Characteristics of Good Small Business Accounting Tools
Back in the old days, people around the world were used to doing business in the form of barter trades and which was, later on, replaced with the monetary exchange system. No matter what system a business follows, people, even during the ancient times, felt the necessity of carrying out simple business calculations, keeping records of the day to day business activities so that they can fuel their business efficiency.
From simple abacus to modern computers, technologies are the pioneer of driving greater business efficiency. Yet, they are still scaling and shaping up in harmony with the demand of the businesses.
However, over time, business procedures have come a long way from the ancient abacus and barter system. In fact, companies worldwide are now constantly looking for a better automatic solution to their business activities, especially for Accounting.
In this article, we will be helping you out providing with the characteristics you must follow while choosing an amazing accounting tool that would move the needle on in the way of your enterprise's success.
What are the characteristics of a good small business accounting tool?
According to the rule of thumb of large corporations, it is certain that eliminating human errors is not completely possible in any endeavor. Still and all, businesses of all kinds need the most accurate transaction data to generate perfect accounting reports so that they can forecast and take an important decision.
Fortunately, an accounting tool can simplify flows of record-keeping that might otherwise be prone to mistakes. Hence, let the accounting tool take the responsibility of the accounting process to root out the chance of human inaccuracies.
If you are dealing with product inventories, we know how much it is important for you to keep track of them. You will always have to be aware of how many stocks are there, which inventory is running out of stock, which one is needed to stock more to prevent backorders etc.
The inventory management may vary with respect to the type of inventories and your choice as well. A good accounting tool will also help you manage your inventories with LIFO or FIFO method.
Analysis and Reports
A business may produce hundreds of data from its day to day transactions. The more data is generated the more effort is needed to record and analyze them to produce meaningful reports. Like a professional business accountant, accounting software excels at analyzing your business practices letting you quickly identify how money is fed into your business and whether they are doing in giving off efficiencies.
Most, if not all cases, even great companies started small but with hard work, and perhaps with some luck, those businesses grew larger and more prosperous in the years thereafter. Similarly, your organization may become larger and more booming in the upcoming days. You might ask yourself “Will my accounting software be able to keep pace?”. A dynamic, interactive accounting tool should have the functionality to accommodate, a progressively larger number of users and loads of financial data.
Automatic update and support
Make sure that you purchase an accounting tool that provides with updates on fixing bugs. Moreover, post-sale customer support is also a much-needed thing to utilize the tool to get the most out of it.
A business's all activities are recorded and analyzed in an accounting software altogether and so it is like a veritable treasure trove of all sensitive data. If the data are lost or stolen it can be the worst thing for your business. Thus, before deploying any accounting tool for your business, you should vet its capability of privacy protection of the important data.
Use of Graphs and Charts
Accounting is all about numerical data so it paves the way to streamline mathematical graphs and charts to illustrate information. A nifty accounting tool can be used to present trends and other concepts in a way that mere numbers alone can't convey.
There was once a time when software was designed to work on local environment only. With the advent of the internet, everything is moving towards online platforms and cloud computing. Moreover, APIs has made it possible to work on cross platforms. Sending and receiving digital documents and handling electronic fund transfers has now become easier than ever. A good accounting tool is supposed to be equipped with these stuff to facilitate your accounting workflow.
Throwing the influence of internet behind you can access to your accounting tool from anywhere under the sun.
Give custom access to users
A full-fledged accounting software also allows you to set user role (manager, admin etc.) to restrict access to sensitive and valuable data. This is very much useful to establish better control over your business accounting tool.
So which Accounting Tool contains these qualities?
A full stack accounting tool needs to be spiced up with all the features mentioned above. In this regard, WP ERP's accounting module or software will take you beyond not only with the above-mentioned qualities but also gift you much more in conjunction with its seamless performance.
If you are a small business owner and looking for a free solution then this software can turn out to be a game changer for you! However, with its premium and advanced features, you can easily manage your day to day business operations on your own even if you are a medium or large enterprise owner. There is no need of hiring professional accountant which is really important to keep your expenditures under control.
How WP ERP's Accounting module can be effective for your small or medium business?
Having 10 years of experience as WordPress professionals, we have made accounting workflow easier for you. We have developed the accounting program based on our own hands-on experience not just on mere theories. Here's why you can consider WP ERP as your accounting solution:
Double Entry System
This is a feature that makes your accounting software complete, scientific, and accurate. The double entry system is recognized worldwide and it is important to compare your position with the industry standard.
WordPress platform for cost reduction
Since WordPress is the most popular online based CMS, you won't have to be worried about the accessibility of the accounting software even if you are not in front of your desktop. It is a cross-browser supported tool which means you can access from anywhere anytime regardless of the type of computer you are using.
Expandability, and customization
The accounting plugin is expandable at your disposal. To cite an example, you can add up with any customized account name to the default chart of accounts of the accounting module of the software. As of now, there are 9 extensions available for any advanced usage of the plugin.
Get an overview with amazing graphs & charts
To know the overall aspect of your enterprise's financial condition at a glance, this feature is really helpful. Our developers worked their best to deliver you with the sophisticated graphs and charts. Here is a screenshot that depicts the overview of financial condition:
Get updates and support
To keep you safe from known security holes, squashing bug problems, and for better functionality of the software, we provide you with updates and support when it is needed. If you need any help just follow this link.
Managing inventories (PRO)
As we mentioned earlier, a good accounting tool equips with a useful inventory management plugin which is positively correlated with the survival of your business. Fortunately, you can extend the accounting tool with Inventory management services.
For advanced usage, you can use this extended feature that will enable you to maintain separate payroll employee account. We considered payroll management holistically and so offered a variety of features to meet everything needed to compensate your employees with the minimalistic effort. Click here to learn more.
For an added touch of personalization and to keep expenditures feeling like a natural spontaneity for your employees, this accounting tool will let your employees engage with on the fly expenses. With this extension, your employees will always feel empowered to spend on even if they are not disbursed from the beginning. Your employees will be able to create receipts to get approval from you, print them and much more. Learn more from here.
Payment gateway (PRO)
As today's world is moving towards electronic payment system from the manual cash payment system, our developers did not forget to spruce up with the popular Stripe and PayPal payment system for the accounting tool. You just need to extend the feature, that's all. Click here to know more.
Over to You
It’s of no surprise that WordPress is very much flexible enough to accommodate the need for an accounting tool with varied use cases for your enterprises to implement on. Moreover, since you will be using accounting tool as one of the modules of WP ERP, you are getting HRM (Human Resource Management) and CRM (Customer Relationship Management) modules as a bonus. Pretty cool, right?
However, you can turn the HRM and CRM modules off if you don't need them. If you are planning to use the plugin for your small business, we recommend you use the free version first. When your business skyrockets throughout the sky then you can consider the paid extensions for advanced usage. So, what are you waiting for? Click on the Try Demo button to get a hands-on experience of the accounting tool right away!