Accounting Solutions in 2018

Posted on April 15, 2018

Is Accounting Software For You?

Why is accounting software useful? More and more organizations are switching to an accounting solution to handle their financials; hence, there must be a good amount of beneficial reasons why. If you’re considering of implementing this system to your business, one of the primary aspects to look into is determining the ways it can help with your accounting and bookkeeping tasks. Here’s the summary of why accounting software is useful for business of any size.

Accounting software programs are used to handle accounting and bookkeeping, including storing your organization’s financial data and performing business transactions. It’s a time-saving solution that eliminates redundant data entry such as filling in your customer’s information on the quote, processing the work order, and then completing the invoice. Still, not everyone may need this system. For instance, a sole proprietor with no employees may suffice without it. However, small businesses with more employees, customers, and inventory handled can benefit from this system. Before tackling the ways this solution can help you, it’s essential to determine first if it’s meant for you. The following questions may help you decide whether it’s right for your processes:

    1. If you’re in charge of your finances, are you lacking the technical skill to manage it? Balancing books can be difficult as it’s prone to errors and simple mistakes that are arduous to solve.
    2. Are you prone to overlooking your business finances? As your business grows, the more there is to track—invoices, rent, salaries, and inventories, among others, that it’s possible to overlook some aspects.
    3. Are you spending a huge chunk of your time chasing invoices? It’s a painful process to track cash flows, incoming cash, and late payments which can take up a huge amount of your valuable time.
If you answered yes to most of these questions, then you, indeed, can use the help of an accounting system. With that in mind, let’s proceed on answering the question: why accounting software is useful?

Factors to Consider in Choosing an Accounting Software

Accounting solutions are useful and crucial for your business. That’s why it’s important to be careful in choosing which one to implement with the wide array of options available nowadays. There is no ‘one size fits all’ solution for your own business, but getting to know your needs through business evaluation and being aware of vital factors to consider for the software is essential. You should also consider how much accounting software costs. Here are some examples of things to keep in mind when choosing a solution:

    1. Features. From your evaluation, preferably with the help of an accountant, check whether the product’s features match with your needs because software solutions are not created equal.
    2. Overall value. The cheapest option isn’t always the best. Take into account the software’s overall value based on its set of features and functionalities.
    3. Scalability. Growth is one of any business’ goals; hence, factor in scaling to ensure the software will grow with you as your needs become more demanding.
    4. Learning curve. Take into consideration how long it will take to learn the software. Choosing one that’s user-friendly is essential to immediately implement the system.
    5. Integrations. Maximizing what you can do in the software is achieved with a robust marketplace of integrations that will enhance the system’s functionality and core capabilities.

SAGE 50 at a glance

Managing Customers
  • Sage 50 allows you to create, store and easily find customer information
  • Quick Search feature instantly searches through customer records
  • Bespoke customer dashboard highlights outstanding debts
  • Customised and professional looking quotations and invoices
  • Sales invoices can be recorded in batches within Sage 50 to save time and improve efficiency
  • Quotes, invoices and statements can be sent via email direct to customers
  • Check quotes for profit margin before committing
  • Complete history of Sage 50 customer communication and activity available for reference
  • Apply flexible discounts and easily process refunds
  • Work with overseas customers in multiple currencies
  • Inactive customer records can be flagged and hidden
  • The Sage 50 report designer and the inbuilt reporting tools provide critical insight and information to users
Managing Suppliers
  • Store supplier addresses, contacts and credit information within Sage 50
  • Search supplier records instantly using the Sage 50 Quick Search feature
  • Simple breakdown of outstanding invoices and who is owed money
  • Flag urgent outstanding payments and tasks for completion that day
  • Purchase invoices can be recorded within Sage 50 in batches to save time
  • Save and view a history of all supplier activities and communications
  • Sage 50 now provides the ability to inactivative supplier records
  • The suppliers module of Sage 50 provides a variety of reports available to analyse supplier debt, activity and performance
  • Email reports to other users, employees or suppliers when required
  • Sage 50 Professional allows you to work with overseas suppliers in multiple currencies
Product and Stock Control
  • Complete control over products and stock
  • Configurable product stock codes, descriptions, categories and prices
  • Sage 50 provides for service quotes and invoices which can easily be recorded onto the system
  • Sage 50 Data dashboard displays the top and bottom performing products in the range
  • Monitor the quantity and value of products in stock
  • Automatic updates to stock levels when invoices are posted
  • Profitability of each individual product line can be viewed easily within Sage 50
  • Inactive product records able to be flagged and hidden
  • Records can be kept up to date with a stock take
  • Sage 50 now allows you to add barcodes and QR codes to products to speed up processes
  • Insightful reports around product performance can quickly be setup
  • Comprehensive data around product sales by different customers
Easy VAT Management
  • Sage 50 provides everything required to effectively manage VAT
  • Dedicated VAT section that walks users through the process
  • Complete VAT returns in four easy steps using the VAT wizard
  • Reconcile VAT quickly with inbuilt calculators
  • VAT verifier is now included in Sage 50 to make sure returns contain the necessary transactions
  • VAT returns status - so users are kept up to date with progress
  • Set up different tax codes and rates to suit your business
  • Sage 50 fully supports VAT Cash accounting
  • Record and manage EC Sales List returns