Accounting Software: 3 Ways to Get the Most Out of It

2016 is a pretty great time to be a small business owner.

The modern accessibility to the internet and the advent of cloud technology has meant that all you need to get started is a computer and a little bit of capital.

Aside from that, countless tech tools have emerged in recent years, and simplified many different processes which had previously meant nothing but headaches.

One such technology is accounting software. If you’re new to this, here’s a little advice to ensure you get the most out of it.

 

#1 Automatic Scheduling

First of all, be sure to configure your software’s automatic scheduling.

Although there are a few programs which are still lagging behind, auto scheduling is now pretty much standard for accounting programs.

Surprisingly though, a lot of business owners and accountants fail to utilize it. This feature will let you configure various reports to be run at regular intervals.

They can be triggered by calendar dates, or specific events if you prefer. You can then set these reports to be automatically emailed to your board members, stakeholders, and other relevant individuals.

This will not only ensure that you’re keeping a consistently transparent view of certain accounting figures, but will also save you a massive amount of time.

If your accounting software has it, make sure you’re using it to your full advantage!

 

#2 Integrate Payroll

Next, integrate your payroll with the software.

Pretty much any successful business you can name now uses software to manage payroll, and if you’re lagging behind many of your contemporaries will start to view you as a caveman!

All good accounting software will allow you to manage your company’s payroll, or integrate it with existing systems you already use.

However, some of the more basic programs will require extra modules and add-ons for this.

Some of the more high-profile accounting tools can also be used with more physical, traditional features, such as these QuickBooks checks and supplies.

Whichever system you’re using, integrating your company’s payroll will save you a huge amount of time, all the while eliminating human error and cutting down on the need for double entry.

 

#3 Alerts and Notifications

Finally, make sure you’re taking full advantage of email alerts and other notification features.

Whether you configure your program to email relevant users or simply stick with dashboard notifications, using automated notifications is a brilliant way to ensure that all the right people are kept in the loop when various things occur.

For example, if you have an expense report that needs to be approved by you or one of your higher-ups, or a purchase order that needs to be signed, you can utilize notifications to make sure these things are seen by the right people.

When these are being taken care of by admins, there’s a lot of room for human error and costly delays.

Use automatic notifications, and you’ll be able to rest easy knowing that wait times are at a minimum and nothing is being overlooked.

 

What are You Doing to get the Most Out Your Accounting Software?

Follow this advice, and you’ll get your accounting software really working for you!  However I would like to hear what you are doing to get the most out of your accounting software.

I’ve used various accounting programs myself from Peach Tree to  Quick Books but it’s all what you do to get the most out of it.  So feel free to share your thoughts and comments below.

Cheers!