Trading service companies have their own peculiarities and requirements in financial and accounting management. So, what features should the selection of Top 5 Accounting Software for Ecommerce in the Market have? How does using software benefit businesses? Let's find out in this article of Viindoo to choose the right software.
1. What is service accounting? Characteristics of service accounting companies
Service accounting is a form in which companies and individuals will hire other units or individuals with accounting expertise to perform accounting-related work for their businesses. Instead of building their own accounting department, businesses will "outsource" accounting services.
The operations of the accounting service company:
- Prepare accounting books, record daily business transactions in accounting books according to regulations
- Prepare periodic financial reports (monthly, quarterly, yearly)
- Complete and submit tax returns on time, ensuring compliance with tax laws
- Perform year-end tax finalization and adjust paid taxes
- Other operations and tasks depending on customer requirements
Therefore, accounting service companies often have to manage accounting for many different companies to provide financial and accounting services to their customers. This is why they need to use accounting software that is capable of supporting multiple companies.
2. What features should accounting software used for many service companies have?
Accounting software for service companies, especially when used to manage accounting for many different companies that need important features to ensure efficiency and accuracy. Here are some key features Accounting software used for many companies should have:
2.1 Integrate multiple companies, multi-enterprise management
The most important requirement of an accounting software used for many companies is the ability to integrate multiple businesses and manage multiple companies. With this feature, the software will support accounting management for multiple companies or business units from a single platform.
In addition, the software needs to allow easy switching between companies, working and performing accounting operations seamlessly without having to constantly log out and back in.
customization and personalization of reports2.2 Analyze and establish financial reports
For service accounting companies, analyzing and creating financial reports for client companies is a job that is performed regularly. So, another important feature Accounting software used for many companies required is to create financial reports,
Along with that, because the characteristic of an accounting service company is that it needs to create reports for many businesses from many different industries, this software needs:
- Provides the ability to create custom reports with different criteria and formats to meet each company's specific needs.
- Provide financial reports in accordance with the specific requirements of the different industries in which companies from different sectors operate
- Allows you to combine data from multiple sources and companies to create consolidated or comparative reports.
- Ability to quickly set up automated reports
2.3 Multi-currency management, multi-language support
The service accounting company will have customers operating in many countries and regions, using and transacting in many different foreign currencies and languages. That's why, Accounting software for service companies Need to be able to manage financial transactions, report and track financial performance by currency and language.
2.4 Ability to comply with accounting regulations of many countries
Each country has different accounting and tax regulations. Accounting software needs to ensure that financial reports and transactions are carried out in accordance with each country's accounting standards and tax regulations to avoid breaking the law.
To meet this, the software needs to be able to comply with international accounting standards such as IFRS or national accounting standards (such as GAAP in the US, VAS in Vietnam) to meet the requirements of each country. where the company operates.
2.5 Ability to comply with accounting regulations of many countries
Each country has different accounting and tax regulations. Accounting software needs to ensure that financial reports and transactions are carried out in accordance with each country's accounting standards and tax regulations to avoid breaking the law.
To meet this, the software needs to be able to comply with international accounting standards such as IFRS or national accounting standards (such as GAAP in the US, VAS in Vietnam) to meet the requirements of each country. where the company operates.
2.6 Many other features meet the usage for many companies
Besides the important features above, accounting software for service businesses also needs a number of other features to support effective financial management, ensure accuracy and compliance with regulations, and optimize Streamlining accounting activities:
- Track and analyze costs of each company or department
- Provide tools to compare data for each company
- Create, manage and track invoices, including input and output invoices
- Supports data entry and processing of financial transactions, including periodic journal entries and adjustments.
2.6 Accounting software used for many companies, suitable for service companies - Viindoo Accounting
Viindoo accounting software meets the specific operations and important features required of an accounting software for many companies. Viindoo Accounting has the following features:
1. Viindoo allows businesses to manage one or more companies on a single system, with the same database. Each company may have its own accounting system and rules. Accountants can access and process work at one company, and access the databases of other companies at the same time.
2. Viindoo is capable of complying with accounting regulations in over 50 countries with localized features including account systems, taxes, banking interfaces, and more. In particular, Viindoo's accounting system also supports Anglo-Saxon Accounting, features and reports according to IFRS and GAAP.
3. Viindoo Accounting has multi-currency and multi-language capabilities. Viindoo supports processing and conversion from the company's default currency to other foreign currencies. Foreign currency exchange rates are automatically updated every day based on the rates published on the ACB or VCB website or the exchange rate can be set manually.
4. Create and set up diverse and automatic financial reports:
- Report on operational status such as business performance reports, budget gap reports,...
- Financial status reports such as Balance Sheet, Receivable/Payable Age Report, Cash Flow Report,...
- Detailed accounting reports such as Balance Sheet, Ledger,...
- Management reports such as Budget reports, Reports to management,
In particular, reports in the Viindoo Accounting system allow customization and personalization of reports based on each company's own principles.
5. Other features suitable for service companies and diverse companies.
Discover Viindoo Accounting Software
Automate all business accounting tasks. Closely integrate and real-time keep track of data. Cash flow prediction, effective business financial planning.
Hopefully through the above article, you can clearly understand the important features needed by accounting software used for many companies and service companies. Viindoo Accounting is confident that accounting software is capable of meeting all the features and requirements of service companies. Contact us via hotline +84 225 730 9838 for more detailed advice.
