Update: This article was last updated on 23rd April 2020 to reflect the accuracy and up-to-date information on the page.
The accounting department plays a significant role in every business, be it large or small. They are responsible for carrying out key financial tasks such as expense management, auditing, filing tax returns, and many more.
In this day and age, all such core processes of every accounting department are powered with the latest technological inventions. There are a plethora of software solutions available in the market which cater to each and every aspect of the accounting process in order to make the work for accountants fast and efficient. Such software solutions help them in managing invoices, payments, keeping track of their expenses, and others.
In addition, some third-party add-ons accomplish other complementary tasks like employee management, preparing taxes, communication, etc.
Recommended Reading: How to Develop a System for Selecting Accounting Technology
In the infographic depicted below, we have handpicked some of the software tools which an accounting department should have for the streamlined accounting process.
Here are the 7 major types of software every accounting department must use.
1. Accounting Software
Accounting applications help record and analyze every accounting transaction of a company. They reduce manual calculations by automatically tracking cash inflow and outflow, calculating invoices and bills, and other such transactions efficiently and securely.
Some of the examples of accounting software are QuickBooks, Sage, and Xero.
2. Tax Preparation Software
A tax software solution is designed to assist tax preparers and accountants in preparing and filing income, corporate, and other tax returns in a fast and efficient manner. It helps save time by reducing significant manual errors and simplifying massive calculations.
Some of the examples of tax preparation software are Drake, Lacerte, and ATX.
3. Payroll Management Software
Payroll management software helps streamline, automate, and centralize the payroll processes. It provides advanced reporting, talent tracking, and performance management tools and ensures easy documentation.
Some of the leading payroll management software are Intuit Payroll and Sage HRMS.
4. Time and Expense Tracking
Time and expense tracking software play a crucial role in improving the productivity of employees by continuously monitoring their work-time and generating reports in real-time. They also enable easy job and shift scheduling for efficient work.
Some of the leading time and expense management software are Count Me In and TSheets.
5. CRM Software
Customer Relationship Management (CRM) Software help accountants bring valuable information about their customers, helping them build a better relationship with them. They improve mobility, enhance inter-departmental communication, and give real-time updates about customer data.
6. Billing Software
Billing software help accountants with their billing process. Such applications make the whole process faster and smoother by generating payment reports, initiating quicker payments, and updating them in real-time.
Some of the leading billing software are Bill.com and FreshBooks.
7. Collaboration Tool
Collaboration and Communications tools provide a platform for team members to communicate, exchange ideas, share documents, and work together, thus enhancing their work productivity as a team. They not only make their work efficient and faster but also make it easier for them to keep track of one another’s work.
Some of the leading collaboration software are Slack and MS Office 365.
These software applications will help accountants make their work process faster and more efficient and will help streamline their work.
So start using these software now!
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