Aron Govil: What Is Included In A Good Business Accounting Software Package?

A good business accounting software package is a complete set of tools for analyzing and handling customers, transactions, inventory and assets.

It contains the following:

Accounting –

This involves identifying income sources and expenses incurred by a business over a period of time. This data is then used to classify the business into one of four categories – sole proprietor, partnership, and corporation or not-for-profit organizations.

Income Statement –

This report provides detailed information about the company’s sales revenue generated from its various activities as well as details on expenses incurred in generating those sales. In addition, net profit or loss as well as figures related to cash flow are provided under this section. A Budget Vs Actual Report is also included which allows management to compare the actual results to planned or budgeted figures says Aron Govil.

Balance Sheet-

This report shows a company’s financial position at a certain point in time by providing details of its assets and liabilities. It also provides information on cash reserves and company ownership equity. A Statement of Changes in Owners’ Equity is included which tracks the changes in ownership equity for a business over a specific period of time. This allows management to make informed decisions especially when it comes to financing options. All these reports can either be viewed online or printed out directly from your computer.

Accounting Periods –

The software package includes an editable calendar, allowing you to select various accounting periods such as per month or fiscal year (12 months). You can also view transactions occurring within a specific date range.

Customer/Vendor Management –

This section allows you to track and manage customers and vendors by providing essential contact details such as name, address, contact numbers, e-mail addresses etc. Transactions with these entities can be tracked and categorized under different headings such as sales, purchases, payments etc. You can also view reports related to these transactions.

Inventory Management –

This tool helps you keep track of your inventory levels by product and supplier. It also tracks the quantity on hand, cost and estimated value of each item. You can generate reports which give you valuable insights into what products are selling well and which ones need to be reduced or eliminated from your inventory. This information can help you make better decisions about your inventory ordering process.

Asset Management –

This section allows you to track business assets such as vehicles, computers, furniture etc. It also provides information on the purchase cost and current value of each asset. You can generate reports which help you figure out how much depreciation is being charged against specific assets over a period of time thereby helping make better decisions when it comes to disposing or replacing these assets.

Time Tracking –  

The software package includes an option to track time spent by employees on their various activities. It allows management to monitor employee productivity at any point in time and take action if necessary. Employees can also view their work schedules while managers can see whose currently working, what they are doing and how long they have worked.

Mobile Access –

These reports can be accessed via mobile devices allowing you to view important information no matter where you are.

Multiple Company Access –

This software package can be installed on multiple computers thereby allowing all authorized users to have access to the same data simultaneously. This feature is immensely useful for companies that have remote employees or employees who work from home while performing their job duties. It also allows management teams to collaborate effectively while tracking various aspects of a business at any given time without having to maintain different versions of figures/reports etc.

Multi-User Security System –

The software contains an advanced security system which restricts access only to authorized users thereby protecting your sensitive company information against potential threats such cyber-attacks, hackers etc .

The software package offers a wide range of features that can be extremely useful for businesses of all sizes. It helps track and manage key aspects of a business such as its assets, liabilities, cash reserves, company equity etc. This information can help business owners make better decisions about their finances and operations. The software is also equipped with a security system which ensures that only authorized users have access to sensitive company data. All these features make the software package an indispensable tool for businesses that are looking to improve their efficiency and profitability.

Conclusion by Aron Govil:

The software package discussed in this article is an essential tool for businesses of all sizes. It offers a wide range of features that can help businesses track and manage various aspects of their operations. The software is also equipped with a security system which ensures that only authorized users have access to sensitive company data. This makes the software package an indispensable tool for businesses that are looking to improve their efficiency and profitability.