7 Cool Accounting Software Features You Didn’t Know Were Possible

Are you looking for ways to simplify the accounting process to keep your business running smoothly? With the latest advancements in accounting software, it’s now possible to automate many of your accounting processes and make sure that your books stay updated. In this article, we’ll share 7 cool features you can find in modern accounting software that you may not have known were possible.

1. Automated Bank Feeds

Automated bank feeds provide a modern convenience that makes accounting more efficient and accurate. Automated bank feeds allow you to quickly and easily connect your accounting software to your bank accounts, allowing direct access to your transactions. This eliminates the need to manually enter your transactions, saving you time and giving you more accurate results.

With automated bank feeds, your transactions are imported into your accounting software directly from your bank accounts. By ensuring an up-to-date view on your financial data, automated bank feeds help you to reduce manual errors and stay informed about changes in your business finances.

2. Customisable Reporting

Customisable reporting is one of the most powerful features of modern accounting software. With this tool, you can save time and energy on tedious document preparation tasks, and create highly tailored financial reports that meet your unique business needs.

The ability to customize reports is one of the primary advantages of accounting software. With it, you can easily choose the exact information that you want to include in each report, as well as specify the desired formatting.

3. Automated Invoicing

With automated invoicing, you can quickly customize invoices with accurate data, track invoices, and mark payments as received. You can even set up recurring payments for clients so their invoices are automatically accounted for. This feature can save you from manually entering information and can help reduce billing mistakes and payment delays.

4. Inventory Tracking and Management

With inventory tracking and management, businesses can also assign a unique identifier to each item, which can be used to monitor the movement of goods. This is especially useful when tracking shipments, as it can be used to track the movement of products from warehouse to warehouse. Additionally, businesses can view detailed information about each item, such as its description, images, and any associated warranties.

5. Cloud-Based Software Solutions

Cloud-based accounting software solutions are a great way for businesses to stay organized and efficient with their finances. Cloud-based software solutions allow businesses to access their financial data from any device with an internet connection. This feature enables businesses to be more agile and able to respond to changing market conditions quickly.

With cloud-based solutions, businesses can also expect real-time data and faster transaction processing. Automatic updates ensure that all the data is up to date and accurate, helping businesses to make informed decisions and maximize efficiency. Additionally, businesses can also access their data from multiple devices, meaning that a team of people can work on the same project from different locations.

6. Credit Card Processing

Credit card processing is available in many accounting software programs, but the features and options vary. Generally, these features will allow you to accept payments, manage customer data and track payments. Some programs offer additional features such as the ability to refund payments or process partial payments.

It is also important to understand the fees involved with processing credit card payments. Some software will charge a flat fee for each payment processed, while some will charge a percentage of the payment. In addition, some software may require additional fees for certain types of payments or currencies. Make sure that you factor these fees into your decision.

7. Secure Data Backup and Recovery

Data security and backup are critical for any business, and accounting software features provide secure data backup and recovery for your business. Accounting software can store your data securely on a remote server and regularly back it up, ensuring that if something does happen to the data, it can be quickly retrieved. Plus, you can set the software to automatically back up your data on a daily or weekly basis so you don’t have to remember to manually back it up. This increases the security of your data and makes it easier to access the data if something does happen to the original file.

Accounting software also usually have secure data encryption protocols, which reduces the chance of your data being hacked or stolen. Data encryption scrambles the data, making it unreadable to anyone without the correct decryption key. This allows you to confidently store your data and also makes it harder for hackers to gain access to it.