Accounting Software for IT Companies
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In an IT and software businesses, rapid sales growth and increasing activities brings pressures to the finance team: more accounting complexity, less time to adapt to changes and additional reporting requirements. Accounting software in this industry lessens your load by automating even the most complex financial processes. It adapts to your unique business needs, even as those needs change and lets you track your financial position on a real time.
In looking for the right accounting solution, here are salient points to keep a close watch on:
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- Confirm that the software can track all revenue channels: from system & equipment sales to professional services rendered.
- Confirm that the solution can track all quotations sent to clients and generate sales conversion report (compare leads and sales).
- Confirm that the system can track all clients account details including account receivable balances and progress payment.
- Confirm that the software can track all suppliers account details and account payable balances
- Confirm that software can track all expenses incurred for a specified period (including office expenses)
- Confirm that the software can track your profit or loss position including previous year comparison report.
- Confirm that the solution can track your bank transactions, and reconcile any difference at the end of the month
- Confirm that the system can track all cash received from clients and withholding tax.
- Confirm that the solution can track all VAT deductions and help you record all payments to relevant tax authorities.
- Confirm that the system can work effectively in a multi-user environment.
While these are some the basic salient points you should confirm before installing an accounting software, you can connect with our support centre for implementation.