Accounting is a systematic and comprehensive business data information science which helps in exercising processes such has identifying, sorting, recording, measuring, summarizing, verifying, interpreting, analyzing and communicating financial information and data internally and externally in a business. It helps to chalk out company’s profit and loss, nature and value of asserts and helps to calculate companies revenue and liabilities. Accounting is one of the core efficacy of any type of business. You can handle accounting by bookkeeper or an accountant who collects all the transactions and day to day information and data to store, analyze, predict and report the data.
Online accounting software consists of various types of tools and modules to run your business successfully some of the core models of accounting software includes,
There are majorly some of the tools or modules which are generally available in almost all the accounting software.
This tool is used to record all its collections payments, expenses and sales. It stores and reflects the company’s overall data and information pool.
General ledger tools
The general ledger tools helps in the complete maintenance of small business account books and accounting processes.
Accounts receivable tools
These are the tools which the company can use to input their money that they receive and later on can prepare reports based on the data.
Accounts payable tools
These are the tools which help to make the entry of payable bills which has to be paid and also the amount that is that it owes to others like bank loans, credit from suppliers, distributors and so on.
Purchase orders tools
This tool helps with the orders that the firm takes regarding the stocks and inventory.
Sales orders tools
This module helps with the placement of customer orders which has to be delivered by the company to them.
Billing tools or modules
Billing tools are helpful to record small businesses invoices of their customers. Some of the advanced billing modules help in creating and sending invoices automatically to the customers.
Customer debit collection tools
These tools help to record the payments that are due from the customers.
Time sheets module or tool
This type of tool helps to record the information regarding the employee work schedules and time spent on a particular report or project. It is helpful to bill the clients. This tool can be used by freelancers and Consultants.
Payroll module or tools
Payroll module helps to record the details of employees, their wages or salaries, employee benefits and funds, bonuses, employee loans and retirement settlement process.
Inventory management tools or module
With the help of inventory or stock management tool, you can handle the inventory with the most comprehensive and fixable online tools. You can value your inventory by using average cost basis or any other specific method you want you to use. It helps to divide your inventory use as you want to store in warehouses, placing orders from vendors, deploying some of the parts are allocated to the specific productions, serialized inventory and allowing audit trials. You can also track all the items according to the dates, size and load quantity. It gives you a sales analysis report to manage your stocks. You can standardize pricing of products and you can automate processes like reporting and reordering stock with accuracy. You can integrate this with other modules also like billing at point of sale POS, purchase orders, job cast and order entry.
Advanced integration module or erudite module
Advanced integration module is designed so has to cultivate and maintain better communication relations with your customers through CRM Customer Relationship Management which gives you information about the customer and their present status with the company. It allows you to easily respond to the customer complaints; queries and get intimated them with the new updates and upgrades automatically. These advanced accounting software tools helps to expand the business to a very far stretch.
Business Development applications and tools
There are numerous advanced integrating applications and tools available in market to provide the customers ‘ a user friendly ‘ business working system which helps to view and work on business reports, tables, graphs, forms, data bases and input data screens according to the customer choices and preferences.
Some of the business development applications and tools are as follows
Designer financial and nonfinancial report tools
Customer report customization tools Customized report and tables tools
Exporting data tools
Importing data tools
Data and Information integration tools
Visual Basic application tools
Customer relationship communication tools
Online e commerce Business accounting software models
Subsequently online e commerce business accounting software is subdivided into the following modules…
Online customer self service tool
Through this online customer self service tool customers can log onto their account history, their purchased items details and status about their account.
Online access of financial statements
Companies can access all the business financial statements using this online web based tool.
Online web based tools
Entrepreneurs can create their business official websites to synchronize their business data using this module.
Online purchase orders
Firms can place and accept purchase orders and order supplies on this tool.
Online staff records module
Through this module, companies’ employees can maintain their personal data and financial Investments and have a clear idea about their career and financial status.
Online business portal tool
By using online business portal tool, companies can operate their accounting system by using online accounting software from anywhere and on any device.
Business online accounting software modules and tools are used to run the business smoothly without any hiccups. One can choose from these models what they want accordingly. But keep in mind that whichever business online accounting software you choose, most of them will have same type of modules or tools. Thus the face of accounting system is changing and it will definitely impact you and your business. So it’s good to have a complete overview of the best modules and tools of online accounting software.
For further reading on online accounting software you can go through our articles here.