Overview
- An online accounting system is a digital platform for your business’s financial processes.
- This solution has many features you can use to make accounting more convenient and streamlined.
- Core modules are necessary qualities in your system while non-core modules are add-in options.
- It is a comprehensive platform for automation and overview of transactions, compensation, invoices, and more.
Keeping track of finances is crucial for any business, ensuring resources are managed effectively. Embracing robust finance solutions is the first step towards securing the longevity of your brand. In this article, we take a closer look at online accounting systems in the Philippines, exploring their definitions, modules, and operational processes.
What is an Online Accounting System?
An online accounting system, also known as e-accounting or web-based accounting, is a digital platform for conducting essential business financial tasks. It provides comprehensive accounting functionality and overview, ensuring organizational efficiency and convenience.
Digitizing manual processes streamlines tasks such as invoicing and cash flow projections. These systems offer flexibility with customizable features tailored to your business needs, with various types available.
- Low-end market
- Mid-market
- High-end market
- Personal Accounting
- SaaS accounting software
- Hybrid solutions
Online accounting systems offer adaptability and variety, catering to businesses across all industries in the country. They typically include core and non-core modules, each with distinct features. These modules can be customized based on your business needs, allowing you to maximize your investment.
Core Modules
Core modules in an online accounting system are necessary features of this platform. They are the most used in the accounting practices of small to big enterprises. The following are the common qualities and their definition.
- Billing – the process of sending invoices and collecting payments from customers.
- Sales order – a document made by the seller to record the orders of a customer or client.
- Inventory or stock – information on the availability of raw materials and produced goods.
- Purchase order – a recording of all purchases or orders of a stock.
- Accounts receivable – the payment balance of customers that they still owe to your business.
- Accounts payable – the money that the company owes its suppliers and vendors.
- Financial close management – validating or verifying account balances.
- General ledger – a comprehensive document on the company’s assets, liabilities, expenses, income, and equities.
- Bookkeeping -the general recording of business payments and collections.
Non-core Modules
Non-core modules are extensions of an online accounting system. They are additional features companies can decide whether or not to purchase in the platform. These qualities are usually how many entrepreneurs or business owners customize their online accounting systems.
- Payroll – the tracking and distribution of salary to employees in the organization.
- Reports – the statements of the financial status of your business.
- Reconciliation – the comparison of two records to check their consistency.
- Debt collection – the monitoring of customers’ late bills. It is an added feature to accounts receivable.
- Purchase requisition – a process for departments or employees to request orders for resources.
- Expense – the overall cost of business operations.
- Departmental bookkeeping – the separation of accounting per department in the company.
How Does an Online Accounting System Work?
The process of an online accounting system is separated into two categories, desktop software and cloud accounting. Desktop software is where you download the program into your work computer and access it. You can only access your accounting through that installed program on your computer or phone. On the other hand, cloud-based accounting only needs your login credentials to enter your accounting data.
Once you have purchased the right online accounting system for you, you can experience the following processes in your business operations:
- Recording, categorizing, and tracking your financial transactions.
- Creating, sending, and managing invoices.
- Managing customers and vendors by collecting information and putting it in a database.
- Generating financial statements and reports.
- Automating, scheduling, and tracing your bill statements.
- Sharing financial data access to different accountants.
- Preparing, filing, and automating business taxes.
- Encrypting, securing, and backing up financial data.
This type of system enhances their management of this important resource. It supports convenience and streamlined procedures, allowing your business to conserve time and effort.
Consider Richtek Solution’s Online Accounting System
Given the abundance of online accounting systems on the market, selecting a trustworthy provider is essential. As financial data is sensitive for any business, it’s paramount to ensure the reliability of the chosen system. After all, effective financial management is integral to the ongoing operation, functionality, and growth of your business.
At Richtek Solutions, we recognize the criticality and sensitivity of accounting processes. That’s why we’ve engineered Omniwys, a robust solution designed to streamline your financial operations. With essential features like financial tracking and accounts receivable management, Omniwys ensures efficiency and accuracy. Developed by a dedicated team of experts, our solution prioritizes security and user-friendliness, aiming to deliver outstanding features and dedicated customer support.
At Richtek Solutions, we understand the importance and sensitivity of accounting. That is why we developed a high-performing solution called Omniwys. This is a business planning software to make your financial practices easier. It has key features of financial tracking and an account receivable system among the many. This was created by a committed team of experts that prioritizes security and user-friendliness.
Key Takeaway
An online accounting system in the Philippines is crucial for business processes. This is because finances reach many types of enterprises in the market. Finances, after all, are an important resource. It comes in different types and categories, but essentially they are created to make accounting more accessible and organized.
Looking for an accounting system for you or your business? Look no further than at Richtek Solutions. Our group of IT professionals ensures the quality of our digital solutions aiming to make entrepreneurship and work culture better, we develop an adaptable platform for all your needs.
To learn more about us and our products, contact us today and inquire.
