Record and keep track of what the company owes to its suppliers or vendors for products or services received on credit.
The recording of money owed to a company by a customer who received products or services on credit.
Software is able to match the cash balances on the balance sheet to the corresponding amount on your bank statement and resolve any discrepancies.
Billing & Invoicing
Invoicing of clients and billing to suppliers.
The budgeting feature allows you to see the company’s expected revenue and costs, market trends, cash flow and more. Using the cash flow forecast feature you can predict revenue and expenses associated with your business, as well as adjustments you plan to make to create the projection.
This feature helps you stay up-to-date with your expenses. It records your expenses by tracking receipts, invoices and other outgoing expenses.
Detailed reporting of your business’s finances, which includes your financial statements being provided to disclose the business’ financial data.
This process includes a journal entry or logging every business transaction as it occurs. The accounts recorded in a general ledger include assets, liabilities, equity, expenses, and income or revenue.
Deals with the process of ordering, storing and using a company’s inventory.
The management of tax, including managing sales tax (VAT).
Monthly subscription – Cloud accounting software can cost from as little as R150 per month for small businesses. The majority of cloud accounting software packages offer a free 30-day trial.
You can opt to pay monthly or annually. Most providers allow you to change or upgrade your plan at any time.
Your subscription includes features such as invoicing, quotes generation, income and expense tracking, and integration with your bank accounts and other management systems.
Additional features – There are additional features that you may have to pay for separately, such as payroll management, inventory management – you may also have to pay for additional users on your account.
There are several accounting software options available on the market. Here are a few tips to help you choose the right one for your business.
Consider the following:
One of the biggest advantages of using cloud accounting software is that it can be accessed from any device and location, at any time of day. To facilitate this, many of the options available come with a mobile app where you can manage essential tasks such as invoicing and payroll. This can help small businesses run more efficiently and flexibly.
Ease of use
It has never been easier to get yourself up and running so you can start invoicing and balancing your books right away. For business owners it is important to choose the option that provides an easy-to-understand dashboard with access to all your important financial information. Also ensure that you can easily manage tasks such as track and pay bills on time, claim expenses, connect to your bank feed, as well as accept payments.
There is little doubt that accounting software has greatly reduced the costs of accounting services while also offering incredible value. However, it is still a good idea to carefully examine your budget to determine how much your business can afford to spend. Before you commit, also consider your business operations and what tools and functionalities you really need. Most providers offer tiered packages making it easier for business owners to only select packages that suit their needs and budget.
Accounting software offers more security over your data than any other options. Most cloud computing services backup your data hourly and they use the latest in security software. Other additional safety measures that can be implemented are two-step authentication to log into your account.
Accounting Software benefits
- Flexibility – can work from anywhere, not limited to a single PC or device.
- Efficiency – saves small businesses time and money.
- Clarity – can see your current financial position at any time.
- Accuracy – able to automate and speed up the calculations of business expenses such as tax and payroll, etc.
- Tax compliance – able to track and manage sales tax (VAT).