Nowadays, accounting apps has become one of the most important software systems for any company. Finance is the most vital functional area of a business, thus it must get managed very carefully. However, it is difficult for businesses to ensure their financial security and stability without the help of software since manual processes are very vulnerable to errors.
Thanks to technology, there are currently many accounting apps available to help businesses automate their financial management. With the various features they offer, companies can carry out their accounting procedures more practically and efficiently, while optimizing their financial data accuracy.
Here are the five most sought-after features of accounting apps that you can consider for your own business.
Table of Content
1. Financial Report Management
Financial report management is one of the most sought-after accounting program features. Manually generated financial statements are very vulnerable to human errors, thus resulting in inaccurate data. This certainly has a negative impact on business finance in the future.
Today, more and more companies are starting to realize that using papers and spreadsheets to create financial reports is very inefficient. This is why financial report management has become one of the most wanted features of accounting apps.
With accounting apps, financial statements can get generated instantly. Great accounting programs surely provide real-time financial data and are adjusted to the local financial regulations.
2. Invoice & Transaction Management
Invoice and transaction management is one of the most important features of accounting apps, especially for trading and manufacturing companies. Paper-based invoicing is very inefficient since financial managers have to spend a lot of time looking for transaction history or unpaid invoices. Let alone paper invoices can easily get lost or damaged.
Invoice management is closely related to business cash flow, so it is critical for companies to handle their invoices properly. Accounting programs make invoicing and billing a lot simpler and easier.
Accounting software enables businesses to keep track of client invoices and transaction history through a centralized repository. Advanced financial apps also provide auto-reminders for overdue invoices, thus helping companies get paid faster.
3. Foreign Exchange Gain & Loss Calculation
Companies that conduct transactions with suppliers or clients who use foreign currencies usually find it difficult to see the profits and losses from each transaction. Accounting apps make the foreign exchange gain and loss calculation so much easier. In addition, you can also use an ERP finance system that helps you in tracking the company’s profits and losses.
With financial apps, realized and unrealized gains and losses can be easily tracked. Realized gains and losses are automatically calculated when there is a difference between the rates entered at the time the payment was received, while unrealized gains and losses are automatically calculated at the end of each month.
Read the related article: The Importance of Accounting Software for Businesses
4. Cash Flow Forecasting
Cash flow forecasting is probably the most needed accounting software right now. Unfortunately, there are only a few accounting apps that provide this valuable feature. EQUIP accounting software is one of them.
The cash flow forecasting feature helps companies predict their future income, profits, expenses, and losses. It helps businesses manage and allocate their budgets more wisely. It is very useful especially when companies are looking for investors since external stakeholders need to review the company’s prospects before deciding to invest in them.
5. Asset Depreciation Management
Every company certainly has valuable assets, both tangible and intangible. Fixed assets are relatively durable tangible assets and are commonly used by companies to produce goods and services. With an asset management system, you can find out the details of each asset in the company, perform maintenance regularly, and accumulate asset value.
Due to periodic usage, the value of fixed assets usually decreases over time. Financial apps help companies calculate their asset depreciation automatically in just seconds.
How to Find the Right Accounting App for Your Business
Now you have learned about the most sought-after features of accounting apps. However, not all financial apps in Indonesia provide these features. Due to this matter, many companies decided to implement more than one accounting system.
In order to find the best accounting app for your business, you must first understand your business needs. Furthermore, you need to summarize your expected solutions and find out who will benefit from the accounting app that you will implement.
You also need to ensure that the chosen accounting system is in accordance with your company’s budget and meets your business requirements.
One of the most complete accounting programs that meet the unique needs of any business is EQUIP. It provides the most needed features, including the five features mentioned above. This integrated software can also be customized according to the company’s specific needs.
For more detailed information about HashMicro accounting software, feel free to visit our website and discuss it with our software experts.