Friday 12 May 2017

How to divide your day for maximum effectiveness with Accounting Management Software?

Every accounting firm should make use of an accounting management software nowadays as it improves the smartness and effectiveness of that accounting firm. There are a number of different ways in which a well-chosen software system can benefit an accounting firm. Here is a list of operations that are carried out by an accounting firm all throughout the day that can be regulated and monitored by these software systems. Performing accounting procedures in this way can greatly enhance the overall efficiency of the accounting firm.

Accounts Receivable and the Cash Receipts

·         The remote deposit service of the bank should be used for this purpose.

·         The site is integrated with a donor database or association member.

·         The constituents can update all the records and make the payments on the official website of the accounting firm.

·         The transactions are effectively processed in donor database or association using same batching criteria that are used by the bank with a logical batch naming method for smooth tracking.

·         The donor database or association member works in tandem with accounting software set in batch mode.

·         Cash receipt transactions are imported automatically regularly into accounting software and manual entering is avoided.

·         A periodic review is conducted to evaluate the credit card fees charged to the organization.

·         All the credit card receipts are properly credited to the gross fees of the organization.

·         The cash receipts are processed directly at events on the website of the organization or with the help of credit card reader.

Accounts Payable

·         An online accounts payable system is to be used to handle all accounts payable cases. The implementation of paperless accounts payable service can improve the overall efficiency of the company. Alternately, ACH payments can be made by tracking the vendor invoices through the features of the accounting software.

·         Purchase cards should be used for paying vendors.

·         For managing the accounts payable for larger organizations, a module can be used for tracking purchase agreements so that the commitments can be effectively reported and tracked.

Month end documentations

·         Assets and liability accounts are perfectly reconciled at the end of the month.

·         All bank reconciliations are effectively prepared with the help of the bank reconciliation module that comes with the accounting software. The bank transactions are monthly imported into bank reconciliation module for automatically clearing the matched transactions.

·         Financial institution reports are used for streamlining the reconciliation process.

·         The details of the general ledger are reviewed monthly.

Payroll

·         The payrolls can all be managed online

·         Such systems can also be used for automated timekeeping

·         A self-service, online module can be used for the employees to update tax withholdings and benefits

To make the most use of these software systems, the employees working with an accounting firm should be provided with adequate training so that they can properly use its various features. The software should also have remote access features that can present users with greater flexibility while they are using them.