Bookkeeping Software for Small Business [14 Main Features]

Main features provided by the bookkeeping software for small business.

Before computerization, bookkeepers’ duties composed with recording financial transactions in corresponding journals such as purchases, sales, receipts, payments, and other and after those posting amounts to the determined accounts in the general ledger. After posting amounts had been posted into ledgers, accountants made assembly entries and prepared financial statements and other financial reports. Since computers and computer programs are widely used by companies and organizations to manage and control their business activities, the distinctions between bookkeeping and accounting have become blurred. Using accounting software, even bookkeeping software for small business enables automatically updating accounts in the general ledger.

It might look like all bookkeeping software for small business offers the same standard features such as accounts receivable, accounts payable, billing, invoicing, and other. In reality, it is not so. With the main features, bookkeeping software systems provide various other attributes that can cover a broad range of functionalities. Some of the features are indispensable for bookkeepers, some – can be marginally useful, and, finally, the rest of them are nothing more than marketing tricks.

Before selecting the bookkeeping software system, any small business owner should research which from offered solutions the best meets his business needs.

The main features and characteristics of the bookkeeping software for small business that benefit any company:

  1. automatic updates; 
  2. connecting the bank accounts and credit cards; 
  3. monitoring invoices and bills; 
  4. automatic payments for recurring bills; 
  5. Internet connectivity; 
  6. sending and receiving digital documents; 
  7. handle electronic financial transfers; 
  8. graphic tools; 
  9. automatically producing the balance sheet, profit, and loss statement;
  10. robust reporting; 
  11. complete history; 
  12. easily customization of invoices, sales receipts, and other documents;
  13. integration with other software systems; 
  14. built-in security, and other.

So, using computers and bookkeeping software solutions gives the bookkeeping new opportunities. Therefore, it is not surprising that small businesses use specially developed for them bookkeeping software to manage and control their financial operations. Desktop and mobile software allow eliminating many of the bookkeeping tasks and errors that can occur when amounts are manually entered, calculated or rewritten. Moreover, bookkeeping software helps to increases the effectiveness of bookkeepers, reduce business expenses, and, as a result, increase business revenue.