Managing a business’s financial accounts is uncharted territory for many small business owners. Many potential mortgage brokers and entrepreneurs see handling their own accounting needs as too difficult or even downright scary.
Today, more than ever, there are a number of easy, intuitive accounting software options that allow businesses to successfully manage their finances— no accounting degree required.
Accounting 101: What To Know Before You Buy
Before you start down the path of researching accounting software platforms, take the time to brush up on the basics. The list below is a good place to start as you work to gain an understanding of the key accounting functions you’ll likely need when running your business.
Accounts Receivable and Invoices
Track incoming revenue, generate invoices, print shipping labels and track shipments
Accounts Payable
Track payments due, create checks, pay vendors and generate purchase orders
Payroll and Timekeeping
Track employee hours, create checks, process direct deposits
Project Tracking
Track project timelines, deliverables and budgets
Inventory Management
Monitor inventory levels, track stock volumes, forecast product reorders
Reports
Automatically generate a variety of standard and custom reports to track company financials
Beyond these basics, many accounting software solutions offer additional features such as:
- Time Tracking and Billing
- Banking and Reconciliation
- Credit Card Processing
- 24/7 Mobile Access
- Tax Services and Support
- Remote Back-up
- and more
As you sift through accounting software options looking for the right one for your business, know that there’s no single, perfect solution. Just as every startup, brokerage or small business is unique, so too are accounting software platforms. Each has its strengths and weaknesses. The question then becomes which features do you absolutely need to run your business and which are less critical to your success.
As you start your search, here are a few important questions to ask:
