Handling the accounting for a business can be time-consuming, and that’s why it’s important to use any tools at your disposal to reduce unnecessary additional work. Accounting systems contain features that can help reduce work and also increase accuracy. Here are some of the features included in accounting systems that can help streamline accounting.
A sales order function allows you to enter orders and/or quotes into the software, where they can be saved until it is time for partial or complete order fulfillment. Once it is time to fill the order or turn it into an invoice, either of those functions can be completed right from the order within the system, rather than having to re-enter the information if the order had been written up by hand. Another benefit of a sales order function is the ability to see the status of inventory items in live-time, saving the step of manually checking whether items are available. Once a sales order has been filled, an accounts receivable invoice is generated, saving the time of having to do that by hand.
Similar to sales orders, purchase orders gives you a place to enter and keep track of purchase orders you have on file for vendors, and then receive complete or partial shipments from them. If a purchase order has been partially filled, you can choose to close the purchase order or keep it open until the rest of it is filled. This saves you the time of having to enter and create another transaction for the remaining items on the purchase order. Using the purchase orders function also allows you to use reports to track purchasing trends over time, which can help to keep the right items in stock. Once a purchase order is received, an accounts payable invoice can be generated from the items received, saving the time of manually generating one.
Copy existing (sales orders or purchase orders)
If you have customers who place the same order each time, or you place a similar purchase order repeatedly, the ‘copy existing’ function can save you time re-entering transactions. This function simply allows you to take a sales order or purchase order you’ve already done, and copy the main information into a brand new transaction.
If you bill for services on a regular basis, a recurring invoice function can save you from many hours of data entry, depending on your transaction volume. With recurring invoices, you set up the transaction and billing increment, and run the batch of transactions when you choose to, saving you from having to reinvent the wheel each time you want to send out invoices.
CenterPoint Accounting has the functions needed to help you streamline accounting and make your job easier. Sign up for a free, personalized demo today and see if CenterPoint is right for you!