Accounting software has now become an essential part of running a successful business. Many studies have found that accounting software automates most of the day-to-day accounting tasks and minimizes errors. Another report revealed that 96% of accountants are positive about the role of software and are adopting this automation. 
In addition, 
89% of accountants believe that accounting software adds more value to the business through its automated data entry and reporting features. 
More than 50% of accounting/business owners respondents to a survey conducted by the Association of Chartered Certified Accountants said they anticipate that the development of intelligent systems on accounting will significantly impact businesses over the next 30 years.
Accounting software broadly provides efficient planning and management of financial data cost-effectively. Also, it comes with many benefits, including tax resolution. It is widely deployed in manufacturing, retail, and consumer goods stores, ensuring business success at reasonable resources and prices.
Which software do you consider the best accounting software?
The best accounting software can streamline financial business processes, including client invoicing, time tracking, payroll management, GST return filing, and expense reporting. It should be easy to use, cost-effective, error-free, and should not add complications to finance management.
Most accounting software comes with the above features. Also, you can customize them according to your needs. But it all depends on what you are looking for for your business. You can get the best-priced software in the market, but if your business cannot benefit from it, buying it is pointless.
This is why finding the best accounting software for medium-sized businesses is not an easy task. A medium-sized business has limited resources and budget. Also, this pandemic era has taught us that we should always plan our business strategy keeping in mind all the possible future problems and challenges.
In light of this, we have enlisted some features of advanced accounting software to make the selection process easier for you.
How to find the best accounting software: Features to Know
Must provide accurate information
Accurate data makes a positive impact on business. And, this becomes even more important when it is used financially. Manual calculations are more prone to errors, be it for billing or account transfers. Good accounting software can eliminate manual errors, ensuring that records are accurate and consistent. Thus, it saves both time and money.
Provide ease of access
Getting the data at its right place, at the right time is a crucial business process. It makes the entire business robust and accessible. Modern accounting software saves the data at a centralized location or cloud-based and makes the data accessible when required. In this way, the speed of the work you are doing increases manifold.
Maintain collaboration between business and customers
To run a successful business, it is imperative to maintain fruitful relationships with all customers, vendors, and staff. This ensures that you get the stocks at the right time and the customer gets them at the right time via efficient staff. Accounting software plays an important role in this process, making it easy to request timely payments, track invoices or bills, and identify whether a payment has been missed. Thus, the software ensures that all your financial, tax issues are resolved, and up-to-date managed.
Provide security
The fear of data theft is natural for a business. An accountant always needs to be aware of data security. Modern-day accounting software comes with perfect security features that keep your data encrypted and don't allow data access without permission.
Control access and permissions
Today's accounting software comes with the facility to provide controlled access, depending on who has been granted access by the business owner to those financial data. Financial matters, such as statements, balance sheets, reports, etc., have a password or access protection that prevents unauthorized access.
Reporting feature that helps to organize data
We need to understand that having only raw data is of no use. The data should be given a format in which it is understood in the business, and the strategy is designed accordingly. Good accounting software does just that. It lets you represent data in the format of your choice – graph, pie chart, Manhattan, or simple table. Thus, a better business analysis helps you, and you can take quick and appropriate decisions.
Manage tax, GST properly.
Paying taxes, keeping track of their filing dates is a big headache for the accountants. But now, everything becomes easier with the use of accounting software. The software has features that help you calculate, manage and pay your taxes. It gives you an easy, quick, and error-free method. In this way, you avoid any loss, penalty.
Make payroll management easy.
Accounting software automates payroll management, including everything from calculating employees' wages to processing and distribution. This saves you valuable time and provides error-free management. This allows you to invest your time in other important things. This feature can be quite useful, especially when your business grows or your employee base is growing.
Handle billing and invoicing easily and accurately
Accounting software automates payroll management, including everything from calculating employees' wages to processing and distribution. This saves you valuable time and provides error-free management. This allows you to invest your time in other important things. This feature can be quite useful, especially when your business grows or your employee base is growing.
Manage expense management
Expense management gives you complete information about the expenses incurred by a business. This allows you to optimize the financial accounting of the business. You have a holistic view of how to use your financial resources to manage expenses and maximize profits. Accounting software will provide you with a way to track expenses. Simultaneously, it provides opportunities for cost savings.
Wrapping Up
Whether you own a small-sized business or a medium-sized one, accounting software is a necessity today. This is what we have clarified in this article. Hope you find these guidelines helpful in your search for the best accounting software.

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