Blue Ocean Strategy: 7 Steps to Ignite Business Transformation
“Blue Ocean Strategy,” by W. Chan Kim and Renée Mauborgne, is a pioneering blue ocean…
AnggelinaSeptember 29, 2023
April 28, 2023
Accounting software is a computer program designed to help manage and process the financial data of a company. The existence of accounting software helps companies automate various administrative and accounting tasks that are usually time-consuming and require a lot of human resources.
However, with the many choices of accounting software available, companies often have difficulty choosing the right software for their needs. Therefore, this article will discuss further the definition, benefits, and recommendations for accounting software options.
Accounting software is an application that manages and records the daily financial transactions of an organization, including fixed asset management, cost management, revenue management, accounts receivable, accounts payable, reporting, and analytics.
A complete accounting system tracks an organization’s assets, liabilities, revenue, and expenses. These transactions are then entered into the general ledger in real-time, providing direct access to the CFO, treasurer, and controller to view accurate and up-to-date financial data. In addition, accounting software also provides owners with visibility into their operational performance.
The systematic recording of financial transactions enables the creation of quarterly and annual financial reports, including balance sheets, income statements, cash flow statements, and shareholder equity statements. Accounting software is an important component of an enterprise resource planning (ERP) system.
ERP systems integrate important business functions, such as accounting, financial planning and analysis (FP&A), supply chain management, inventory management, and procurement. These applications are integrated with the same user interface and data model to manage various aspects of the business.
Accounting software is essential to helping companies run their day-to-day business processes. It allows business leaders to constantly monitor the finances of their company.
The cash management capability in accounting software provides an accurate cash position by automatically balancing cash transactions with bank statements. This ability also allows companies to make timely investment, loan, and other cash decisions with automatic cash forecasts based on receivables, payables, payroll subledgers, and external transactions.
Modern accounting solutions help you manage the overall asset finance cycle, including acquisition, capitalization, depreciation, and disposal. This comprehensive visibility in accounting software helps businesses provide accurate financial reports related to appreciation and depreciation.
A complete accounting system not only records financial transactions but also includes reporting and analytics capabilities. Built-in dashboards help financial leaders understand the financial health of their organization and drill down for more detailed information.
For example, dashboards can measure critical financial KPIs in real-time, including the current ratio, quick ratio, debt-to-equity ratio, net working capital, and inventory turnover.
The best defense an organization has against fraud and unauthorized user access is accounting software with integrated security controls, risk management, and an internal audit. These internal controls and separation of duties (SoD) help you stay compliant with Sarbanes-Oxley (SOX) regulations and provide a secure and reliable data source for your company.
The integrated revenue management capability in accounting software automates the process by using analytics to maximize revenue and profitability.
In Indonesia, there are many accounting software options that can be chosen. However, finding the right software is not easy because there are many factors to consider, such as budget, features, and others.
Here are 15 recommendations for the best accounting software examples in Indonesia that can help streamline your business accounting processes:
Impact Accounting is one of the best accounting software programs in Indonesia, produced by PT Chub Pamadana International. This accounting software has various features that can improve the accuracy of financial data, such as:
In addition to processing various types of financial reports, another advantage of Impact Accounting that can be obtained comprehensively is by subscribing to ERP. You can also request to add modules starting from 250K.
NetSuite accounting software, developed by Oracle, helps simplify the accounting process for companies. Various features are provided, such as:
All of these features allow users to gain greater control over their financial assets. NetSuite has a different advantage from other accounting software: a relatively fast implementation time of only 2–6 months for companies. Because the cloud version of the software is ready to use, you only need to prepare data to be entered into the system.
NetSuite also has good security and control features to protect company financial data from unauthorized access. The price for subscribing to this accounting software is as follows:
The next accounting software from Indonesia is Mekari Jurnal. This accounting software is cloud-based, so it can be accessed anytime, anywhere. You can monitor transaction developments in real-time.
In addition, Jurnal offers features that almost cover all accounting needs, such as:
Mekari Jurnal is available in three package options, namely:
Prices are subject to change and are paid annually. Nevertheless, you can still try this accounting software for free for 7 days.
Kashoo is accounting software suitable for those of you who are just starting a business. Although not as famous as other accounting software, Kashoo has attractive features, such as an easy-to-use and user-friendly system.
Kashoo also has a mobile version that can be used anywhere for invoicing, taxes, and payroll. There are two application packages that can be selected, namely:
Interestingly, Kashoo also offers a free version of accounting software for 14 days with certain features. So, you can try it first before deciding to use it.
Sage Accounting is a software program that allows small business owners to track their income and expenses in various currencies, as well as track inventory and manage invoices. This accounting software is suitable for SMEs and freelancers.
One of the advantages of Sage accounting is that it can manage the accounting, human resources, business, payment, and banking processes of a company. Some interesting features of Sage accounting software are:
According to Forbes Advisor’s review, there are specific advantages you can get from choosing Sage accounting, including:
Sage Accounting operates two monthly subscription packages and allows you to cancel at any time. You can also upgrade your account and enjoy a 30-day free trial.
Business people and managers are generally familiar with Zoho, especially in terms of CRM solutions. Nevertheless, Zoho does not only have features for CRM but also for processing company accounting.
Zoho Accounting is a cloud-based accounting software that is easy to use with an invoicing system, inventory management, and project management. Zoho offers a competitive free package and various features to make your processes easier and more efficient.
Zoho is a great option if you are a small or medium-sized business (SME) looking for an alternative to larger, more expensive software. Some of the main features in Zoho accounting software related to the accounting process include:
With Zoho, you can send customized invoices and connect to payment gateways so that customers can pay for your products and services online. You can also add one or several bank accounts to important transactions and group them automatically for quick and easy reconciliation.
The dashboard will give you clear information about the highest expenses, total receivables and payables, and sales. Zoho offers a free package and five subscription options, ranging from $15 per month to $240 per month. Whatever package you choose, you can manage your accounting needs while on the go with the Zoho app, available on the App Store or Google Play Store.
Wave is a financial program designed for small and medium-sized businesses (SMBs) that offers an easy-to-use system. Initially launched, Accounting by Wave was an accounting software that used a double-entry accounting system.
In its service, Wave offers features such as direct bank data import, invoice creation and expense tracking, a customizable chart of accounts, and journal transaction recording. Some of the key features of Wave’s software application that support accounting processes include invoicing, payment, accounting, banking, payroll, and others.
Additionally, Accounting by Wave also has advantages such as being able to integrate with several other systems, such as expense tracking software Shoeboxed and the Etsy site. Wave can be used 100% free for those residing in the US. There are no trials, subscriptions, or hidden fees.
For those of you who live outside the US, you can use this accounting software by subscribing to an optional paid package through Wave Advisors. If you’re interested in using payroll software, you can start a 30-day free trial by signing up for Wave.
FreshBooks is one of the accounting software programs designed specifically for business owners and accountants. Its key features include invoice creation, expense tracking, time tracking, project management, payment, reporting, and accounting.
All features are made to be easy to use for small business owners and teams, clients, and accountants. Plus, as a cloud accounting software, your data is stored and ready to be accessed wherever you are in the world.
Like the best accounting application, Mekari Jurnal, FreshBooks provides subscription-based products.
MYOB is an accounting software designed to help companies and individuals manage and monitor their finances. MYOB stands for “Mind Your Own Business,” which indicates the primary focus of this software on business needs.
MYOB is a commonly used accounting software in companies. The advantages of MYOB include the ability to automate accounting tasks such as transaction recording, asset management, debt and credit management, and financial reporting. The features of MYOB include the ability to:
The price of MYOB varies depending on the package and features needed. Prices for the basic package start at around IDR 3 million. Prices can increase with the addition of desired features and additional services. MYOB also offers monthly and yearly subscription options for more affordable costs.
Bench Accounting is a fintech company that offers software for bookkeeping and financial management automation for small business owners. With the motto “You run your business. We’ll handle your finances.” Bench Accounting aims to simplify financial management for small businesses, or SMEs. Another advantage of Bench Accounting is that it can be accessed through desktop and iOS mobile applications.
The main product of Bench Accounting is an online accounting software accompanied by Bench’s internal accountants. The services offered by Bench Accounting include historical and monthly bookkeeping, cash flow and expense tracking, as well as financial statement preparation.
The subscription price for Bench is $249/month for Essential and $399/month for Premium.
Xero Accounting is a highly recommended accounting software that has various functions that are very helpful in running accounting processes better. Some of its key features are:
If you are looking for a product to help your accounting team, Xero could be the right choice. The advantages of this software are like those of accounting software in general. Xero can produce real-time reports, track transactions flexibly, ensure data integrity, etc.
You can subscribe to Xero by purchasing one of three available packages:
QuickBooks is a user-friendly accounting software that tracks business income and expenses, organizes financial information, and eliminates manual data entry.
QuickBooks simplifies small business accounting and automates tasks such as:
Some of the advantages of QuickBooks for your business include:
Get QuickBooks accounting software by subscribing to one of the available packages:
For nearly 30 years, more than 100,000 users have been using Zahir as accounting software to manage their company’s financial data. Zahir has features similar to accounting software in general, such as invoicing, purchasing, sales, bank reconciliation, inventory, and financial reporting.
Zahir has a number of advantages in managing financial data, including:
You can use Zahir accounting software by purchasing one of the available subscription packages:
Microsoft Dynamics AX is one of the best-known financial accounting software programs among business practitioners. It is known to meet the comprehensive needs of business owners, ranging from SCM modules to inventory, finance, production, and data analysis.
Like other ERP software, Microsoft Dynamics AX can integrate various modules required to speed up decision-making and provide necessary information to users.
Microsoft Dynamics AX is suitable for businesses operating in the production field and is available in many locations. Overall, Microsoft Dynamics AX consists of three main categories, namely:
You can subscribe to professional support at a price of $9 per user per month with a minimum of 100 users, or $900 per month. Premium support is also available for Dynamics AX on Azure at an additional cost.
EPICOR was previously nominated as a visionary by Gartner’s Magic Quadrant and currently serves over 20,000 customers worldwide, present in more than 120 countries.
As a quality accounting software, EPICOR claims to have five distinguishing advantages, including:
To subscribe to this application, you can contact it or visit its official website. The EPICOR team will assist in answering all your needs.
Accounting software is a type of software used to assist in managing and processing financial information as well as accounting in a company or organization.
In today’s digital era, the use of accounting software becomes increasingly important because it can simplify the process of managing a company’s finances and improve work efficiency. Therefore, selecting the right accounting software can help companies achieve their financial goals more effectively and efficiently.