Many aspects of accounting software make it a useful tool. If you’re a small business owner, it’s important to know which features to look for. Most online accounting software offers accounts receivable, accounts payable, banking and reporting features. Some programs include inventory management, project management, time tracking and payroll tools.
Here are some of the core features to look for in accounting software:
| Bank feed | Accounting software connects with your bank so that all your banking transactions appear in your online ledger as well. |
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| Dashboard | The best accounting software platforms feature organized, customizable dashboards with clear data visualization and organization features. |
| Online invoicing | You can create invoices and send them from entirely within most accounting software — no printing or mailing needed. |
| Recurring invoices | Often, accounting software platforms include automation features you can use to set the same invoice to send at the same time each month. |
| Automatic payment reminders | Many accounting software platforms regularly and automatically remind your customers or clients to pay outstanding invoices. |
| Bank reconciliation | All accounting software should have no problem matching your bank transactions to invoices, bills, purchase orders, expenses and the like. |
| Financial reporting | You can use accounting software to generate basic forms such as P&L statements or advanced business health reports. |
| Mobile apps | Almost all accounting software platforms offer iOS and… |
