While you can be pretty sure your small business accounting software won’t magically balance your checkbook for you or get you better pricing, it can make those two functions (and many more) much easier! Using your accounting software as simply a place to store your data is like buying a car and only driving it around the block. Accounting software can do so much more than just store your data. And while no two businesses are alike, there are certain basic functions you should expect from your software.

Understand profitability

Somehow, some way within your small business accounting software, you should be able to get information about the profitability of your business, and be able to extract a report that tells you which of your items or services are most profitable.

Manage transactions

You enter information into your small business accounting software. Why not take it a step further and use reports to gain more information about those transactions? Reports can give you a quick glance at who owes you money, when it’s due, who you owe, and even which customer ordered the most of any given product. Knowledge is power. Knowing this kind of information can help you receive payment faster, help you get more sales, and much more.

Pull data for those who need it.

Eventually, you will be requested to provide financial information about your business to a third party, such as a financial institution. How easy will it be for you to get the information they are requesting? Will you or your staff spend hours tallying information by hand and submit it to them in a spreadsheet? Or will you run one report, export it to .PDF format, and e-mail it to them? The latter is a much more professional option, and you should be able to pull this directly from your accounting system.

The above are crucial functions, and using them can help you make the most of your small business accounting software. Don’t let your software investment go to waste! Use these functions and others available, to be sure you stay profitable and keep your business running smoothly.

Small businesses are definitely aware of the challenges of trying to compete with bigger companies. Not only do bigger companies have deeper pockets, but their budgets allow for cutting-edge technology to help them keep their customers happy. There are accounting software features available to help small businesses compete with the technology of large companies! Here are just a few of the features that help small businesses compete and keep their customers happy.

Multiple price levels

Have you ever put your customer on hold while feverishly searching for their pricing in a paper file? Consider using your accounting software to set up different pricing levels, so you can immediately see your customer’s price while you are on the phone with them. This makes your customer happy, and it also keeps you more organized and accurate.

Custom invoice tools

With the growth of technology comes the ability to print your invoices exactly how you want them. Having this ability allows you to look much more professional than just using a standard template without your logo and other crucial brand information. Use your software to personalize your invoices, and you will keep your image fresh and professional, just like the bigger companies.

Transaction search

Do you scramble to find customer information while they are on the phone? Perhaps the customer only knows the invoice number or the date, or maybe only the product he or she purchased; now it’s your job to search for the document based on what the customer has given you. It’s true the bigger companies have fabulous software systems, but nowadays many of the smaller systems are quite powerful and allow you to find what you are looking for fast. Check to see if your accounting software has transaction search capabilities, and find out all of the different ways you are able to search for information. You might be surprised about the variety of methods you can use to find what you are looking for! You can keep customers happy by giving them the information they need more quickly, rather than scrambling around or asking them to provide alternative information.

Customer reports

You may not think an accounting software report can benefit your customers in any way. One of the best ways to stay in touch with customers or find out which customers have drifted away is by running a customer analysis report. From there you can see who has purchased what, and when. You can detect customers who may have gone away, and give them a call to touch base. Or, you can call those customers first when running a special, to let them know about the special before anyone else. Using this report can let customers know you care about them and their business before they start buying from somebody else. That is a personal touch the larger companies are likely not going to offer.

Small touches can add up to a better experience for your customers! Use simple accounting software tools to enhance your image and keep your customers happy.