A majority of online accounting applications is capable of performing several tasks, such as, record management, bank transactions tracking, and reports and invoice creations. Some software applications ship with exclusive features necessary for industry-specific accounting tasks. These add-on features work as bonus for the users. The major IT service providers, such as TechPillar, make these useful accounting programs available to business-owners.
Jewelry Accounting Software
Jewellery items are expensive, and the misplaced or unfound items may cause chaos.
- The accounting software for jewelry business needs to include inventory management. This program keeps track of every processed or unprocessed item present on the list.
- It is impossible for the owners of jewelry shops to store expensive goods in huge quantity. The accounting software checks the level of inventory and keeps owners informed of its status.
- The inventory management also informs businesspersons regarding the sellable and non-sellable products. Any software without inventory management module is unsuitable for the jewelry business.
The accounting software for jewelry business allows customers to automatically book for repairing services. This feature is usually integrated within the POS module alongside the sales and purchase. The software also sends email/SMS to the customers after the completion of the service.
- The software needs to track the orders to goldsmiths or have an additional feature for jewelry exchange option.
- It needs to provide impregnable security and perform loyalty management, barcode management, bank synchronization amongst other essential accounting tasks.
Hotel Specific Accounting Software
The accounting software for hotel industry needs an integrated program for back-office management.
- This segment is necessary for the management of material requisitions, inventory, payables and recipe.
- It also performs cost analysis, stock accounting, debtors accounting and financial reporting.
- This specific program is also necessary to manage the general ledger and track the purchase.
The online accounting applications for lodging, food and leisure industries follow the guidelines of Uniform System of Hospitality Accounting. These applications prepare monthly Profit and Loss statements based on the site-specific data without any manual intervention.
Material Management Module
The accounting software for hotel industry needs to incorporate a material management module.
- This module reviews purchase orders against the purchase history and available quotations.
- It also analyzes the purchases and controls purchases or requisitions based on the budget review.
- It checks inventory based on age, consumption volume and stock on hand.
- It also monitors consumption trends and performs comparative analysis between actual and potential consumptions based on sales/recipes.
- The electronic data-flow also reduces the chance of errors, manual labor and the overall cost of operation.
Investment Specific Accounting Software
The accounting software for the investment sector needs instruments for flawless processing of information.
- It saves processed information in one place and incorporates multiple accounting frameworks.
- It makes performance evaluation and reporting available to users through real-time data.
- It provides a complete overview of preliminary profit/loss and tracks the positions for holdings and tax lots.
- It improves performance and transparency through transaction-based system and single-database architecture.
- It reduces costs/risks and provides accurate reports on time through automated updates.
- It records previous transactions to improve operational flexibility and maintains detailed online records of pricing.