What Should You Look for in an Accounting System to Manage Small Business?

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For small business owners an accounting system is the heart of their business. It keeps track of all the sales and expenses, and provides insights and reports that can help you understand how your business is doing and what you need to focus on to improve sales and profitability. That is why it is very important to choose an accounting system that is versatile and easy to use.

The cloud technology has given rise to several accounting systems that can help with every size and type of small business out there. The key is to find the one that matches with your needs and has features you are looking for. Continue reading to find out how one such accounting system Sage 50cloud Accounting can help with your accounting needs.

  • Accessibility– This is one of the most important features of any accounting system. As a small business owner, you will always be on the run. You need to be able to access your accounting data from anywhere, anytime to be able to keep the pulse on your business 24×7.
  • Bank Reconciliation – It goes without saying that the accounting system needs to be able to reconcile transactions with your bank statement. You should be able to do it without having to spend hours of manual effort. The Sage 50cloud Accounting is able to import transactions from your bank and automatically reconcile matching transactions flagging only those that need your attention. The less hours you have to spend doing reconciliation means more hours spent on managing and improving your business.
  • Cash Flow Management – Cash flow is the life blood of any small business. Sage 50cloud Accounting system is able to keep tab on it vigilantly. You can process credit card transactions for customers to submit online payments. It also helps you send reminders for late payments to ensure that you are able to manage your outstanding receivables properly.
  • Security – It goes without saying that the account system should have security that prevents potential hackers from getting into your financials, or even worse steal important data and / or money. The Sage 50cloud Accounting system provides the same level of security protection as banks. You are able to set up appropriate privileges for various user roles so that only the right information is exposed to the right user.
  • Reporting – Your data in the accounting system is only as good as the reports it is able to produce and insights it provides. With real-time dashboards and pre-built reports small business owners can gain valuable insights into how the business is performing at any time. Sage 50cloud Accounting system is able to just that with ease.

Which feature is most important to you when it comes to selecting an accounting system?

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