Name: Advanced Accounting
Author: Addsum Business Software

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Vertical-Specific

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Fully Integrated with Point of Sale Systems: Multiple users have praised the software for its seamless integration with point of sale systems, stating that it has greatly benefited CPA professionals. 

Flexible Sales Transaction Processing: Many reviewers have appreciated the flexibility and ease of processing sales transactions within the software, making it a valuable tool for managing accounts receivables and payables.

Comprehensive Financial Management Features: Users have commended Advanced Accounting for its ability to compute profit and loss statements, balance sheets, and generate reports automatically. This feature streamlines financial management processes and ensures accurate record-keeping.

Limited mobile accessibility: Some users have expressed frustration with the software's compatibility issues on mobile devices, stating that it hampers their ability to access and use the software while on the go. 

Lack of scalability for larger enterprises: Several reviewers have noted that the software is better suited for small businesses or startups, as it may not have the robustness or scalability required for larger enterprises.

Outdated features and slow innovation: A number of users feel that the software lags behind its competitors in terms of innovation and features. They believe that regular updates and improvements are necessary to keep up with industry standards and provide effective accounting services.

Users of Advanced Accounting software have found it to be a time-saving solution for their day-to-day accounting tasks. By streamlining the process of entering accounting entries, this software has effectively reduced the amount of time and effort required for manual data entry. Additionally, the sale transaction management module of Advanced Accounting has been praised for its ability to address challenges related to multi-locations and multiple users. This has resulted in a more cost-effective approach to managing sales transactions and has improved overall efficiency within organizations.

One of the key benefits of Advanced Accounting is its cloud-based nature, allowing users to access their accounting records from anywhere. This feature has solved the problem of carrying data around and has provided customers with easy accessibility to their financial information. Furthermore, users have found value in the software's bookkeeping capabilities. It simplifies the process of entering invoices and helps prevent duplication, ensuring accurate financial records. Advanced Accounting also proves helpful in supplier statement reconciliation, assisting businesses in efficiently managing their relationships with suppliers.

Customers have also relied on the support team associated with Advanced Accounting software to assist them with any issues or concerns they may encounter. The prompt and valuable assistance provided by the support team has been highly appreciated by users.

In addition to these specific use cases, Advanced Accounting software has successfully addressed a range of other problems for its customers. These include inventory control, poor accounting and order management practices, user-client collaboration, customization platforms, and payroll management. The software's comprehensive features cater to various aspects of accounting and finance, making it a versatile tool for businesses across different industries.

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Advanced Accounting

1 in 3 accounting software users find it difficult to choose the right tool. Find the best solution for you.

The Buyer’s Guide to Accounting Software

Accounting software automates and streamlines financial management, from core functions like accounts payable and receivable to complex tasks like ledger management and reporting. They are aimed at enhancing accuracy, providing real-time financial insights, and ensuring compliance. Advanced systems integrate with other business tools, supporting everything from expense tracking to payroll. Explore user reviews and comparisons to find the best accounting software for your business.

Addsum Business Software

General Ledger and Configurable Accounting

Financial management solution, including capabilities for general ledger and configurable accounting

Accounts payable

This includes the automation and tracking of payment to vendors and suppliers, with features such as payment scheduling, check printing, open purchase order alerts, document management, direct ACH bill payment, and vendor records.

Accounts receivable

This includes the management and automation of invoices and collections, with features like statements, invoices, receipts, payment reminders, customer records, auto billing, and refund checks.

Cash management

The software provides a complete picture of a company’s cash flows, streamlines payment processing, and includes cash forecasting.

Bank reconciliation

The software connects to a company’s financial institutions in order to reconcile accounting records with checking, savings and credit card accounts. Often month and year closing capabilities are included.

Expense management

The software can log and track business expenses and reimbursements, including travel-related expenses, with the ability to tie them to particular projects.

Time tracking

The software can track billable and non-billable employee time by project.

Fixed asset management

This includes the ability to track fixed assets (e.g., laptops), including location, check-in and check-out, maintenance scheduling, audit history, specialized property tax period reports, cost and depreciation.

Multi-currency support

The software supports transactions across multiple currencies.

Multi-division support

The software is flexible and supports bookkeeping practices along multiple dimensions such as locations, branches or products.

Regulations compliance

The software helps users adhere to typical accounting standards and regulations such as IFRS, GASB, or GAAP.

Electronic tax filing

The software provides a full electronic interface for the filing of repeatable taxes, such as payroll or sales tax.

Self-service portal

The software provides online portals for certain stakeholders to find information relevant to them, such as employees, vendors and customers.

Global Financial Support

Account using multiple ledgers, multiple currencies, and multiple entities

Primary and Secondary Ledgers

Record and report across multiple currencies and accounting standards with primary and secondary ledgers

Intercompany Accounting

Automatically balance and reconcile GL for intercompany transactions

Localizations

Meet reporting requirements with country-specific localizations

Journals and Reconciliations

Automate and synchronize ledgers and processes

Enterprise Accounting

Create accounting for disconnected ERP and non-accounting source systems

Configurable Accounting

Configure accounting rules and segments for each chart of accounts

Centralized Rules Framework

Integrate disparate ERP and transactional systems into single ERP instance

Standardized Processes

Centralize financial management to facilitate standardized financial processes

Inventory Management

The ability to track and manage the flow of goods or materials into and out of an inventory.

Inventory tracking

The software syncs orders and stock to maintain a real-time picture of inventory and supports multiple methods such as LIFO and FIFO.

Automatic reordering

The software can be set up to automatically reorder a good when it falls below a certain threshold.

Location management

The software can track multiple goods across multiple locations.

Manufacturing module

The software helps track and manage raw materials, work-in-progress items, and finished goods.

Order Management

The ability to process orders, and track them from quote to cash.

Pricing

Users can set up complex and unique pricing requirements.

Order entry

Users can enter an order once, and the data flows to all the necessary units such as fulfillment and billing.

Credit card processing

The software facilitates credit card processing.

Cost of goods sold

The software calculates the direct costs attributable to a finished product, such as materials and labor, and includes roll-up pricing.

Order Orchestration

Define and execute order fulfillment processes for products as well as services on the same order.

End-to-end order visibility

Get updates on orders, inventory, shipments, planned supply, and invoices, and improve the quality of decisions through in-context analytics

Order exception Resolution

Monitor fulfillment tasks and resolve issues, view and evaluate varios options via what-if analysis and define and enforce change order rules

Payroll Management

Provides for pay calculation and benefit plan administration, in addition to managing direct deposit, salary revisions and payroll tracking.

Pay calculation

Pay calculation provides for computation of employee pay with state and federal deductions.

Benefit plan administration

Benefit plan administration is administration of health insurance plans and 401k plans, and other benefits.

Direct deposit files

Direct deposit is the ability to electronically transfer pay to an employee’s personal bank account.

Salary revision and increment management

Salary revision is the ability to modify individual employee pay.

Reimbursement management

Reimbursement management provides cash reimbursement for employee expenses related to business travel or other.

Reporting & Analytics

Users can report on and analyze usage, performance, ROI, and/or other metrics of success.

Dashboards

Users can create, customize and share dashboards, which provide an overview of the most important metrics.