While managing a small business one faces several hurdles. Although every business is different and faces different challenges, there are a few things which are same in everyone’s case. In simple words, the core business processes can be different but the non-core processes are the same.
Accounting and bookkeeping works can be one of those hurdles which are faced by almost every small business. A small business must compile bills, payments, and invoices in a set manner to succeed and business management software is the one to help achieve that.
Now, choosing a business management system can be an overwhelming process. There are a number of Cloud-based and on-premise accounting software to choose from and most important consideration is which type will fit into your business. So, here are a few features which will help you choose a suitable business application:
- Cloud-based- Although, most of the business owners face the dilemma between choosing a cloud-based accounting software and an on-premise solution, but in the present day scenario, cloud-based accounting software is the right choices. In comparison to on-premise solutions, cloud-based software like AlignBooks finance management app offers valuable features like data backup, scalability with no infrastructure costs and real-time access which can be beneficial for your business in a number of ways.
- Time and Expense Management- With time and expense management you can easily input the required information into the system. Many cloud-based accounting software even offer on-the-go access and allow users to snap a picture of a receipt to add it to their expense report.
- Payroll- The integration of payroll into accounting software acts as a cherry on the cake. Apart from all the other benefits, the addition of payroll functionality offers various value-add benefits such as direct deposit and check printing capability, tax liabilities tracking, streamlined year-end filing, etc.
- Accounts Payable and Receivable- Another valuable feature is accounts payable and accounts receivable. With these feature companies can automate an assortment of all the AP and AR duties which results in saving ample of time. It offers several related benefits too such as – get the entire view of orders, invoices, deliveries, set credit terms, etc.
- Invoicing and Billing- Invoicing and billing needs to be in good business owner’s list. With software like AlignBooks financial management software, you can set recurring invoices or automatic payments. The invoice and billing options make all the returns, payments and credits automatically tracked and applied to the company’s ledger. This also adds the option for online payments.
On a closing note, apart from above-stated features, there are some other important features too which can help you specifically. Many software offers different features which you can customize according to your specific business need. If we look for the conclusion, then we can say that cloud-based accounting software like AlignBook finance mobile app, can prove to be a valuable tool for small businesses and retails shops, fitness centers, offices with 15 to 50 employees, etc.