(I-BusinessNews.Com, November 05, 2020 ) 360Quadrants has released a quadrant on the best accounting software to help businesses make quicker and more informed decisions for their business. Ranking Quadrants are generated post analysis of companies (product portfolios and business strategies) and will be updated every three months based on market and regional analyses and developments in the accounting software space. 360Quadrants conducts an in-depth SWOT analysis which helps service providers learn about new opportunities and areas where they lag behind their peers. It also helps clients choose the most appropriate vendor for their requirements.
1. Artificial Intelligence Reduces Redundancy
Artificial Intelligence (AI) will never fully replace your accountant, but AI-based accounting software is already performing several tasks. One of the major achievements of AI is automatically matching transactions from connected bank accounts to invoices and expenses. This helps to reduce the amount of time needed for bank reconciliation. Additionally, with an AI-based system there is no need for more pressure over paper statements every month to make sure the transactions match your journal ledger. By permitting AI to handle redundant tasks, the margin of error is much lesser. Obviously, some tasks will always need oversight, but AI-based accounting systems will alert you whenever data needs a human touch.
2. Blockchain Will Make Accounting Simpler
Disruptive and driving technologies like Blockchain, which is at the core of cryptocurrencies like Bitcoin, are making waves because of its resistance to fraud and ability to record transactions without a middleman. For instance, businesses must use a third-party (bank or payment gateway)to accept money from a client. But with blockchain technology, transactions take place instantly and are digitally recorded without the use of a bank or payment gateway. In accounting, blockchain technology helps to automate the auditing process and reduce the frauds or almost impossible. But it is too early to see any extensive changes yet as the technology is still flourishing.
3. OCR Eliminates Manual Receipt Entry
With so many destructing and driving technological developments like AI and blockchain, it almost appears unfortunate to talk about a technology that has been in development since as early as 1914. The beginning of converting characters into telegraph code is now standard practice in the financial sector, where OCR (Optical Character Recognition) saves too much of processing time by means of machines to read handwritten characters and interpret them into electronic data.
Today, users can take pictures of receipts with their smartphones and upload them to mobile versions of their accounting software, which automatically generates expenses complete with vendor name and amounts. This significantly reduces data entry time and manual errors that come along with it.
Features to be considered in best accounting software–
Analysis and Report-
Analysis and reporting are one of the crucial features the best accounting software must possess. Reports record maintenance is a key requirement of any business to analyze and report in the critical financial situation. Easy and quick access to the records can enable the major tasks and meetings within organizations. This analysis and report will help the management during key decision making and save their maximum time as well as the stress.
This is also an important feature a top accounting software should have. User-interface of any software is the core of attracting users. Generally, not every person has the sound technical knowledge and if a software interface is difficult to understand user might get more tangled. If the software isnÂt user-friendly it will take more time from the accountant to understand its procedure and use the software.
Integration of billing and invoicing features with inventory management-
Generally, all accounting systems have different basic functions and features, and most of them offer basic billing, invoicing, and inventory management. But, if all of them are integrated in one system, then it will help to reduce a significant amount of time transferring or migrating data from one system to the other.
Secure sensitive data-
Financial information is crucial and sensitive data, and it should never go into the wrong hands. Keeping this in mind, the best accounting software should provide complete and solid security features. Go for user-based access features, as this is always a good security measure. With this feature on place, a best accounting software can only be accessed by an authorised person in your finance team with a permit. Moreover, their access is restricted only to what their tasks are. For instance, the person assigned to payroll management will only have access to data relevant to payroll needs.
A top accounting software is customizable according to the business need and requirements. Each business has its own measures and ways of handling modules. If a software is not customizable then it may create hurdles for the accountants and finance team to work according to the organization needs and requirements. The software must be convenient in customization of data and reports according to the clientÂs ease and requirements.
Mr. Agney Sugla
630 Dundee Road, Suite 430
Northbrook, IL 60062
Mr. Manoj Singhvi