Features of an accounting software package

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For companies that prefer to keep their own accounts, the use of accounting software is inevitable. More and more companies want to go in this direction, but do they really know what accounting software is?

How does it work? What are the essential features of an accounting software?

Accounting software, or the art of increasing efficiency

The accounting software is a financial and accounting computer program specially designed to manage the accounting. This revolutionary and modern tool is a real asset for companies since it allows them to monitor all transactions carried out between a company and its various partners (bank, customers, partners, suppliers, employees, etc.).

Today, a company has the choice between buying its accounting software directly from a software publisher or developing it in-house. If the company decides to keep its accounts with its own software, it will therefore have to call on a chartered accountant to present the annual accounts. It is the latter who will draw up a certificate concerning the reasonableness and consistency of the accounts.

Having an accounting software is therefore an obligation for a company that wants to keep its own accounts because it is a tool that facilitates the management of current operations such as the edition of annual accounts, the consultation of accounts, the lettering of suppliers / customers, etc.

At the same time, they also provide the user with many functionalities such as tax documentation, cost accounting and asset management.

Some key features include

For software to be certified as accounting software, it must have some features that are essential for its effectiveness. First of all, an accounting software package must make it possible to keep the general accounts.

First, it is necessary to choose and set up an accounting plan and then to create and set up logs so that, in the end, accounting entries can be made. Accounting software must also be able to manage transactions with third parties.

As an accounting software, it must allow the editing and consultation of auxiliaries and general accounts (salary accounts, client accounts, etc.). In the event of late payment by customers, this software even generates automatic mails.

In addition to transaction management, asset management is also an essential feature of the accounting software. With this feature, the software provides a fixed asset management module.

Through this tool, a lot can be done, such as the acquisition of assets and the management of their depreciation method, asset retirements and the calculation of the amount of depreciation charges. It is also possible to monitor leased, leased or leased property. In the event of a transfer, the software that supports asset management calculates the capital gain or loss on the transfer and manages its tax treatment.

With regard to these functionalities, the other four, namely the maintenance of cost accounting, data export and the preparation of tax and financial documents, are equally important.

The many advantages of better accounting management

Opting for an accounting software therefore saves you a considerable amount of time. When the information is well documented in the computer system, the software allows the uniqueness and accuracy of the information.

As a result, financial documents will be produced quickly (regular updates of the accounts will allow for the dissemination of information in real time). It should also be noted that accounting software is a very sensitive and important analytical tool.

A false manipulation or data entry in the software is sufficient to distort the final result. They are frequently used by SMEs and VSEs who want to take care of their own accounting.

This option allows them to do online accounting, also called single-user accounting. Generally, if necessary, accounting software can also be combined with other software: commercial management software.

On the other hand, in large companies, the use of an ERP system is quite common. For more information, do not hesitate to consult our recommendations.

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