Accounting Software - How It Can Benefit You

Posted by Actiwise on August 10th, 2019

Whether you are a new or well established business, maintaining your accounts can be a challenging job for any business. When it comes to accounts, many businesses entrust everything to an account. However by using an accounting software package as well you can save money and time that could be spent productively on other aspects of your business.

Choosing the right package however to do this job can often appear to be a difficult task and not all businesses will benefit from having accounting software. For those businesses that do benefit, having accounting software makes your accounts process very simple. Autocount accounting Software Malaysia

The detailed requirements that you will need within your accounts package depends on the type of business you have and how you run it. When choosing the right accounting software for your business it involves you deciding on your requirements and then looking for an accounts package that can meet all your overall and detailed requirements. The requirements that each accounting software have all vary, which is why it is important to consider what you will want out of your accounting software package. Some of the requirements that you may want from your accounting software include the following:

• Basic bookkeeping - this will document all your sales and purchasing as well as invoicing

• VAT calculations - allows you to keep track of VAT and to calculate your VAT

• Payroll processing - you should consider this as part of your accounting software if you have more than three employees. The payroll function calculates PAYE (pay as you earn) as well as your weekly/monthly National Insurance contributions. 

• Production of management information and decision support - important if you need to prepare internal management reports periodically.

• Invoicing - every accounting software package should provide an invoicing function. Most provide an option of tailoring your invoices to your desired appearance. Autocount accounting system malaysia

• Credit control - this option highlights where customers have exceeded their limits and provide statements to chase them.

• Compatibility - you should think about whether your chosen accounting software is compatible with any other accounting systems, including the one that is used by your accountant.

• Stock control - if your business sells products then stock control is an important function to ensure that you have enough products in stock and so that you know what has been sold.

Accounting Software is application software that records and processes accounting transactions.