Accounting Software Solutions For Effective Financial Management

Posted By : Anirudh Bhardwaj | June 7, 2021

Accounting ERP Software Development

Effective financial management is the essence of a successful business strategy that focuses on driving steady industrial growth. As a small business grows and expands, it becomes more difficult to manage finances in the absence of an accounting software. A fully-integrated accounting module renders a host of benefits in the form of custom invoicing, tamper-proof financial records, and secure handling of accounts/payroll data. Above all, developing an accounting solution enables small-to-medium enterprises (SMEs) to efficiently run their operations and achieve higher levels of productivity. 

At Oodles ERP, we provide complete enterprise solutions with a focus on implementing next-gen technologies to solve complex business problems. Our 360-degree ERP application development services include finance management ERP software and ERP for accounts management. We use advanced software packages like QuickBooks, Acumatica, and Zoho Books to develop scalable and high-performance accounting solutions with custom features. 

 

Also, Read Accounting and Finance Management Software – Time, Cost, Features, and More

 

Oodles’ Accounting ERP Software Development

Here, you’ll learn how we help startups and SMEs to enhance their business productivity through Accounting ERP software development. As already mentioned, we use QuickBooks and Acumatica to develop ERP software solutions for accounts management. Let’s begin with a technical analysis of these standalone accounting software packages, emphasizing their key features, benefits, and limitations. Subsequently, you may decide which platform works best for your business and addresses its financial requirements. 

 

Intuit QuickBooks

QuickBooks (QB) is a standalone accounting software package, developed and maintained by Intuit Inc. It is one of the most popular accounting software platforms for small-to-medium businesses that offers promising solutions for accounts management. QuickBooks development services provides a complete suite of software tools to build scalable accounting applications for varying business needs. It renders support for both on-premise and cloud-based applications and is best suited for small-to-medium businesses operating in different industries. 

SMEs can use QuickBooks-based applications to create and track invoices, manage financial statements and billing records, payroll processing, manage taxations, and much more. 

We, at Oodles ERP, provide QuickBooks ERP development and integration services to solve complex business problems. We use advanced algorithms to render top-tier protection to our customers’ accounts data while providing secure means for handling accounts payables/receivables, and financial records. Our team also specializes in providing QuickBooks ERP integration services for cross-platform business applications. We use agile methodologies to seamlessly integrate QuickBooks with your existing enterprise modules such as CRM, HRM, payroll, and invoicing modules. 

Let’s now take a look at the key features of QuickBooks and its significance for accounting ERP software development. 

 

Also, Read Custom Accounting Software Development Using QuickBooks

 

Invoice Tracking and Billing Management

QuickBooks lets you track customer invoices and billing records and manage financial data with ease. It creates a tamper-proof record of historical customer data as well as their billing information for the accounts team’s perusal. 

 

Financial Statements

In addition to managing accounts payables/receivables and cashflow activities, QuickBooks generates detailed reports and financial statements. It includes profit/loss statements, balance sheets, cash flow statements, and other critical financial reports. 

 

Automated Payroll Processing

A QuickBooks-based accounting solution seamlessly integrates with the HRM module to automate payroll processing in accordance with employee hours and attendance records. 

 

Bill of Materials (BoM)

Several manufacturing and production-based companies have their QuickBooks accounting software integrated with the inventory module. It helps them track the costs and quantity of their inventory and generates accurate bills of materials (BOM). 

 

Let’s also take into consideration some common setbacks of QuickBooks for accounting ERP software development.

 

– Lack of several industry-specific features i.e IoT tracking, eCommerce integration, barcode scanning, and the likes.

– Customer support could have been better

– File-size issues due to an increased number of transactions

– Several limitations with data backup and recovery tools

– Limitations with the number of users

 

Acumatica ERP System

Acumatica is a cloud-based ERP software platform that enables enterprises to develop custom accounting solutions for their industry-specific business needs. Similar to QuickBooks, Acumatica is mainly focused on serving small-to-medium-sized businesses with its broad spectrum of accounting, bookkeeping, and financial management solutions. It provides complete support for accounting ERP software development and a series of dedicated tools for financial management, bookkeeping, and distribution management. 

Acumatica has a fair share of customers and it’s in the market since 2008. The only limitation, however, is that it lacks support for developing on-premise applications as you only get to develop cloud-based or browser-based apps. 

At Oodles, we have a proven track record in accounting ERP software development using Acumatica. Our development team is skilled at using Acumatica’s cloud ERP platform to build scalable enterprise ERP solutions for accounts management. 

Given below are the salient features of Acumatica that make it an ideal platform for cloud ERP solutions for accounts management.

 

Also, Read Developing Scalable Accounting Solutions For Retail/eCommerce

 

Business Accounting

As the name suggests, Acumatica provides comprehensive business accounting solutions for a wide range of business use cases. It helps you track operational expenses while efficiently handling accounts payables/receivables, as well as sales/purchase orders.  

 

Billing/Invoicing

Similar to QuickBooks, Acumatica aids in custom invoice generation and tracking. It seamlessly integrates with the CRM module and automatically generates customer invoices at the end of the billing cycle. Besides, it maintains a tamper-proof record of customers’ billing records as well as their payment history. 

 

Financial Management

Acumatica provides complete support for financial management and several unique cloud features to keep close tabs on your financial activities. Some key features include cashflow management, taxation processing, asset management, revenue recognition, and more. 

 

Distribution Management

Acumatica streamlines distribution management processes with cloud-based features like inventory management/tracking, BOM, sales/purchase order management, and customer service management. 

 

Now let’s take a quick glance at some major limitations with Acumatica with regards to accounting ERP software development.

 

– The platform is relatively new to the market as it was only introduced in 2008.

– Lacks support for on-premise accounting software as it only offers cloud-based and browser-based application models.

– The userbase is still growing and it lacks robust community support.

– The pricing structure is somewhat complex and more convoluted than most of its peers.

 

You may also be interested in reading 6 Reasons to Integrate a Payroll Management Software in your ERP

 

The Final Words

Enterprise needs can be different and thus, it requires careful assessment of features and benefits of an accounting software as well as its future prospects. That said, both QuickBooks and Acumatica offer promising enterprise solutions for accounting, bookkeeping, payroll, and financial management. After carefully examining the aforementioned factors, you must be in a better position to decide which platform works best for you. Nevertheless, having a reliable technology partner at your disposal will help you move in the right direction and build a future-proof accounting solution that would deliver long-term benefits. 

 

We are an experienced ERP software development company having a proven track record in accounting ERP software development. At Oodles, we provide end-to-end accounting software solutions and customization services using QuickBooks, Acumatica, and Zoho Books. Our accounting  ERP software development services enable enterprises to efficiently manage their financial management, payroll processing, and bookkeeping task. To learn more about our accounting software solutions, drop us a line at [email protected].

About Author

Anirudh Bhardwaj

He is a technology enthusiast with 3+ years of experience in producing insightful content on projects related to next-gen technologies like AI, Blockchain, ERP, OTT, Cloud, Big Data, AR/VR, IoT, and more.


No Comments Yet.


Leave a Comment

Name is required

Comment is required






Please remove URL from text

Comment is required

Sending message..
Connect with us