SELECT A GOOD ACCOUNTING SOFTWARE
Think of your accounting software as the backbone of your business operations. As your business grows and your finances become more complex, the right accounting software can help automate your day-to-day operations, including integrating with many other finance channels such as your business banking account(s), point-of-sale system (POS), customer relationship management platform (CRM) and pay-roll system.
Before selecting an accounting platform, consider these questions.
1. How much are you willing to pay?
2. Who will be using the accounting software?
3. What features do you require the software to perform?
Your answers to these questions can help you narrow down the best accounting platform for your business.
AUTOMATE ACCOUNTS RECEIVABLES
If your business receives a high volume of customer payments, lockbox processing can streamline and automate the management of receivables. With this service, customer payments are directed and received by an outsourced collections party, who process the payments, both electronic and paper remittances. The funds are then deposited directly into your banking account. Lockbox solutions can save your company time and money, while also increasing your staff’s productivity by automating a manual process.
If your business receives a small volume of customer payments, remote business deposit can help streamline the deposit of customer checks. Simply process the checks through the RBD machine and upload the transmitted file to your online banking account. This can be completed in minutes from the comfort of your office, eliminating trips to the bank.
STREAMLINE ACCOUNTS PAYABLE
For Staff Expenses: Instead of processing payments for a surplus of staff expenses (many under $100), consider a purchase card for select employees and/or departments. A purchase card allows you to manage purchasing and business travel expenses and streamline payment into one invoice.
For Customer Payments: Use a point-of-sale system (POS), to easily accept customer payments and integrate payment transactions into your accounting platform. Many POS have evolved into a customer relationship management platform as well, tracking customer loyalty and rewards and customer purchase behavior insights, in addition to easily tracking inventory.