Business Software » General Ledger

Invoice Factoring Software

admin — Mon, 14 Jun 2010 20:04:38 +0000

Invoice factoring software enables factoring companies to provide all the necessary information to their clients and keep track of their own business. It provides the clients of factoring companies with online information regarding cash flow and allows tracking of cash flow. This allows companies to efficiently manage their business plans.

Most invoice factoring software makes use of SQL databases and is highly reliable. It is easy to use and provides quick information. Invoice factoring software is usually Web-enabled and can create portfolios of different types. Since factoring companies deal with different types of business, the software is designed to meet all types of business needs. Most invoice factoring software runs on any type of Web browser. It also provides a user-friendly information format. The software can accommodate any type of Internet connection speed and provides quick online information.

Apart from complete invoice process, Invoice factoring software features general ledger and double entry accounting. Assigning flexible rates, purchase schedules of invoices, account debtor payments, and reserve rebates and negative reserve rebates are the common features in the software. In addition to this, several types of reports can be prepared using the software. Reports can be exported into word, excel and HTML formats. Some software is also able to set periodic reminders.

Invoice factoring software provides online information regarding receivables and provides information on the financial situation with factoring companies to clients. This often allows smooth transfer of funds and improves the relations of factoring companies and clients. The greatest advantage of invoice factoring software is the time saved. With most business companies facing time crunch, the software provides up to date information about the ‘receivable money.’ It also saves money and work force. Energy spend on mails, phone calls, fax and physical meeting can be fully avoided using the software.

With factoring business getting more complicated, software companies are releasing newer versions of the software to meet the new challenges.

By: Kent Pinkerton

Small Business Accounting Software – 3 Things To Consider When Buying

admin — Sat, 30 Jan 2010 21:16:46 +0000

Whether you are just staring out in small business and are trying to determine what sort of accounting software you need, or have been in business for a while and have decided to upgrade, there are a number of critical issues that need to be considered to get what you need.

Data Input

It is important to determine whether the entry of data into the system is user friendly. Can your staff (or you) easily enter the data without needing to access too many different screens? Is the layout of the screen logical and easy to follow? Input controls such as passwords need to be considered. Error signals during the actual input of data are important to reduce errors in your financial reports. For example, some accounting software will not allow incorrect expense codes to be entered, and will not proceed until a correct code is entered.

Data Output / Reporting

What sort of financial reports do you require? Have a look at the type of custom reports that are produced. If they in line with your requirements, good. If not you may need to consider industry specific software that produce reports for your needs. Also check to see if the accounting package allows you to easily design a customized report. Will it may produce GST / VAT reports, or other tax reports for tax purposes – this reporting requirement depends on the country you are in.

Module Range

Does the small business accounting software have the modules you need now, and also modules that you may need in the future? For example, apart from the general ledger / cashbook does it have a payroll module or a fixed asset register. Also, an important question to ask is, are the modules integrated? By that I mean, can the financial information entered into one area of it be transferred automatically, to a different area, without the same information being reentered. Having areas of the software integrated saves you time and reduces errors.

You need to consider what you want the accounting software to do based on your small business processes. Then get the modules or features you need. The basics usually include Debtors or customers – for people you sell goods or services to, Creditors or Suppliers – for people you buy goods or services from, and a general ledger. If you have employees, consider a Payroll module, and if you have a large number of assets you may need a fixed assets register. Job costing is helpful as it allows you to keep track of costs for specific jobs. Finally, what do you want the modules to do. For example, do you want it to print purchase orders, print checks, generate customer invoices.

Ask yourself these questions and you are well on the way to selecting the best package for your small business.

By: Graeme Wheeler

Checklist for Best Business Payroll Accounting Software

admin — Wed, 09 Dec 2009 21:46:44 +0000

The number of small businesses continues to rise. Not all people are like the bigger companies that are able to hire some professional payroll personnel. Paper accounting is actually starting to be considered obsolete and the smaller businesses today are requiring accounting payroll software solutions which would be able to help in saving time, money and effort simultaneously.

Here is a payroll accounting software checklist.

1. The software solution you would be getting must include and use the latest payroll tax computations.

2. The software that you would be purchasing must save you and your company time.

3. The software that you would be using should be able to assure invoices, statements, compatibility checks, payroll tax forms, printable catalog and more.

4. Regardless of the amount of revenue that is generated by your company, you would be needing an accounting software that would be used by your small business that has less than 500 employees.

5. Check that it has real-time modules that could be personalized and customized , based on the operators that is within the same file, which would keep your data updated and readily accessible.

6. The payroll accounting software that you would be using must be portable to the 600 various platforms.

7. Verify if the improvements of the software has been developed.

8. It must have a culmination of checks and payroll, general ledger, after the fact journal, accounts payable, as well as payroll system and accounts receivables.

9. Your chosen payroll accounting software must have the ability to accommodate different types of client reports.

10. It should also be flexible and versatile enough to handle a significant amount of data entry.

By: Bill Pratt

Software For Business

admin — Tue, 17 Nov 2009 01:13:55 +0000

Why has the use of Business Software grown exponentially since the early 19th century, and what influence has computer technology had on the costs associated with doing business.

To answer these questions we must look back to the days when computers were nothing but a pipe dream, and it was common to find many hundreds of workers in the back offices of Blue Chip Company’s, compiling data by hand and entering it onto cards to be alphabetically stored, in mountains of filing cabinets.

The days when it might take weeks or months to get invoices, replies, or paperwork in general have been replaced by the use of modern Business Software (or so it seems), purchase order software has streamlined the replenishment of stock, and stock control has become a one button checkup proposition enabling business budgeting soft ware to seamlessly supply management with the facts on stock levels that will enable them to make informed decisions.

Business software solutions have taken much of the demand for white collar labor, and redistributed the tasks that were the bread and butter of the clerical worker, the automation of the general ledger, fixed assets and inventory ledgers, to name a few, have all been bundled into software for small business programs, these small programs can complete the tasks that might previously have been accomplished, by a small army of clerical staff.

Fixed asset software and sales management software, all of these products have been driven by the demand of business to streamline and cut costs, were would we be today if the computer had never been invented, would software for small business consist of comfy chairs and a pencil sharpener, with bigger buildings to house larger filing cabinets.

And now the next revolution in business is with us, the internet, with networking databases and online storage, perhaps we are seeing the end of business software in its current form, cloud computing where everything is online is now available, automatic backups and off site storage are being offered to the business of the 21st century.

By: Anthony Gloster-Guest