What Core and Bonus Capabilities Should Your Finance Software Have?

Software for business is necessary, as software is a network of systems that automate menial and repetitive business tasks. Financial tasks are some of the most common tasks that are automated with the help of some type of accounting or software system. When choosing business software, it’s important to make sure that it has all of the capabilities you’re going to need both now and in the future.

Here’s a look at some of the core and bonus capabilities to look for in financial software.

Core: Accounting

Basic accounting software covers basic accounting functions, including bookkeeping, payroll, and taxes. Some businesses choose to hire an accountant/outsource to a professional company, which is also a good idea. Your finances are an important part of your business, so it’s important to make sure that everything is done correctly. The good news is that you can use a combination of both hirings a professional accountant/accounting firm and using accounting software.

One of the most critical tasks involved in accounting is bookkeeping, as it’s important to have your financial information organized and readily available at your fingertips when making important business decisions. Another important component of accounting is your tax information. Accounting software can automate basic tax functions and ensure your business is operating within the tax laws. Finally, you need to automate your payroll function to ensure your employees are paid accurately and on time.

Core: Billing

A billing function as a part of your financial software automates invoices so that you don’t have to complete them manually. If you offer subscriptions for your customers, this function can be automated as well. Automating your billing leads to fewer errors, and fewer errors make for happier customers/clients. With accurate invoicing, you’ll also increase your cash flow.

Look for financial software that provides you with all of these features when it comes to your billing functions. You may even consider offering subscription services if you haven’t already— all because you now have software that will automate and streamline this process for you. Also, make sure that your software solution manages your revenue accurately to ensure that you’re complying with revenue recognition standards.

Bonus: Global Business Management

A bonus feature to look for in financial software is a global business management function. This function is perfect for businesses that have opened subsidiary companies in different countries, or for eCommerce businesses that ship their products worldwide. Global business management as a software solution can translate foreign languages and convert currencies in real time so that you don’t have to do this yourself. It can also handle foreign tax laws, which is crucial when running a business that operates and/or serves consumers overseas.

This is also one of those software solutions to consider even if you operate locally. You never know if one day in the future you’ll expand to other countries, or open an eCommerce version of your business to serve others around the globe. You should consider looking for this function in your business software if you’re thinking about expansion.

Bonus: Planning and Budgeting

Planning and budgeting for your business are often done manually, but this is a task that can be automated as well. Planning and budgeting software should give you all of the tools you need to create company budgets and forecasts. As a bonus feature, look for software that allows you to run different scenarios that project your earnings so you’ll know what to try and what not to try.

A software solution for planning and budgeting will also allow you to collaborate with all stakeholders so that everyone involved in your company’s financial planning will have easy access to your budgets and plans. Software solution companies such as NetSuite offer all of these financial solutions and more. Purchase from NetSuite directly, or work with a NetSuite solutions partner to get all of the financial software services you need for your business.

Accurately maintaining your finances is not only a good business practice, but it’s also vital to the success of your business. Unless you’re a professional accountant, managing your business finances yourself isn’t a good idea— and even if you are a professional accountant, your focus shouldn’t be spread too thin across multiple parts of your business. Outsourcing or hiring a professional accountant to manage your finances for you is a good idea, but you’ll benefit more from also having a software solution to automate these tasks for you.