Accounting Software – Ways to Save Time Entering Data

04 February 2013 StephanieE Accounting, Small Business Tips

By Stephanie Elsen

Man using accounting software

Are you frustrated because your accounting data entry takes so long and seems so inefficient? Do you feel you should be able to cut down on data entry time and human errors? Here are some ways accounting software can help you do just that. Check to see if your accounting software offers these time-saving functions.

Date Entry Shortcut

When entering dates into your accounting system, you should have the ability to simply type the day and it auto-fills the month and year, or enter just the month and day, and it will complete the year. It should also have an option to not enter separators (hyphens, slashes, etc.) between the month, day and year. Many systems will have an auto-fill function that intuitively knows what you are trying to enter, and provides options for you to choose and shorten your typing time.

Lookups

The majority of fields in your system should have lookup functions so you can find the information you need for the field if it doesn’t have a default value. Many systems will also allow you to decide which fields it should look for a match in when something is entered in a field. For example, if you are in a field where it’s expecting a customer code, do you have to enter the actual code, or can you enter a customer name, phone number, etc. and it will still find a match. Having this intuitive lookup capability can help you find things more quickly and reduce frustration.

Function Keys

As you might be aware, function keys (F1, F2, etc.) are available to shorten functions you perform on your computer most often. Using them can really shave off data entry time from your day! Learn how the function keys work within your accounting software and you can save several clicks per transaction, adding up to a good amount of time saved per day!

Set as Default

If you find yourself selecting the same choice in a field every time, you would likely benefit from changing the default option to the choice you select most often. Many accounting software systems will allow you to change the default to the selection you use most often, saving on data entry time, and ensuring accuracy.

Custom Columns

Some accounting programs allow you to add or remove columns of information within modules such as accounts payable and accounts receivable. This is extremely useful, since most programs must have a wide variety of fields/columns of information to meet many kinds of businesses. Remove the columns of information you don’t need to see, and add those you do need, which can really help streamline your job.

Set Tab Stops

Fields of information within your accounting software may not always be ones you choose or need to use. That’s why many applications will allow you to skip past fields you never use or fields that auto-fill with the correct information. That way when you are hitting the ‘tab’ key to get to the next field, the ones you don’t use will be skipped, and you will instead be directed to the next field you actually want to go to.

Recurring Transactions

Monthly utility bills, insurance payments, and rent payments are all examples of payments you can set up as recurring transactions. Setting them up as recurring transactions eliminates the job of entering the same details each time you need to process the transaction. Furthermore, if you bill your customers on an ongoing basis you can also set those up as recurring accounts receivable invoices. Setting up accounts payable and accounts receivable transactions as recurring transactions can not only save on work, but can also help you become more organized.

While every accounting software system is different, check out your system to see if the above time-saving functions are available. Every little savings of time can really add up!

Benefits of Accounting and Financial Management

14 January 2013 StephanieE Accounting, Small Business Tips

By Stephanie Elsen

Picture of three people around a computer

If you are in business, you know that it is important to understand how your business is performing. In order to do that, you need some way to keep track of and interpret the numbers that go along with your business. This is where accounting and financial management come into play. Accounting tools can be used to measure and interpret the financial progress of your business. They can also help you communicate the status of your business to important third parties, such as banks and the government. Here are some of the benefits of accounting and financial management.

No more guessing. By maintaining an accounting system, you can improve your odds of making the right decision for your business. While the information alone is not the only factor to consider, it does provide one very important piece of the puzzle in your decision making process. Good accounting records show you where you stand financially, so you won’t have to guess at what your financial position is.

Make better decisions. Accounting plays an important role by giving us a means of communicating the financial part of a business to others. The most crucial function of any accounting system is to provide real data, by which managers and owners can base their decisions. Having numerical facts greatly helps in making profitable decisions for your business. And while the accounting information gathered does not guarantee a good decision, it does greatly improve your chances of making the best decision possible.

Solve problems. Accounting systems provide reports that help you analyze the profitability and performance of your business. Not only can an accounting system help you make decisions, but it can also help you find areas of your business that need to be improved. Once you are able to identify trouble areas, you can focus on improving them.

Track complex information. If your business requires any loans, the lending institution will likely require financial reports to understand the net income and net worth of your business. They may also want to evaluate your financial statements periodically to monitor your ability to repay the loan. Providing this kind of information is next to impossible without business accounting software that can provide financial statements.

Good accounting records show where your business stands financially. Use every advantage available to your business to improve and enhance its performance. Implement and maintain your accounting and financial management system, and your business will be on its way to financial success!

Why CenterPoint Accounting Software?

19 December 2012 StephanieE Accounting, Small Business Tips

Accounting Software – CenterPoint Accounting Software

By Stephanie Elsen

If you are looking for accounting software and you came across our site, you might be wondering where CenterPoint Accounting Software and Red Wing Software fit into the scheme of accounting software programs.

There are so many accounting software companies out there; it can be hard to tell the difference between them all. To give you a good idea of who we are, consider these statistics about the people who are benefiting from our software.

  • 37% have outgrown their basic accounting software. People who started with a basic or “shelf” accounting software find that their business has outgrown the basic software’s capabilities. Perhaps they are entering too many transactions or inventory items, or the system is getting bogged down by too much stored history. This group also includes those who are using old, outdated systems for which they are losing support or the software cannot operate on newer computers they are purchasing. CenterPoint Accounting Software is a mid-market program and works very well as an option for those outgrowing their basic accounting software!
  • About 26% need better financial reports or specific software features to handle their company’s needs.People who desire better financial reporting account for a large percentage of new customers! Tracking information by department or profit center, drilling down to source entries, and a tight audit trail are all important considerations for a growing business. CenterPoint Accounting Software performs these functions very well. Many specific software features are also handled in CenterPoint. Managing multiple companies & consolidated reporting, managing multiple units of measure, and the ability to create custom reports are just a few of the features that can be handled within CenterPoint.
  • 20% are new businesses.Not everybody wants to start out with a basic shelf accounting software program. Those who understand the importance of good financial management and those with more complex needs at the start of their business turn to CenterPoint Accounting Software.
  • 17% are cutting costs or bringing the accounting back in-house. People who find themselves paying for and using a system that is way more functionality than they need often find that CenterPoint can handle what they need, and for significantly less money. People who are also trying to cut costs and gain control by bringing their accounting back in-house also find CenterPoint to be a great option.

Red Wing Software and CenterPoint Accounting Software have helped thousands of accounting software users manage their financial information. Contact us today to see how we can help you by calling 800-732-9464 or e-mailing info@redwingsoftware.com.