Accounting Software in Business Organizations – What Features Do You Really Need?
Many businesses are now implementing accounting software in their businesses instead of relying on the traditional use of spread sheets. The benefit of using accounting software is undeniable, whether a business is just starting out or it is an expanding enterprise – saves a business precious time, money and manpower, allowing accounts to be quickly updated and reports to be conveniently churned out.
So Which Do You Pick?
A new business owner may not know what to look out for when choosing the best accounting software for his business. Good for him, there’s lots of choices available. The downside? Not knowing which to pick!
While every accounting software may seem to be the same (You just need to manage your accounts, right?), there are features that stand out in some accounting software that make them better than the rest.
It’s All About the Money… or is it not?
Most traditional accounting software only fulfill the need for account entries. However, recognizing that accounting is interlinked with other elements of a business, advanced accounting software now incorporates other processes as well. Besides the ability to handle high liquidity assets such as cash, advanced accounting software such as Kingdee KIS also includes inventory and receivables.
Taxes such as GST in Singapore, or VAT in China can also be processed with the software. This enables an accountant to generate a tax report in minutes, which would otherwise take more time in traditional accounting. At the same time, a business owner can have a comprehensive view of his accounts, easily exporting it into a spreadsheet, or printing out the reports for paper filing.
Business owners want to save time (and money) and would look for the most convenient way to handle the accounts. Software such as Kingdee KIS not only deliver that purpose, but go one step further by integrating purchasing, sales inventory and financial management onto a single platform.
Consolidating Orders and Invoices
One of the most frustrating things while managing the accounts is consolidating multiple sales orders, delivery orders and sales invoices under the same supplier or customer account. If an enterprise goes through thousands of transactions a month, think of how much effort would be needed to have everything organized for the month’s accounts!
Advanced accounting software such as Kingdee KIS recognizes the need for flexibility when generating orders and invoices. For example, when a business receives multiple sales orders from the same customer, these can be consolidated into a single delivery order and the purchases can be delivered at the same time.
In the case where there are multiple delivery orders, they can also be consolidated into a single sales invoice.
With the ability to consolidate orders and invoices, this also makes it easier when accounting for the inventory and sending or making payment.
Which business in Singapore wants to risk filing the wrong taxes? If your business performs thousands of transactions a month, think of the hassle of filing the taxes if done manually!
Advanced accounting software gives the user the ability to generate a GST report within minutes. Even if you have other businesses in the region such as in China, software such as Kingdee KIS is able to manage and generate VAT reports and import duties.
Traditional software tends to be geographically limited in this aspect, giving way to advanced accounting software that recognizes that growing trend of businesses globalizing.
The World’s Your Market
Speaking about globalizing, you’ll need a multilingual accounting software that also supports multiple currencies. If your business is expanding off-shore, you should definitely look out for such a feature when choosing an accounting software, such as the Kingdee KIS. This solution includes an auto-calculation of exchange differences, saving you the trouble of having to consistently check on exchange rates.
And if operating in China and Hong Kong is what you’re doing and aiming for, you’ll also need an accounting software that includes languages such as Simplified and Traditional Chinese, enabling your employees there to manage your accounts with ease.
Choosing an accounting software doesn’t have to be an extravagant affair. Hopefully, these pointers mentioned above will help you recognize your accounting needs and make a wise business decision. It’s advisable to consider your future business goals when making your choice, to ensure that these features will fulfill your business needs.
How about contacting our team at Reach Technologies to show you how awesome our Kingdee KIS accounting software is?