Features of Accounting Software

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  • 1. Features to look in an Accounting SoftwareTo record and process accounting transactions within functional modules such asaccounts payable/ receivable, payroll and trial balance we employ an AccountingSoftware. It functions as an Accounting Information System.At first glance all accounting software look similar but beyond these core attributes liedozens of other features covering a vast array of functions and services. Some of thesefeatures can be considered indispensable. Many others however, are marginallyuseful or nothing more than marketing gimmicks.Reporting and Analysis- Besides helping users gain insight into crucial financialactivities, reporting and analysis functions help companies confirm to government andindustry regulations.Graphics- Accounting is a numbers-focused activity. Yet graphics, in the form of chartsand other illustrative formats, is a powerful tool that can be used to present trends andother concepts in a way that numbers alone can’t convey.Automation- For many business concerns support for simple accounting transactions andbasic financial management tasks just isn’t enough. Many companies require the fullamount of employee expenses, payrolls and time sheets, company and departmentalbudgets, purchase requisitions and other complex financial activities.Automatic Updates- Using out-of-date accounting software is like eating food that haspassed its date of expiry. Tax laws, regulations and financial practices change over time,so it is vital to use software that receives fast, user-transparent and automatic updates.Customisation- Chances are that no accounting software will exactly match your businessneeds. That is why the software should allow easy customization of statements, forms,reports, screens, help systems and other program facets.Internet Connectivity- With the world on the web accounting software should enabletransmission and reception of digital documents and handle electronic fund transfers.Interoperability- Data entered can be productively used by various business applicationsin HR, sales, shipping other key business sectors. Conversely, you may want youraccounting program to draw information from other sources.Scalability- When business expands the software should keep pace through up gradationto accommodate a large number of users and a growing amount of financial data andtransactions.Expandability- The business can grow both in size and scope. The accounting softwareshould either offer add-on modules that allow customers to slap extra capabilities to its
  • 2. product or migrate to a full ERP environment.Security- The entire business depends on the accounting software for its existence. If datais lost or tampered with, you stand to lose time, money, business secrets (such as sales orprofit data) and, if damage is severe enough, the company itself. We should be aware ofthe software’s built-in security features as well as how its product’s ability to mesh withon-site safeguards (such as anti-malware technology and network firewalls).However, human frailties of miscalculations and forgetfulness can have disastrousconsequences. So the question of implementation of software is of utmost importance.Basic training in the use of software may be necessary and only when thorough with allthe aspects of the accounting software, should it be installed and configured in oursystem.Anil BhatCell : +91 – 9911 720 780Email : sanganaktechnologies@gmail.comUrl : http://www.sanganaktechnologies.com