Ask anyone in the industry; most would agree that they don’t want to waste time doing something repeatedly or spend excessive time to complete their work. Efficiency is the key to produce high-quality results, but the most tedious – something everyone can agree on – is dealing with numbers.
In an accounting firm or any business, numbers are difficult to handle and require extra care to ensure everything runs smoothly. We’ve all heard of cases where accountants faced charges for missing out on a number, and their lives can never return to normal once it’s made public.
Accounting is complicated; let’s get that right. If given the choice, no one wants to handle a company’s account, but someone must. However, repeated processes like payroll calculations and audits can and best be automated.
The advancement of technology, especially artificial intelligence, introduces automation into accounting processes. As such, accounting software are developed to ease the tasks and reduce time taken to handle them. When accountants see the benefits of this software, they slowly transition their accounting processes into automation. The graphic below sums up what accountants feel about automation.
Source: Zippo (2023)
What is Accounting Software?
As the name suggests, accounting software deals with the financial aspects of a business and automates the related processes. It takes on the primary tasks of calculation that you usually do in Excel, and does so with great accuracy. Unlike Excel spreadsheets, you don’t have to watch video tutorials on how to set up formulas to automate your processes.
So many things can be done when you get the software and let it handle your accounting processes. You can save time and increase your productivity significantly. Moreover, you no longer have to worry about making calculation mistakes.
How exactly, does accounting software help? What functions or features make getting this software a good investment?
5 Features of Accounting Software That Boosts the Efficiency
1. Tax Calculation
The main thing in accounting is calculating taxes. Companies must pay taxes according to the country’s laws and tax rates. Understandably, the task is daunting and can’t be taken lightly, as even a minor discrepancy can attract the attention of tax authorities.
Accounting software is equipped with a module to assist in keeping track of your taxes and preparing the necessary forms for submission. This way, you don’t have to worry about preparing tax forms during the tax season.
2. Inventory Modules
Accounting software is the right choice if you’re in charge of stocks and inventory. Companies like Info-Tech develop accounting software with a Sales and Purchase module to assist their customers in keeping track of their stocks effectively. This module provides detailed inventory movements and balances, enabling a timely and cost-effective ordering process.
3. Payroll Calculations & Integrations
There’s nothing more convenient than the seamless integration of one software with another. When integrated into payroll software, accounting software can save you a significant amount of time, eliminating the need for manual calculation and data entry for each employee in your organisation. All you need to do is calculate employees’ payroll according to their attendance, and the payroll software will use this data automatically.
4. Report Generation
Reports are essential for accountants to assess a company’s finances and address problems before they worsen. Accounting software is equipped with the function to generate itemised reports that entail details of purchases, orders and invoices. These reports can be conveniently accessed through the software’s dashboard, whether you’re using it on a mobile device or desktop, allowing you to review them on-the-go or print them out immediately.
5. Mobile Applications
Sometimes, accounting matters are urgent, or you want to check your organisation’s accounts before finalising them. Mobile applications for accounting software provide convenient access. You can log in anytime and anywhere, eliminating the need to carry your heavy laptop for simple checks or corrections.
After reading this, you might consider getting accounting software for your organisation. If you are still on the fence, we recommend you try the software and see if the functions or interface fit your liking.
Info-Tech offers a comprehensive suite of accounting software solutions for your business. Discover our software’s features and leverage them to enhance efficiency. Contact us at +65 6297 3398 or email us at sales@info-tech.com.sg for more details.
