There are four features which you may consider before you invest in any accounting software:
· Inventory Inventory feature allows you to keep track of the products that you buy and resell to customers. Apart from reflecting the value of stock in your books, integrating inventory with the rest of the accounting system means that the records are adjusted when you make a sale or receive a delivery.
· POS Retail and F&B businesses increasingly use Point of Sale systems to track what is being sold with minimum effort. User friendliness is a must in a POS system as different people may operate one POS system in different shifts. If your business can justify such a system, you will want it to integrate with your accounting and inventory.
· Payroll Payroll feature integrated with accounting software will help you avoid the trouble of importing data from separate software. Payroll feature which allows you to calculate your staffs’ salaries, leaves, IR8A correctly also needs to be compliant with MOM regulations.
· Time tracking and billing People say time is money. If you cannot track time and bill on time, your business will not stand a chance in the competitive market. Time tracking and billing feature is in a way this is the other side of the inventory coin. A service business’s product is billable hours rather than tangible goods, and so it needs a way of capturing the amount of time spent on different tasks and then billing the clients appropriately.