Integrated accounting software programs & automation focus on the entire accounting lifecycle and not just one or two specific parts of financial management. This means that the entire accounting process from data capturing, processing, interpreting to report generation of transactional data, is done by accounting software. This reduces human activities and manual transactional entries by people.
Accounting software programs & automation is a system to manage transactional data flowing between various sub systems and departments of an organization. This is extremely useful for small to midsize businesses in order to optimize their resources, keep their books correct and compliant and increase efficiency.
For small and medium enterprises efficient bookkeeping system reduces lot of time and optimizes resources.
For any small to midsize businesses, good accounting software programs and automation allow integrating different business operations like accounts payable. Account receivable software system tracks customer payment. An efficient customer billing software development process manages accounts receivable and generates alerts at various levels.
Accounts Payable
Accounts payable is extremely important to manage healthy cash flow for small and medium enterprises. The accounts payable operation ensures validity of all invoices submitted by the vendors of the organization. The accounts payable system imposes lots of checks and balances at various levels in order to process, approve and pay vendors effectively. Any invoice submitted by vendors, goes through many interlinked complicated internal processes before it becomes valid for payment. These business rules vary between organizations based upon their workflow.
The following are the key features of an account payable system
Invoice receiving and categorization
Forwarding or routing to concerned department
Verification and approval
General ledger updates
Maintaining payment through banks (letter of credit)
Payment to vendors
Preparing various MIS reports
Accounts Receivable software
Accounts receivable software system keeps track of all dues from customers. There are two types of payment usually an organization receive:
Money received as advance in part or in full before deliverables reach customer end
Money received after sales is made and after deliverables reach customer end
The existence and profitability of an organization fully depend on the money received from its customers. For better customer relationship, companies give credit to them. So for any accounts receivable software, credit day calculation is very important. After allowed credit days, the system starts the follow-up process with its customers and attempts to expedite the payment.
The following are the key features of accounts receivable software:
Maintain complete contact information of each customer
Create company credit policy for each customer
Create extensive terms conditions for sales
Maintain all related compliance
Maintaining all documents related to sales and goods received by customers
Maintaining payment through banks (letter of credit)
Managing billing mistake claims
Managing interest for delayed payment
Managing check bounce
Preparing various MIS reports
Bookkeeping Software development
Bookkeeping software is an enhanced automated accounting software program that integrates different business operations.
The key operations of bookkeeping software development are:
General ledger management
Material procurement
Supplier payment
Employee salary
Budget preparation
Fixed and variable overhead expenses
Billing management
Asset procurement
Profit & loss calculation
Cash flow management
Dividend distribution
Balance sheet and final accounts preparation
Small and medium size businesses, both profit and non-profit organizations should have an efficient and integrated flawless accounting automation software programs in order to run their operations seamlessly.
Another important aspect of bookkeeping software is data security. The data system contains extremely sensitive data with respect to any organization. So chances of misuse of information are extremely high. Cloud-based secure bookkeeping software is preferred by managements across globe.
Customer billing software development
For any small and midsize organizations, the most important requirement for survival is to get timely payment from customers. This is where customer billing software development process has become so critical for an organization.
The key operations of customer billing software development are:
Maintain customer records
Create credit policy and setup credit days for each customer
Tracking customer-wise payment history
Frequency of invoicing
Production planning based on customer demand
Money recovery cycle
Maintaining payment through banks (letter of credit)
Managing billing mistake claims
Managing interest for delayed payment
Managing check bounce
Preparing various MIS reports
At G&G Technologies, we have the best team for development of accounting software programs & automation for small to midsize businesses. Our experts will learn about you entire accounting process or billing system and build up the perfect solution for any of the accounts Payable, accounts receivable, bookkeeping and customer billing modules