MSoftBD Software Features and Benefits: A Guide for SMBs
- MSoftBD | A Complete Accounting, Trading & Inventory Software For Trading / Non-Trading Institution, Educational Institution, NGO, Co-Operative Society, Diagnostic Center, Clinic, Hotel & Other.
MSoftBD helps you record the flow of your company's money and examine your financial condition.
- This software helps you track and organize your financial data, giving you an accurate, real-time look at your business's finances.
- One of the features of MSoftBD, it will automatically save you time on your tedious accounting activities.
- These systems have advanced features or add-ons like payroll, shipping inventory and project management that can streamline other aspects of your business.
Managing your company's finances can be difficult, which is why you need accounting software to help you track your money as it flows in and out of your accounts. MSoftBD has several time saving options that reduce the time you spend entering data into the system. Depending on the information you have, accounting software (MSoftBD) can make tasks like invoicing your customers, recording the payments you receive, and following up on past-due receivables much easier and faster.
However, MSoftBD software's sophistication can vary by customer. That's why we are offering just the basics, allowing you to record what's coming in and what's going out, according to customer demand we have to offer more advanced tools, automating tasks you'd otherwise have to perform manually, such as daily data transfers through a bank feed, reconciliation and recurring invoicing.
Below are the answers to our developed accounting software and some other common questions. Which our esteemed customers always do.
What is accounting software?
Accounting software is a tool to help you record the flow of your company's money and examine your financial condition. With it, you can record transactions, generate reports, manage customer and vendor contacts, create purchase orders, track stock levels, bill customers, and monitor account balances.
"Using an accounting package will help organize your records and 'force' you into a systematic structure." Ken Stalcup, senior director with Houlihan Valuation Advisors, told business.com. That will put the company's finances into a system that can report the financial results and help when it comes to tax time.
Why using MSoftBD / accounting software?
Using accounting software can save your company time and prevent errors.
"The main benefit of using modern accounting software is efficiency." said Fabien Dawidowicz, CFO of Spendesk. Instead of copying and pasting data from tally books to a software entry form, you have all your transaction information in one place. You can easily see what's been spent or what's come into the business, and you always know where to find this information.
Rather than manually inputting data and transactions, you can use the bank feed feature to connect the software to your business bank and credit card accounts. With this in place, you have a daily update of your transactions. Because this software has a dashboard that gives you a real-time look at your most important metrics.
This software can create a variety of reports and financial statements, including profit and loss statements and balance sheets, which are necessary for requesting funding from an investor. You can also compare transaction activity or statements from prior months and years to your current ones, which can help you analyze your business's growth, sales trends, and other key metrics that you need to make informed business decisions as you prepare for the future.
You can be using MSoftBD to categorize expenses and schedule and pay bills, whether you pay online, by check, by credit card, or with cash. This will help you keep track of those transactions and manage your cash flow.
You can also use the MSoftBD to record the payments you receive in cash or by check and create and send invoices and past-due notifications.
This software automates many tedious and repetitive accounting tasks, which increases the accuracy of your data and keeps your bookkeeping efficient. If you use MSoftBD web-based software, you can do your accounting anywhere there's a signal.
What are the benefits of MSoftBD?
MSoftBD allows you to automate tasks and enter data faster. In addition to the decrease in errors, it increases collaboration between different departments by keeping all your financial information in one space.
Also, MSoftBD companies continue to make their applications more user-friendly, which means (depending on the size of your business) it may eliminate the need to outsource bookkeeping, saving you money.
What are the features of MSoftBD?
Now that you're familiar with what accounting software / MSoftBD is and why you should use it, it's important to know which tools and features to look for when choosing a system. Generally MSoftBD uses double-entry accounting to ensure accuracy and have accounts receivable, accounts payable, banking and reporting features & also we include inventory management, project management, time tracking and payroll tools, though these features are usually in higher-tier plans or add-ons that cost extra. Here are some core elements of MSoftBD.
i. Accounts receivable and Billing
MSoftBD systems are able to manage billing by monitoring customer receivables (accounts receivable, or A/R) and their payments. Here are some key A/R features to look for.
1. Invoice processing
At the very least, MSoftBD is able to handle invoicing. When money is owed to you, you need to know from whom, how much, and when to expect payment. MSoftBD Systems allows you to print invoices, with most letting you email them*. This system remembers basic customer data, such as names, addresses, account numbers, and standard terms.
2. Automatic invoicing
This ensures revenue is never delayed because you've forgotten to send out an invoice. In addition, with automated statements and late reminders, this software acts as your collection department, reminding customers to pay their bills.
3. Payment processing
MSoftBD allows your customers to pay their invoices online by clicking a button / QR Code / Barcode on the email invoice you send them. The advantages for the vendor are many, including less staff time devoted to processing checks or making bank deposits, greater security for payments, and faster processing times. However, there are costs involved.
4. Customer Accounts Management (CAM)
The first commandment of accounts receivable: Know thy customer! And, yes, this system also allows for custom fields and quick customer creation with records cloning over 9+ entry form.
5. Custom Accounts Receivable Terms
Every A/R record is really a short term loan. Make sure the Bank of Your Business can easily set the terms and rate of your choice.
6. Cost of Goods Sold Reporting
A/R reporting is included in COGS departments such as shipping, handling, taxes and duties.
7. Account Holds
Sometimes the Bank of Your Business needs to pump the breaks on the deadbeats. Account hold features prevent the delivery of goods to customers unlikely to pay.
8. Balance-Forward
Back to the future. Easily move old balances into new invoices with balance forward functionality.
9. Invoice Duplication
Same customer ordered the same product as last week? Why not just copy the invoice and make the necessary change or two instead of re-entering every last invoice field?
ii. Accounts payable
Nobody likes paying bills, but keeping track of what you owe is essential for any business. MSoftBD handles the outflow side of your funds can vary. Here are some of the most useful accounts payable (A/P) features.
10. Vendor Records Management
The First commandment of accounts payable: Know thy suppliers! MSoftBD includes custom vendor fields and quick vendor creation with records cloning over 6+ entry forms.
11. Purchase orders
Handling your purchases and what you owe is one of the main tasks for MSoftBD, but how it functions can vary, from producing simple purchase orders to following quotes all the way through to purchase and payment.
12. Vendor credit memos
It's easy for a business to lose track of all those credits vendors often hand out, either as rewards or returns. However, credit memos are as valuable as cash, so our system can track them and help keep costs down.
13. Automatic payment*
From scheduling bank payments and direct deposits to printing checks, Our A/P modules can completely automate your payment processes, ensuring you don't fall behind. Additional charges apply if you take this feature.
14. Payment Date Calculation
Would you rather earn interest on your cash or have your vendors earn it? Automatic payment date calculation uses vendor terms data to help you hold payments until required.
15. Suspicious Payment Alerts
Consecutive payments to the same vendor, on the same date, in the same amount? Could be a duplicate! Alerts for unusual payment trends help catch these mistakes.
iii. General Ledger & Financial Reporting
16. Double Entry
17. Balance Sheet
18. Profit and Loss
19. Chart of Accounts
20. Flexible Accounting Periods
21. Departmental Tracking
22. Inter-Company Transfers
23. Fund Accounting
24. Flexible Account Codes
25. Statistical Accounts
iv) Fixed Assets
v) Cash Management*
vi) Inventory
28. Bar-Coding / QR-Coding
29. Product Movement History
30. Price Management
31. Bill of Materials
32. Stock Level Alerts
33. LIFO, FIFO, Average Cost Options
34. Unit of Measurement Conversion*
vii) Job Costing*
viii) Payroll*
36. Benefits Deductions
37. State Payroll Forms
38. Direct Deposit
39. Time and Attendance
40. Employee Self-Service
41. Prevailing Wage and Certified Payroll
42. Tips, Vacation Pay, Bonuses, Commissions*
ix) Purchasing*
43. Purchase Orders
44 Purchase Requisitions
45. Auto-Generated PO’s
46. Vendor Management
x) Security
47. Role-Based Authentication & User Privileges
48. Encryption
49. Automatic Data Back-Up
50. Locked Reporting Periods
xi) System
51. Search Tools
52. Import/export
53. Web-Based
54. Unlimited Records* (Only Paid Version).
55. Custom Reporting* (Only Paid Version).
56. Approvals Management*. (Only Paid Version).
58. Graphical Management Dashboards
59. Configurable Alerts