The market is full of accounting solutions, which is good for businesses but on the other hand, it also puts them in the doldrums. It becomes really difficult for companies to choose the one most suitable for them. Therefore, it becomes imperative to discuss some of the world’s leading accounting solutions, which enables business organizations to make their entire finance and accounting system robust, effective and efficient.
There are innumerable accounting solutions such as VCA finance, Sage 50 (earlier known as Peachtree), Oracle, SAP, QuickBooks, Tally ERP 9 and many other, but many of them are designed to suit to specific accounting need of businesses. Therefore, knowing about the important features that an accounting solution should possess, can be of great help to business leaders, Owners, and Directors.
Features That an Accounting Solution Must Contain
Accounting solutions are now being designed to support every business class across the world. From small to medium and large, entire business class across the world are exploring new accounting solutions, which can support in keeping ledger books accurate and can give valuable financial insights additionally.
For many, it would be helpful to understand about important features that an accounting solution must contain. You might have heard about innumerable cost and accounting applications, but whether the solution you choose will suit your business needs or not, is paramount to understand.
Following is 5 of the most advanced features that businesses should look for while implementing an accounting solution.
1. Cloud Services
Gone are the days when companies maintained their ledger books with the help of pen and paper. Evolving technologies have completely transformed the business accounting and finance process. And, one of the efficient features businesses should look for in an accounting solution is — whether it offers cloud services or not?
Advanced automated accounting solutions such as VCA finance and other financial applications such as Sage 50 (Peachtree) offers cloud services. It has multiple benefits that can add to the constant growth of businesses. Businesses can have entire financial and accounting data saved at one place, which can be accessed by Owners and Directors whenever they want, even from a remote location. Moreover, with cloud services, businesses do not have to fear for any loss of data.
2. End-to-End Solution
Not all accounting solutions automate the entire financial process. Therefore, it is important to check, whether the solution you have opted for, is an end-to-end solution or not. For instance, advanced automated financial solutions such as VCA finance is an end-to-end solution that automates entire accounting solutions — right from performing data-entry tasks to keeping reports, data and other financial statements readily available for the reference of business leaders.
3. Real-Time Data Update
There are accounting solutions, which do not update transaction details in ledger books and in the system at the time when it occurs. Real-time data update plays a key role in the development of businesses and therefore, this particular feature cannot be ignored. Therefore, businesses must consider implementing solutions such as VCA finance or SAP that not only records every single business transaction accurately and efficiently but also updates ledger books in the real-time.
With real-time data update, the system keeps the update for the ready-reference of business leaders. The automated financial solutions keep the data, statements, and reports readily available, which essentially supports Owners and Directors in formulating future business plans and strategies. Moreover, this also aids in their analytical ability and supports in mitigating business risks.
4. Better Visibility Gives Better Control
With the nature of businesses and the end-user preferences changing perpetually, businesses need an accounting solution that can do more than just maintaining the accounts and ledger books. Today, the financial process should deliver value, transparency and clear insights of the complete accounting performance. From cash flow management, allocation of budget to detecting problem areas and suggesting measures to implement, accounting should aid in hassle-free business performance.
Solutions such as Value Creation Automation (VCA), for instance, are designed to enhance the visibility within the process. It takes entire activity transparent with its visual dashboard, which keeps Owners, Managers, and employees well informed and also gives them a better control on the entire financial operations. Enabled with Software-as-a-Service (SaaS) business delivery model, the visual dashboard gives complete control even from a remote location. Moreover, it supports both mobile and desktop platform, which facilitates instant access to entire information pertaining to finance through Android, iOS, Windows, Mac, Web or App.
The single controller screen of VCA finance displays every single transaction details and therefore, plays a key role in running financial operations with utmost efficiency and transparency. And so, accounting solutions such as VCA can help you in better preparing for sound auditing and tax compilation.
5. Cost-Efficient & Less Time Consuming
Business accounting tasks were earlier performed manually, which was time-consuming, resulted in high error-rate and also led to cost overrun. With evolving technologies such as automation, things changed a lot and now tedious financial tasks such as data-entry, matching balance sheet and other similar activities are automated. It results in cost-saving and also aids the human workforce.
Advanced accounting solutions such as VCA finance empowers businesses with super-fast computing ability, which enables in performing huge calculation tasks quickly and that too in one go. Moreover, it reduces human intervention and automates entire finance and accounting tasks. It reduces the error-rate significantly and prevents businesses from wasting time and resources on performing same accounting tasks many times. All these factors together save both time and money for companies and performed tasks such as data entry
Think Before Investing to Choose Best Accounting Solution
It is vital to understand that managing entire financial activities such as allocating budget, tracking bank payments, account payables and receivables, generating invoices for both customers and suppliers, collecting payments from customers and many other such functions, make a business cost-efficient, productive and profitable as well.
Therefore, before investing in any accounting solution, it would always be wise to do the homework. Businesses must look for a solution that consists of technologically upgraded features, which can support them in managing financial activities with utmost accuracy and right in time. The features discussed above will add to the business scalability and will also help in constant growth throughout.