Financial statement, which is also known as balance sheet shows health of your business. If financial statement shows progressive trend of profit that means your business going in right direction otherwise you have to seriously scrutinise each aria of your business.
But for true financial statements you need talented workforce and good IT (Information technology) system in your business. If you have spot on an accounting system, that can present past, current & prediction of future of your trade.
Most of accounting system has common function, such as account receivable, Account Payable, Bank & cash ledger, purchase & sales ledger. But you have to look few other features, such as combined or compatible with payroll software. So work can be done under one roof with same number of staff.
Additional features of your account software.
Free phone & online support: You should check with your software supplier about telephone & online support for that software.
If your business dealing with buying and selling goods then you have to keep accurate stock, these days most of accounting package offers automatic recording stock facility. For the safe side and peace of mind it would be advisable to confirm with them.
If you have manufacturing related business then you have to calculate job costing at each stage of processing. Again make sure this tool is available in that package.
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