A bookkeeping service may begin with a basic version of software. Enhancements or “add-ons” are then installed to meet the unique needs of each end user. Add-ons are applications or “Apps,” also called utilities, that can be added to the software to enhance functionality. There are thousands of add-ons available for each accounting program. In this article, we cover a few of the more commonly used apps in financial software.
A very common need for most businesses is a payroll app. A payroll function is a place to safely store each employee’s personal information along with pertinent details of their employment including pay rate, benefit deductions, and tax withholding details. Most apps allow for time tracking and pay schedules. More advanced apps will calculate workers’ compensation payments and produce checks or direct deposit information.
Connecting the Pieces
Today most entities use several software platforms to conduct business. A point of sale system is the norm to facilitate payments via cash, card, or digital. E-commerce platforms require an online payment processing system. Many service-oriented companies must acquire a mobile point of sale system to allow for remote quote and invoice creation, along with on-site payment collection. Time tracking or an appointment calendar may be a necessity. There are apps available to connect accounting systems to all of these unique functions (i.e., sales, invoices, payments).
Taking Control of Cash Flow
There are a multitude of secure cash flow forecasting apps available. Using this add-on in your accounting process can be an aid in getting paid faster or starting a collection process. The Cash Flow App will allow for quick cash in/out entries, short and long-term forecasting, scheduled reports, low cash notifications and more. Some are equipped with “What If…” modeling. With multi-user versions more accurate records can be maintained by allowing multiple access; from bookkeeper or Accountant to sales and management.
Payable and Expenses
Expanding on the basic Accounts Payable functions of basic accounting software, apps can make it easier to match documentation like purchase orders and invoices to shipping documents, for a more accurate approval and bill pay process.
Many organizations regularly deal with employee expense reimbursement. The addition of an expense report app can expedite your bookkeeping service in approval and repayment.
Accurate inventory control is vital to the successful operation of any business selling physical products. There are several excellent inventory apps designed to manage quantities and enhance the ordering process. Many apps provide bar coding and labeling tasks, along with shipping and tracking functionality.
Data Entry and Management
Accounting service accuracy has increased greatly with the increased use of scanning apps to accurately record data and documents previously stored in shoe boxes. Physical documents, such as receipts, can be scanned and digitally stored. Using an app for document management is an invaluable aid in staying compliant with regulatory agencies including the IRS and state authorities. Accounting apps can integrate transactions into your accounting system from both paper documents and digital files.
With all these add-ons multiple accounting apps need to be able to communicate. Apps are available to transfer data from one accounting system to another.
Running reports can be invaluable to planning and accessing the results of current systems. Apps are available to enhance reporting features including creating a metrics dashboard, laying out a budget, or providing a spreadsheet or graphics view of key performance indicators.
Every entity has unique needs. Our team can help you navigate the jungle of accounting software add-ons. Whatever you are looking to accomplish, odds are excellent that, “There’s an app for that.” We serve the greater Orange County area. Call today!