Project manager looking at AR screen with Gantt chart schedule or planning showing tasks and deadlines
The “Accounting and Small Business Software, Software Evaluation Center” continuously researches to provide it’s customers up to date guidance for their accounting needs.

According to technology evaluation centers, accounting and bookkeeping applications typically support general ledger, accounts payable, accounts receivable, payroll, project estimation, and multinational accounting. Many small to medium businesses need other functions such as inventory control and financial reporting.

Businesses looking for financing in new accounting and financial software often make lists of “must have” features long before making a decision on which software to purchase. Security, excellence of performance, customization options, and hosting choices are all frequently considered during the course of their decision making.

Accounting and financial software are computer programs specially designed for performing daily accounting tasks and business bookkeeping functions.

Features of Accounting and Financial Software for Small Businesses

The following are accounting and bookkeeping tasks that are important for a small business.

  • Inventory management
  • Sales tracking
  • Contacts management and contact history tracking
  • Account to accept credit card payments
  • Generating Invoices
  • Financial statements, cash flow statements and balance sheet
  • Budget planning
  • Payrolls
  • Taxation matters

According to a fresh study from the Technology Evaluation Centers (TEC), financial directors want accounting and financial software to go outside accounting dealings and three-monthly reports to help make tactical decisions about the business’s future.

Accounting software features that organizations value the most include the following:

  • Accounts receivable: 64 percent of respondents requested
  • Web browser access: 41 percent of respondents gave it a top priority
  • The ability to be hosted on a Windows server environment: requested by 64% of respondents

 Cost

Cost is a concern for most small to medium-sized business owners. Purchasing a costly software with highly-advanced features will not help a small business if it isn’t the proper software. However, the above-mentioned features of web browser access and connection with SQL server was a high demand from small to medium-sized business owners.

Characteristics of Financial Software Most Frequently Sought by Potential Clients

All organizations purchasing an accounting and financial software are looking for features that would support the following:

  • General ledger
  • Accounts payable (AP)
  • Accounts receivable (AR)
  • Cash management
  • Financial reporting

However, subject to the type of industry, additional features may be reflected such as the following:

  • Fixed assets
  • Cost accounting
  • Budgeting
  • Project accounting
  • Multicurrency, multi-entity and multi-national support

In current years, accounting and financial software pursuers have shown concern in the newest technological developments and innovations that have infiltrated the business software market and reduced software solutions as more affordable, user-centric, and elastic.

New Abilities in Accounting and Financial Software Wanted by Organizations

  • Vertical industry-focused solutions
  • Cloud-based software delivery
  • Subscription-based pricing model
  • Fully functional access to the software via a variety of mobile devices
  • Social media tools accommodation
  • Bring-your-own-device (BYOD) principle accommodation

The above-mentioned data about the newest choices, preferences, and interests shown by organizations are published in a report that can be obtained below:

https://www.acumatica.com/analyst-reports/what-organizations-want-in-accounting-and-financial-software/

According to TEC’s data, more than 47 % of accounting and financial software seekers wanted a software that ensures the accounting system be compatible with Microsoft SQL server database. 29 percent of the respondents wanted system compatibility with Oracle database, while 27% were appreciated if the software has the compatibility with the Microsoft Access database.

Microsoft Access follows platforms for accounting and financial software markets and indicates that many organizations seek for simple, less costly platforms that should also be compatible with Microsoft SQL or Oracle. SaaS databases were the choice of 14% of accounting and financial software pursuers.

Conclusion

The recent change in technology has also brought change in choices among organizations for their choice of options in accounting and financial software. TEC generated a report based on its research on what organizations want in the accounting and financial software that they are going to purchase. Software developers can get data to work on producing software per their clients’ requirements.

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