Do you, as a small business owner, find it hard to escape accounting challenges that can affect your efficiency and profitability?


Then, you need to find a solution to these problems that crop up every other day and takes your mind off customer service & satisfaction. You need a reliable accounting system to ensure accounting tasks like invoicing, payroll, & reporting happen on time.

Features of Small Business Online Accounting Software

  • Easy data migration

  • Account Reconciliation

  • Dashboard (live charts: cash In/ Out, invoices owed, bills owed)

  • User activity log for audit trail

  • Unlimited companies

  • Multi-Currency Support

  • Multi-User/ Role

  • Customized invoices

  • Manage Recurring transactions

  • Budget analytic

  • Company income tax

  • Inventory management

  • Prepare financial statements & reports

  • Auto-save current draft

Using Accounting Software to Overcome Challenges

Implementing online accounting software is a vital part of the solution to master your small business' accounting challenges. These tools allow you to combine your knowledge-base and technology to streamline your daily accounting tasks.


Financial Reports for Data-Driven Decisions

Most importantly, once you enter data about business' financial transactions in the system, you can use it any time to prepare various financial statements. The statements, like cash flow, balance sheet, trial balance, & profit and loss, reveals the health and status of your finances and are useful for making critical decisions.


Anytime Access to Financial Information

With online accounting software, you can access business' financial data as and when you need it. You can even collaborate with your accountant or advisor while both of you are eyeballing the same chunk of data online. You can access the data from anywhere. You do not have to be physically present in the same room to discuss the implications of information.


Get Paid Faster with Customized Invoices

If you get paid faster, you can maintain your liquidity at a comfortable level. At your client's end, the process starts after receiving your invoice. Kick-start the process, by instantly emailing your invoice. Do not rely on the snail-mail to maintain your cash flow.

Take this opportunity to brand your business. Use the templates provided in your accounting system to create customized or branded invoices. Include company name, logo, and trademark on it to personalize them for a client.


Effective Cash Flow Management

You can grow your business only by investing in it. And, the state of your cash flow or the amount of liquid cash in your hand directly affects your goal. You have to keep your accounts receivable under your thumb.

It can happen only if your customers pay on time. Use your accounting software to prepare accounts receivable aging report. Analyze the defaulting customers and chase your payments.


Accounts Reconciliation

Using the right accounting system can take challenge out of the process of closing various business accounts. Accounts reconciliation can trace how your money is being used. And you can do it easily using online accounting software.

When you reconcile an account like a bank account, it can reveal whether there are any mistakes or fraud in the recording of business' income and expenses. If things are not as they are ought to, you can take action to put the records right and prevent wrong information being transmitted to authorities.


Prepare Comprehensive Budget

How do you manage unforeseen expenses? You need to allocate funds to handle such unexpected situations even when you have ample funds in your hands. Create a budget using online accounting software.

Develop a budget around your business goals, available funds, cost of resources, infrastructure and operational needs. It will help you in optimizing your resources. Streamline your operations by allocating funds to critical tasks like compliance needs, product development, etc.


Accurate Tax Calculations

Do you overpay taxes for your small business? It is your responsibility to file accurate tax returns, and it can happen only if you have a reliable database of your business' financial transactions. You also need updated data to claim your tax deductions and expenses.


Payroll Management

Payroll is one of the important liability of your business. Whatever the case, you have to come true on your payday. It is a complicated task. And you can use online accounting software to maintain and manage payroll ledgers.

Today's small business online accounting software comes with proper security features. Most often, they use security matrix to regulate the access to your business' financial data. They allow you to create and assign user roles to the other users (accountant, employees, advisor) of the system and protects the data from unauthorized access.

Author's Bio: 

I am a technical consultant & a writer who loves to forge knowledge on software product & services.