBillBook
Effective accounting software has the potential to take your business to the next level. Check out some of the features of myBillBook right below.
The robust accounting software allows you to manage the stock of your business seamlessly and thereby helps you to make your products available to deal with delivery problems quickly.
With the use of myBillBook, invoicing becomes very easy as it automates the collection processes so that you can send an invoice on time. Moreover, it lets you generate accurate invoices quickly, store customer information, and more.
- Great Collaboration
The computerized billing software allows you to sync your crucial information with your bank account easily and get your financial reports in no time. Furthermore, you can give access to various accountants on your financial data right through myBillBook.
- Fund Accounting
myBillBook is equipped with the feature of fund accounting for managing GASB regulations, tracking donations, and grant management.
myBillBook comes with a wide range of reporting features like cash flow statements, balance sheets, payroll summary, income statement projecting your profit and loss, and more. They even have customizable reporting options so that you can create reports as per your requirements.
- Budgeting and Forecasting
Good billing software can analyze the financial position of your business for the present and coming financial year. In addition, it forms summaries of the balance sheet to make you know the performance of your business.
Efficient accounting software is always multi-functional as it can collect data from various business places with ease. Also, it enables you to manage cash flow in multiple currencies from all over the world.
Importance of Computerized Accounting System for Small Businesses
When it is the case of an accounting system, the computer always comes into use. There are a plethora of benefits of a computerized accounting system for the business. One of the advantages of a computerized billing system is that it helps the companies to save a lot of their valuable time by making their staff productive and efficient. Have a look at other benefits of a computerized accounting system for small businesses given below.
- A computer accounting system always assists businesses in keeping the data well-organized so that the employees can find any financial data whenever required.
- With the use of a computerized accounting system, companies can now their cost and time effectively. As all the business transactions are entered by the system, you do not need to worry about accounting anymore and can focus on your core business.
- A computer accounting system can keep the recorded data up-to-date and accurate. Using this system, management reports can also be requested online so that the companies can take timely and reliable management decisions.
- Storing data has become easy and quick for businesses with the use of a computerized billing system. The system can even generate regular backups to prevent data loss.
- The system is also effective enough to share financial data easily with those who need it. It generates financial statement in a printed form and distributes both internally as well as externally.
- How can we benefit from accounting software?
Accounting software helps you to manage financial accounting more efficiently no matter if it to maintain financial records or to perform any other accounting operations like:
- Recording expenditure
- Evaluating profit and loss or cash flow
- Generating and sending invoices to clients
- Regulating tax returns
- Creating forecasts and budgets
- Forming estimates and quotes
- Is it essential to have accounting knowledge to use accounting software?
Yes, you should at least have some basic knowledge of accounting while using accounting software. However, the right accounting tool helps you to identify where your business stands by spotting opportunities and trends. It can make your complicated and tedious business accounting tasks quite easier than ever.
- How computerized billing software is different from cloud billing software?
The computerized billing software allows you to undertake accounting tasks on the computer as it is installed on your computer and all the data would be stored there itself. On the other hand, cloud billing software operates on the internet without the need to install it. Cloud-based software can be accessed by just visiting their website and signing in with the correct credentials.
- What should you consider while choosing accounting software?
While choosing accounting software, you should consider certain factors which are as follows:
- How many user accounts can be made?
- What major tasks can be performed?
- Could the software be connected to other business systems?
- How does it operate payroll systems?
- Does it provide VAT functions?
- Can you trade in distinct currencies using the software?
- Know your business accounting requirements
- Check out whether the software offers additional business support
- Do start-ups need accounting software?
The accounting software is less compelling to start-ups as it deals with a very low number of transactions every month. The accounting tools are suitable for companies that have to handle a huge amount of transactions per year. It helps you to gain confidence while evaluating various accounting operations of your business.
- Is it good to go with free or paid accounting software?
Free as well as paid accounting software is available on the internet. However, you have to make sure that the free software is provided by a reputed brand. Moreover, it comes with limited functions like raising invoices and the free software package can get expired without warning. Therefore, it is always good to go with paid accounting software if you are undertaking any kind of business.
- How can you benefit from using cloud accounting software?
You can get a lot of benefits with the use of cloud accounting software as it lets you store all the crucial business data on the server of the software provider. Besides, there are many other advantages of using cloud accounting software which you can see below:
- Fewer management overheads
- Manageable cost
- Use it anytime and anywhere
- Mobile application is also available
- Does cloud accounting software ensure safety to the users?
Yes, of course. However, you should ensure that you buy accounting software from a trustworthy and reputable provider. The well-known cloud accounting software providers always take care to offer secure and quality products to the customers as they focus on making the customers satisfied by keeping their data secure. It would be also good to make sure that they make use of data encryption and have never encountered any huge security breaches.
- What should I do if my internet connection fails or accounting software goes down?
There is no other way to overcome the issue of internet connection failure or server down until it resumes. However, several cloud accounting packages provide you with the option of an ‘offline mode’ to work during the failure of an internet connection.
- Can accounting software take the place of your accountant?
Accounting software indeed has the power to automate accounting tasks but it has not been designed to replace your accounting professional completely. The software is better to use along with the accountant to produce better results in the very end. Where the software can generate reports or track expenses, on the other side the accountant can spend time analyzing your figures and providing advice for making effective business decisions.