Accounting software will ease the paper work in a small business considerably, easing the proprietor’s workload and making time for more constructive activities, like how to make the business better rather than wasting time number crunching.
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Features of Microsoft Accounting Software
- This section can create about five different types of reports, which seems to fall short of industry standards.
- In the section one can monitor shipments that are en-route. On can also create shipping labels, as well as estimate shipping costs.
- The software comes with an add on component that is obtained separately. The service is free only for the first year. The section has the ability to create about thirteen distinct payroll separate reports.
- The section can also make the W-2, 941, and W3 tax forms. The features are incomplete though as one has to export the data to Excel, to finish editing the payroll the work in Excel is mainly manual.
- The accounts payable section makes it possible to create quotes as well as purchase orders.
- Available under the vendor or customer lists. There is also the ability to make 1099 forms, under the payroll module available separately at extra cost.
- There is an inventory control management feature under the products and services tool-bar.
- The feature can assign unique numbers to products, can set the desired inventory levels and determine the average costs for every product.
- The banking feature lets one manage all accounting involving the business’ assets as well as invoices.
- One can add accounts, sort account lists and change the account particulars.
Time based billing
- The time based billing option can accept time billing items. It is however not possible to display the time tracked item or to track the same over different time periods.
- There is a fixed assets’ module that only reports on the assets and liabilities of the business.
- It can show the net worth, the account balances, the assets locations and create about nine different types of reports on fixed assets.
Ease of use
- This software closely resembles Microsoft outlook in style and most users will find it quite familiar.
- There is a template for creating new accounts specific to one’s type of business. There is a quickstart window that is accessible through the start menu, this make sit easy to access functions such as receiving payments and invoice creation.
- This software also eases the pain of creating accrual cash based VAT returns using rates that are changing. The change in VAT can be entered into the program and this can be dome even for changes that will be in the future.
What is missing?
- The features present are unique and useful, but there are some more that would be needed fro a small business or individual.
- These are: job costing feature to ease the process of estimating the amount it takes to do or manufacture batches of products or service provision.
- A general ledger feature is also missing, this would create a consolidated financial information from all aspects of the business.