Choosing accounting software with the right features for your e-commerce operations will help your business finances. Here are some features you should look for in accounting software for e-commerce.
bank account reconciliation
Bank reconciliation is the process of comparing a company's books and bank records. Doing this manually is a tedious and time-consuming process. However, many accounting software providers now offer tools that can quickly and accurately match bank statements to invoices, invoices, purchase orders, expenses, and other transactions recorded in a company's books. I am.
Online invoicing
Accounting software often includes invoicing functionality. If you are a service-based e-commerce business, you can send quotes and invoices via email, making it easy to receive payments. Large providers like FreshBooks also track when customers receive and view payment requests. Customization tools help you create professional-looking invoices that match your e-commerce business's brand. This is important to appear legitimate in the eyes of online consumers.
If you send invoices that look professional, you're more likely to get paid on time.
recurring bill
Subscription-based e-commerce businesses appreciate the ability to send recurring invoices. Many accounting software providers include recurring invoices in their top plans.
financial report
The data captured by accounting software can be used to generate various financial accounting reports to understand the performance of your e-commerce business. These include general ledger reports, income statements, balance sheets, accounts receivable and inventory analysis, and more.
Inventory control
E-commerce companies that sell physical products often store their inventory off-site, making proper inventory management especially important. Several major accounting software services also offer tools for tracking inventory, creating purchase orders, and more.
time tracking
Many accounting software providers offer tools to track time spent on projects. These tools, available as part of accounting services or as standalone products, are useful for service-based e-commerce businesses and can convert billable time into paid invoices.
Time tracking can also help you create accurate price estimates for future projects.
payment reminder
For service-based e-commerce companies that send invoices frequently, not all customers may pay on time. Accounting software allows you to set automatic payment reminders so you don't have to chase after customers.
bank feed
Accounting software is often integrated with your bank account and all transactions from your financial institution are synced with your general ledger.
