In a significant number of companies, the organization and the financial software have the tendency to accommodate the other as time goes by. For example, the management may decide to customize the application to suit its requirements. In other cases, the business organization readjusts certain aspects of its process to compensate for the application’s shortcomings.

Selecting the right software from the start can help companies avoid these issues. Having software that doesn’t need to be constantly adjusted to work with business practices or that doesn’t force the company to change existing practices allows users to make the most of the software that they invest in. Less time wasted translates to more time spent making money. When selecting new financial software, here are some modules to consider:

General Ledger

The general ledger module allows users to interface with all functions of the software package. It will keep a record of all transactions, budgets, and other financials. The general ledger imports data from other modules and displays it in an easier to read format. When selecting software with general ledger capabilities, be aware of what reports you need easy access to and look for the best solution. Checking online sites with a financial software guide can be extremely helpful in narrowing your choices.

Sales Order Entry

A sales order module allows an organization to create one easy to access place to track all sales. The shipping address, available inventory, costs, item pricing, bulk pricing, and credit card information should be grouped coherently. This module normally integrates with other modules like inventory management, purchase orders, job order, and accounts receivable.

With an advanced sales order module, a user can complete the entire order process in one place. In some cases, users can input tracking numbers and follow orders until they are delivered to the customer.

Inventory Control

This module is relatively self-explanatory – it allows users to manage the inventory of products through the software. It is usually integrated with sales and purchase order processing modules and is capable of generating reports about inventory supply, sales, customers, accounts, inventory value, and so on.

Job Cost

This module tracks the costs of each job. The main function of this application is to set up records for individual job and track the multiple transactions in each job. Transactions are broken down in phases and the job costing software tracks the time (hour) and dollar amounts associated with the individual job and the job phase.

Job cost modules are used to help companies maximize the profitability of their jobs. The financial software will often include estimating fuctionality and can use historical data to provide more accurate estimates for similar jobs. This will allow companies to submit the most accurate bids possible and should result in higher margins for the company.

Purchase Order

Purchase order modules handle ordering new products from suppliers. This item tracks what supplies are in stock, how long they will remain in stock, when new supplies need to be ordered, and what quantity is needed. A well-integrated purchase order module will track purchase orders from their initial creation to arrival of the new supplies, however some companies do not operate a level to make this much functionality worth the additional money.