As your business expands, it becomes cumbersome and time-consuming to manage finances with spreadsheets and ad hoc tools. Accounting software are computer applications to automate financial management and accounting in an organization. Accounting software can provide summary information as well as drilled down views of financial data. Accounting applications manage financial transactions and automate business workflows. They record monetary information and take care of reporting required for regulatory compliance.
An IT-enabled accounting system should be more than an application that merely records financial transactions and generates financial statements. In today’s complex business scenario, apart from bookkeeping, it should streamline information and workflows such that you can understand the financial aspects of your business and are empowered for better decision making. Some of the must-have features of an accounting software program are -
A company has to track receivables from multiple sources - clients, banks, refunds, borrowers, etc. The system should be able to provide the functionality to manage all receivables in an organized and timely manner. The application must have the following functions -
An organization has to keep track of amounts payable and follow the payment schedule. It builds goodwill and avoids penalties and fees. The system should manage and track the workflows from orders given to cash paid. Therefore it should support the following -
Banking is an important aspect of financial management. An organization will deal with banks on a daily basis. The organization will have multiple accounts, loans and debit, and credit transactions. The program should support all aspects of banking -
Payroll involves a lot of cash outflows. There are different transactions to be taken care of. Here are the key capabilities that the accounting program should provide for -
Accounting software can automate expense management in different ways -
Reporting gives real-time financial visibility across the business. The accounting system should allow users to make sense of the data -
Many a time, the financial team invests a lot of time and effort in searching for data and preparing reports and statements. They prepare reports on past performance. Instead, they should be obtaining and analyzing relevant information of the present to achieve their goals. A comprehensive accounting software suite will empower them in various ways such that they can propel the organization on the path to success.
Let us look at some important benefits -
NCrypted has deployed accounting software at various client sites. Our key strengths are expertise in the domain, reliable software and tailor-made applications that accommodate the varied and complex requirements of an organization. At a strategic level, our software will help your organization to -
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