Nowadays, accounting apps have become one of the most important software systems to any company. Finance is the most vital functional areas of a business, thus it must be 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.
1. Financial Report Management
Financial report management is one of the most sought-after accounting software features. Manually generated financial statements are very vulnerable to human errors, thus resulting in inaccurate data. This certainly has a negative impact on the 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 the financial report management has become one of the most wanted features of accounting apps.
With accounting apps, financial statements can be generated instantly. Great accounting apps 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 be lost or damaged.
Invoice management is closely related to business cash flow, so it is critical for companies to handle their invoices properly. Accounting apps make invoicing and billing a lot simpler and easier.
Accounting software enable 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.
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
Each company certainly has valuable assets, both tangible and intangible. Fixed assets are tangible assets that are relatively durable and usually used by companies to produce goods and services.
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 learnt 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 apps that meets 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 EQUIP accounting software, feel free to visit our website and discuss with our software experts.