All accounting software does not imply with “One size fits all”. As each business is distinctive in its type and size, therefore the need for accounting software is distinctive too. It is very important step to select the business software right according to business requirements.
Generally there are three types of businesses; small, medium and large. The business software available in market is equipped with different features to fulfill different demands. All business owners first operation, analyze their business requirements to choose the most suitable business software solution for them, as with increase in the size of business, complexity also increase.
Accounting software helps in understanding financial position of the company and produces accounts payable, accounts receivable and general ledger accounts. Not only this, Asset Register, Inventory, POS System, Payroll, and Malaysia GST Module all are related to the business software now.
- Modules of Accounting Software:
Accounting is the back bone of commercial business. All businesses require a particular accounting system to store all the information and aids in calculation. This advanced technology has made the calculation convenient. Accounting software is composed of various modules that are accounts receivable, accounts payable, general ledger, billing- sales and purchase, etc.
This accounting module prepares quick and simple end year financial reports and summarizes financial activities into a simple set of accounts.
- Inventory Management System:
Inventory control software keeps track of inventory orders and delivery, movement. It keeps a strict control and does not allow inventory shortage or outage. Both small and large retail businesses are getting great benefits from inventory control system.
- HR and Payroll:
Master HR & Payroll software manages employee’s salaries, bonuses, Overtime, Allowance and PCB, KWSP and Perkeso etc. It also keep record of employees leaves, Advance and Loan etc.
- Why should small business owners need accounting software
Use of software brings value to your business. Small business owners can bring remarkable improvement in their business using accounting software in an efficient and cost effective manner. Below are some benefits of using business software for small business owners:
Small business owners find it difficult to pay for accounting and book-keeping services because of higher costs. Therefore, they prefer accounting software and enjoy its great benefits.
- Time Schedules:
Use of business software on time knows about company operation flow, Submission report to Government. Small business owners usually face limited time and therefore choosing software for account management is a smart choice for them.
- Information security:
Business software keeps the information secure and confidential. It allows only authorized people to access the official information. Therefore, small business owners can ensure information security using the great business software.
- Ease of use:
Business software comes with an easy and user-friendly interface. Small business owners can use it without any accounting knowledge and effectively control their financial affairs.
- Improved business Performance:
Having a bundle of useful features, the business software plays an active role in increasing the efficiency of business For example; there are GST Module available that is quite helpful in tax planning and calculation.
- How to find the right accounting software for your business?
It is critically important that a software product you choose matches with the specific requirements of your business. There are many software packages available in market but you have to choose the one that is best suited to your business needs.
A number of growing companies are hesitant to purchase and implement new accounting software because they are unaware of accounting modules and think that they will not be able to use the software or they will require learning a whole new set of skills. However, business software are developed keeping in mind these customers, and are created quite user-friendly and comprehensible for everyone.
An accountant has a thorough understanding about the actual use and input of data that is helpful but any person can benefit from implementing an accounting software system, regardless of the user’s understanding of accounting principles. There are some simple things that every layman can understand to use accounting software. For example, if you operate a retail company, the user of your business software will need to know the following:
- How to generate an invoice, make changes if necessary
- How to print and/or email receipts, invoices, etc.
- How to know stock movement, reorder, fast moving or slow moving, etc.
All of these above tasks are very simple. A large number of retail business owners, with no accounting background, are using business software in their retail businesses just by knowing these three simple things. In fact, being user-friendly and functional is the quality of these software programs.
- Accounting Software for Cash Flow
Effective cash flow management is crucial for a business to succeed. Therefore, it is important to keep a close eye on daily credits and debits. All businesses especially small ones should not spend more than they earn. They should have sufficient cash reserves in banks. By using the accounting software, they can keep track of all expenses, forecast cash flow patterns and spend wisely.
Good software has the ability to accurately record the flow of money into the business. It saves a lot of valuable time that a business owner has to spend in preparing forecasts on spreadsheets, setting up basic templates and entering useful information.
- Cash Flow Analysis:
A small business owner can better analyze and identify revenue problems by using cash flow statement. The analysis of Cash flow statement is probably one of the most important functions for any small business to prevent loss.
Use of software provides proper cash flow analysis that brings improvement in business performance and forms the basis for success. Choose the business software that manages all key areas such as core operations, investments, and financing and consider various factors such as inventory position, receivables and payables to predict accurate cash flow. Use of right accounting software helps in cash flow analysis that aims to bring improvement in business in a quick and cost effective manner.
- Improvement in Cash Flow:
Use of right business software helps in generating good cash flow analysis. It allows business owners to easily generate financial statements required for business management and forecasting of future financial activities. It allows business owners to monitor useful factors that affect business earnings. Moreover, it monitors and control inventory to ensure that invoices sent to customers are paid on time.
The small business owners need business software to monitor all the important information required for efficient business planning.
- Payment Control:
Payment control is the most important factor when you consider cash flow improvements. Use of business software gives a complete overview of finances. Moreover, it helps in devising strategies for increasing sales in cash payment areas.
- Inventory Control:
Effective inventory management is one of the biggest challenges for a small business. It is necessary to manage cash flows and to achieve future goals. The extra inventory ties the cash flow, which cannot be used until it is sold out. On the other hand, reducing the inventory to the desired level helps business owners in running the business successfully and this is possible only with inventory control software.
The Bottom Line:
The bottom line is, accounting software is designed exactly for people who have minimal accounting knowledge.
We are one of the leading providers of business software solutions in Malaysia. Our business software fulfills the need of small, medium and large sized enterprises and plays an active role in their success.
If you are looking for a reputable company to get reliable software for accounts management, stock management, payroll, GST accounting or any other, “CBS” is the most preferred choice. We value our customers and guide them well in choosing the right software to satisfy their business needs in the best possible way.
If you are a small or medium sized business owner and are facing hurdles in accounts management, choose reliable business software to manage your accounts in a cost effective and efficient manner. We are providing unique business solutions to our valuable customers to enable them to achieve their business goals in less cost.