Forums » Entertainment

7 tips to make the most of your accounting software

    • 556 posts
    January 31, 2023 1:44 AM EST

    Accounting software is easier to use than ever before. Modern packages run in the cloud, allowing you to log in and access them from anywhere. Many are designed with businesses in mind, so you don't have to be an accountant to use them.

    However, the more advanced features of accounting software can be intimidating. Once you've learned how to perform key tasks, such as issuing invoices, creating budgets and managing payroll, you may not explore further.
    That's a shame, because free accounting software can do much more than automate common tasks. It will make it easier for you to keep track of your company's data to understand its financial performance and future prospects.
    Here are eight tips to help you get more out of your accounting software:
    1. Reevaluate how you work with your accountant
    Accounting software can automate some tasks traditionally performed by accountants or bookkeepers. For example, you can use accounting software to generate your VAT return, instead of asking your accountant to do it.
    If you start using accounting software without evaluating how you work with your bookkeeper, you may end up paying for software and a bookkeeper to do the same tasks.
    Accounting software is not a substitute for an accountant. But it can help you reduce your accounting bills, or free up your accountant's time to analyze what the data is telling you about how to improve your business.
    2. Get a mobile app for your accounting software.
    Accounting software often includes a mobile app. It's worth installing it on your smartphone, even if you don't think you'll be using it at the time. You'll be surprised how useful it can be to send a quick invoice or check if a client has paid while you're away from home.
    Cloud accounting software can do a good job of bringing you closer to your finances, so you have a better chance of understanding what's going on. By having the app on your phone, you have the option to check your figures at any time. And, if there comes a time when you really need mobile access, you'll be ready to go.
    3. Allow other employees to use your accounting software.
    You may not want everyone to be able to see all aspects of your finances (especially if your accounting software includes details of people's salaries). However, you can grant different levels of access to different people.
    This increases financial transparency across the company and can reduce the frequency with which employees ask you (or your finance team) for account information.
    For example, you can allow your marketing team to have direct access to company sales figures, budget holders to view and update details of their own expenses... and give sales staff the ability to access customer details.
    4. Testing and tracking with forecasts and budgets
    Basic free accounting software Malaysia may not include budgeting and forecasting features, but if they are available, they are some of the most powerful tools in your planning arsenal.
    Forecasting allows you to experiment with different scenarios to see what would happen to your business. Could you cope with the loss of a major customer? Under what circumstances would it be prudent to hire an additional employee?
    Budgets are vital for planning and controlling spending as your business grows because they allow you to allocate funds to different areas.
    Once budgets are allocated, your teams can record spending in accounting software so you can always see if you're on track.
    5. See what add-ons and integrations are available
    One of the great attractions of using online (cloud) accounting software is that it's relatively easy to add features by connecting other online services or add-ons.
    For example, if you sell online, you can connect your e-commerce software to your accounting software. This way, all your sales will be automatically transferred to your accounting without the need to enter them manually.
    Often, there are hundreds of add-ons available for a single package. It can be well worth spending a few minutes browsing through the most popular ones, in case you see something that could make your life easier.
    6. Anticipate risks and deal with them beforehand
    No one likes to think about the problems your company might face. But forewarned is forearmed, and accounting software makes it easy to identify small problems before they become big ones.
    Cash flow can be problematic, especially if you're facing payment delays or have tight margins. Accounting software can help you track payments, identify overdue invoices and monitor any deterioration in how quickly customers pay. Taking timely action can avert a potential cash crisis.
    You can also use the software's reports to identify long-term trends, such as declining orders from a major customer or reduced demand for a key product.
    7. Automate expenses
    Calling accounting software "magic" is a bit of a stretch. But there are some really ingenious ways to make things faster and easier.
    Keeping track of expenses is a common problem, especially if you travel a lot on business. Many accounting programs allow you to record expenses by taking a picture of your receipts with your smartphone. If not, you should be able to find an add-on that makes this possible.
    About Us
    QNE Software Sdn Bhd (QNE) is a dynamic organization located in Kuala Lumpur (KL) that actively provides Accounting System to the South East Asia market. QNE’s solutions are designed specifically to meet the requirement of local business practices and challenging environments.

    Website -