The Top 6 Features Your Financial Management Software Should Have

When your business’ financial management tools are properly supporting your team and keeping pace with your ambition, growth becomes not just a goal—but a reality. 

Your payment processing, accounting and financial reporting software should never be an annoyance or hindrance to your team’s productivity. Instead, it should streamline and supercharge your operations, making it easier to manage your money—not harder. 

Let’s take a look at the top six features your financial management software should have to make sure you’re setting your business up for success when it comes to scaling and streamlining (and how QuickBooks Online Advanced fits the bill).

1. Custom workflows: Your business, your rules

Why custom workflows matter: Every business has its unique rhythm and needs, and custom workflows allow you to tailor your accounting processes to fit your exact operational requirements. Custom workflow automation lets you use digital tools and programs to manage routine accounting tasks without frequent human oversight.

Whether it's setting up automated payment processing or follow-ups on unpaid invoices, incorporating workflow automation into your business reduces manual effort, mitigates the risk of human error, and gives your staff time back to do what they do best—grow your business.

Simplifying the complex: Think of custom workflow automation as your diligent behind-the-scenes assistant, taking care of the details so you can focus on the bigger picture.

2. Enhanced reporting: Insights at your fingertips

Why enhanced reporting matters: Knowledge is power, especially when it comes to business analytics. Financial reporting is the most objective way to assess your company’s financial health, providing information about revenue, expenses, profits, cash flow, and the health of your balance sheet.

The enhanced financial reporting tools available in QuickBooks Online Advanced offer deep insights into your business operations. Customizable financial analysis reports mean you're not just collecting data; you're curating it to reveal exactly what you need to know about revenue streams, cost savings, and overall performance.

Visualizing success: Imagine a financial analysis dashboard that shows not just numbers, but a clear path to enhanced decision-making and strategic planning. That’s what enhanced reporting offers.

3. Role-based access: Secure and controlled

Why role-based access matters: As your business grows, so does your team and their ability to access sensitive financial information. Choosing accounting software that has role-based access control ensures that employees can only see the information they’re required to see to perform their jobs, safeguarding critical business data and maintaining staff, customer, supplier and supplier confidentiality.

Trust with transparency: Like a bank vault that only permits access to key holders, role-based access controls improve operational efficiency through streamlined access management, protection of your business’ sensitive data, and making it easier to comply with necessary regulations.

4. Custom fields: Because one size doesn’t fit all

Why custom fields matter: Different businesses need to track different financial reporting metrics to get an accurate picture of their performance. Using accounting software that allows you to customize reporting fields gives you the power to tailor the data you’re tracking to your specific needs—from monitoring client engagements, to managing inventory levels. This financial reporting customization supports precise management and tailored insights that generic metrics simply can’t provide.

Tailored for precision: Think of custom financial reporting and field creation as fitting a bespoke suit. Custom fields mould the software to fit your business perfectly, enhancing both functionality and insight.

5. Automatic backup and restore: Ensuring continuity and confidence

Why automatic backup matters: Data is the backbone of any business, and its security is non-negotiable. Automatic Backup and Restore in QuickBooks Online Advanced is the workflow automation feature that offers you peace of mind that no matter what happens—whether data corruption or accidental deletion - your business can continue operating without missing a beat.

Safeguarding your business: QuickBooks Online Advanced uses workflow automation capabilities to automatically back up your financial data and allow you to restore it to any specific point in time. Think of this feature like a time machine, enabling you to undo errors effortlessly and maintain continuous business operations thanks to the power of your accounting software.

6. Spreadsheet Sync: Harnessing the power of flexibility and familiarity

Why Spreadsheet Sync matters: Integrating seamlessly with Microsoft Excel, Spreadsheet Sync extends the capabilities of QuickBooks Online Advanced, allowing you to keep track of your financial data effortlessly with the power of workflow automation.

With Spreadsheet Sync, you can add and edit large batches of data in spreadsheets and sync it directly back to QuickBooks, eliminating the need for manual intervention, reducing the chance of errors and saving your team hours of time. 

Streamlined data handling: Use Excel’s robust analytical tools to dig deeper into your finances while keeping data flawlessly synchronized with QuickBooks Online. Whether adjusting large multi-company datasets or undertaking detailed financial reporting, Spreadsheet Sync simplifies data management and supercharges your analytical capabilities.

Leverage advanced features for advanced growth

QuickBooks Online Advanced goes beyond ordinary solutions to address business needs effectively. Custom workflow automation tailors operations; enhanced reporting offers deeper insights; role-based access ensures data security; advanced custom fields allow detailed tracking; automatic backup provides data safety, and Spreadsheet Sync brings unparalleled flexibility.

Equip your business with QuickBooks Online Advanced to handle complexity with precision and confidence, ensuring you have the tools to focus on growth. Subscribe to QuickBooks Online Advanced and set your business on a path to sustained growth and success. It’s more than a software solution—it's a catalyst for transforming how you manage, operate, and grow your business.