Every small business needs accounting software because it provides a clear view of the financial health of a company by tracking the amount of money coming into the business and the amount going out. It is possible to use accounting software for business in the creation of invoices, generating a variety of reports, tracking expenses, and a lot more.
Choosing accounting software for business can be somewhat difficult because there are lots of different programs available with a lot of variation in the features on offer from each application and sometimes between different stages of the same software. This is why it’s important to figure out why you need an accounting software before buying one.
Irrespective of the type of accounting software you pick, you need to be able to work on basic tasks like:
- Managing customer information of contacts
- Making custom invoices with payment terms and your company logo
- Creating various financial reports
- Creating invoices with at least two output options: print, email, or convert to PDF
- Tracking business expenses
- Your accountant should have free access to the software. There should also be integration between the software and a payment processor to allow your clients make online payments for invoices with a couple of clicks.
The best online accounting software for business ensures the protection of your account through the use of bank-grade data encryption software. Additionally, it is supposed to let you choose two-factor authentication, giving you an extra layer of security. The software being in the cloud means your data is safe even with the theft or destruction of your computer.
It is also possible to regulate the information your account or employees can see on your accounting program by setting user permissions. The best accounting software for business also includes an audit log or detailed history showing the changes that have been made to your records, who made them, and when they were made.