Key accounting software features you should know about

Key accounting software features you should know about

If you are just starting your business, you might not fully know about the ins and outs of your accounting department. Luckily, there are numerous features present in accounting software that can help you organize and manage your business transactions easier and faster. 

What is accounting software?

Accounting software can help you record the flow of the financial activities of your company. However, as various innovations are being introduced and applied to this kind of software, you can now have access to other features such as:

  • Report generation
  • Data management
  • Invoice processing and more

Key features of an accounting software

There are numerous features an accounting software can have, but you might want to start at the key features first before moving on to the advanced ones. Learn more about the key accounting features you should know about by reading below:

Invoice processing

To know how much and from whom you expect a payment, you must have a system for processing invoices. The invoice consists of basic client data such as names, account numbers and addresses. Aside from the client information, the invoice also contains the number of your products and services that the client had availed of. With the help of accounting software, you will be able to serve your clients faster and in turn, they will be able to pay their bills earlier.

Payroll modules

Whether your employees are paid by the hour, monthly or weekly, a payroll module will greatly help in calculating the accurate amount of pay you should give to your workers. This is extremely helpful especially for those companies who have various types of compensation such as salaries, bonuses and commissions. This is also helpful for calculating benefits such as health insurance, retirement plans and other company perks. 

In addition, accounting software can take the burden of handling basic tax returns, income taxes and other deductions to ensure that your company can comply with tax deadlines.

Banking 

Accounting software can link your bank account so you can make direct payments from the bank into the accounting system. Keeping track of your bank transactions can be tedious especially when you have more than one bank account. Accounting software can make sure that your general ledger is up to date and reconciled whenever you make bank transactions.

Reporting

Aside from the various features regarding your accounts, accounting software can also offer a range of reporting options such as:

  • Standard report: Standard reports may include profit and loss statements, assets and liabilities sheets and payroll summaries.
  • Graph summaries: If long lists of numbers are too complex for you or your team to discuss during meetings, accounting software can translate those lengthy data into pictorial forms like bar and pie charts.
  • Cost predictions: A system is valuable to produce forecasts based on the available data you input inside it.

Inventory management

If you are managing a large warehouse, an accounting system can help you manage your inventory by identifying what you currently have in stock and what you need to order. This will help you spend your purchasing budget more efficiently and follow the lifecycle of your stocks.

Moreover, you can ensure that you do not over or under order your stocks with the help of automatic ordering. With the use of accounting software, you can also manage multiple warehouses, thus saving time and money in allocating one management system per warehouse.

The key features of Pastel accounting software

Now that you learn about some of the features of accounting software, you now have the initial knowledge about the importance and benefits of having one. Take a look at the key features of the Pastel software by checking out their key features below.

Pastel Partner 

Pastel Partner is a flexible and powerful Accounting Software Package that will provide solutions for small to medium scale owners. It has many add-on modules which allow you to customize the software according to your needs. Check out the key features of Pastel Partner below:

  • General ledger, inventory and Microsoft Office integration
  • Customer, supplier, tax and cashbook processing
  • Purchase orders and inventory management
  • Financial and tax reports
  • Recurring invoices
  • Cost codes
  • Project tracking
  • Report writer
  • Multiple currencies
  • Serial number tracking
  • Payroll module
  • Pricing matrix
  • 30 days free support

Pastel Xpress

Pastel Xpress is a software package that is perfect for small or larger industries with basic accounting needs. Check out the key features of Pastel Xpress below:

  • General ledger, inventory and Microsoft Office integration
  • Customers, suppliers and cashbook processing
  • Purchase orders and inventory management
  • Financial and tax reports
  • 30 days free support

Pastel My Business

Get a great grasp over your business finances by using Pastel My Business which will help you make fast and accurate decisions based on the software’s features such as:

  • Customer, supplier, tax and cashbook processing
  • General ledger, inventory and Microsoft Office integration
  • Financial and tax reports
  • Expense tracking

Pastel Invoicing

If you are looking for a simple invoicing system, Pastel Invoicing will surely help you a lot. Check out its features below:

  • Quotation and invoice processing
  • Customer, supplier, tax and cashbook processing
  • Inventory management

Pastel Evolution

For effortless financial management, Pastel Evolution is the best software to use. This will make you and your employees more efficient and provide the customers with innovative service. Check out the features of Pastel Evolution below:

  • General ledger, inventory and Microsoft Office integration
  • Customer, supplier, tax and cashbook processing
  • Purchase orders and inventory management
  • Financial and tax reports
  • Recurring invoices
  • Cost codes
  • Project tracking
  • Report writer
  • Multiple currencies
  • Serial number tracking
  • Payroll module
  • Pricing matrix
  • Job costing
  • Mobile application
  • Salesforce automation
  • Customer credit risk management
  • Annuity billing
  • 30 days free support

Pastel free support coverage

For you to get started, Pastel Xpress and Pastel Partner come with 30 days of free support which starts once you register your Pastel software. Check out the coverage of the free support below

Email support

Email your support query and receive a response within an hour during working hours. If you have emailed your query after working hours, we will do our best to respond early the next business day.

Free software updates

Pastel continually invests in research to make sure that each of their software is updated and their clients can stay abreast of changes in the economic and business development. That is why you will receive free software updates every 12 to 18 months once you have registered your Pastel software. You must be using the latest version of the software so you can maximize the benefits of Pastel products.

Pastel Product Comparison

For an easier overview of the features of Pastel software, check out the detailed table below.

FeaturesInvoicingMy BusinessXpressPartnerEvolution
Database Manager – PervasiveNoNoYesYesNo
Database Manager – Microsoft SQLMS SQL ExpressMS SQL ExpressNoNoYes
Number of usersSingleSingle1 – 31 – 20Multi-User, 1 – 1000+ users
Number of companiesUnlimitedUnlimitedUnlimitedUnlimitedUnlimited
Number of Financial YearsUnlimitedUnlimited225
General LedgerNoNoYesYesYes
Cash BooksNoneUnlimited630Unlimited
CustomersYesYesYesYesYes
QuotationsYesYesYesYesYes
InvoicesYesYesYesYesYes
SuppliersNoYesYesYesYes
Purchase OrdersNoYesYesYesYes
InventoryYesYesYesYesYes
Import Cost AllocationsNoNoNoYesYes
Project Tracking or Cost CentresNoNoNoYesYes
Report WriterNoNoNoYesYes
Multiple CurrenciesNoNoNoYesYes
Receipting (Cash & Bank Manager)NoNoNoYesNo
Time & BillingNoNoNoYesNo
Point-of-SaleNoNoYesYesYes
Serial Number TrackingNoNoNoYesYes
Multi-StoreNoNoNoYesYes
Job CostingNoNoNoNoYes
Bill of MaterialNoNoNoYesYes
ManufacturingNoNoNoNoYes
MobileNoNoNoNoYes
Lot TrackingNoNoNoNoYes
Fixed AssetsNoNoYesYesYes
PayrollNoNoYesYesYes
ACT!NoNoNoYesNo
Resolve Basic (Contact Management)NoNoNoYesYes
Resolve Premium (Contact Management)NoNoNoYesYes
Sales Force AutomationNoNoNoNoYes
Pricing Matrix (Disc. Matrix & Vol. Disc.)NoNoNoYesYes
Customer Credit Risk ManagementNoNoNoNoYes
Annuity BillingNoNoNoNoYes
eBusiness & eBillingNoNoNoYesYes

Get your accounting software now

Have your accounts in order and manage your business efficiently by buying the Pastel software here at MSB Accounting! Not all accounting software is complex, but in case you are still having a hard time using one, we have several packages you can choose from that are simpler and easier to use. 

Also, we offer a 50% discount for Pastel software upgrades for our loyal customers who had ordered more than five times within the year so avail one now!