Finance and accounts are two words that every business owner has to deal with at some point. Some people think that these departments are the same thing, but finance is used to describe information gathering. In contrast, accounting is the process of recording transactions.
The market demand for finance and accounting software is increasing rapidly. According to reports, the global personal finance software market was valued at $1,024.35 million in 2019.
Cloud-based finance and accounting software like netsuite.com.au has made it easier to manage a business. There are many examples of good financial management software available in the market. However, it is essential to understand what you are looking for before selecting any particular product or service.
The following are some of the fundamental features you should look for in finance and accounting software.
The security of your data is critical when it comes to cloud-based finance and accounting software.
Organisations were able to increase the accessibility of their financial data through cloud services. It raised concerns about how secure and safe it was. Hackers today can access the data through the network and devices connected to external networks.
Employee error is another reason for insecurities regarding cloud-based finance and accounting software. One wrong click or entering the wrong data can delete the entire database.
Good finance and accounting software will offer two-factor authentication, SSL encryption, and inactivity timeouts. They should also have detailed data backup rules that even cover user errors.
Another aspect that people look for in finance and accounting software is reliability. People would not feel assured of their data stored on a website that is not reliable. When checking how reliable a software company is, several factors are to consider.
The first thing to check is if the website is running on a dedicated server. Servers with single applications are likely to be more reliable than those that run several applications. Some factors you should consider are the company’s uptime, response times, and data transfer.
3) Ease Of Use
The software you select should be easy to use. The end-user interface must be intuitive and the navigation simple.
The software you select should not be cluttered with unnecessary features. Some of the features to check to include:
· Ability to export and import data in multiple file formats
· Scheduling reports and invoices
· Customisable dashboard
4) Business Intelligence (BI) Capabilities
One of the most significant benefits of cloud-based finance and accounting software is generating valuable insights. These insights help you make better decisions regarding your business. BI capabilities are used for predictive analytics, data mining, database queries, and reporting.
If your finance and accounting software focuses on efficiency, you may not find many BI capabilities. Some of the factors to consider when checking BI capabilities are:
· The Ability to load data from multiple sources
· Ability to handle large databases
· Using SQL queries and visualisations such as bar graphs, pie charts, etc.
The finance and accounting software you choose should be customisable. It should not restrict your workflow or impose limitations on the system you are using.
The software should have an open API that you can use to integrate with other third-party applications. It should also provide the option to integrate with your organisation’s applications.
Cloud-based finance and accounting software should be accessible from any location. You can connect to it from any electronic device with an internet connection.
People often move and access their data from smartphones, laptops, tablets, etc. The software you choose should adapt to any device’s screen size.
Good finance and accounting software should integrate with other systems. The integration can take place either through API or plug-ins.
Integration helps increase the software’s capabilities and data security.
It would help if you considered these factors when choosing cloud-based finance and accounting software.