Whiz Consulting Announces The Addition Of New Features In Their Accounting Software Services

Gordon, Australia, 2022-Jun-30 — /EPR Network/ — Keeping track of your finances can be challenging for any business owner. It’s important to keep track of everything from bookkeeping to tax compliance. However, if you choose software with reliable features, you can streamline all these processes.  

In light of that fact, Whiz Consulting has announced new features in their accounting services software that can simplify accounting activities for businesses. In addition to the new features, the company has created a wide range of services designed specifically for Australian businesses, including bookkeeping, payroll, and taxation. 

With these new features, businesses can significantly cut down on their accounting and bookkeeping costs by outsourcing their accounting requirements to Whiz Consulting. Business owners in Australia can now rest assured that this is one of the most relieving moments in their business history.  

The Cloud-Based Solution 

During the period of cloud-based accounting software, there is no doubt that the cloud-based solution has quickly become the preferred choice of many Australian businesses. A cloud-based solution offers many advantages over an on-premise solution, of which the following are some: 

  1. Cost savings: 

You will not have to buy costly equipment upfront if you choose a cloud-based solution. It is much more affordable to pay a monthly subscription fee than a lump sum yearly. 

  1. Ease of scalability: 

The advantages of a cloud-based solution are that it can be scalable up or down easily to meet the changing needs of your business. It is especially useful for businesses with seasonal fluctuations or those experiencing growth. 

  1. Flexibility: 

An on-premise solution provides great flexibility, but cloud-based solutions provide even greater flexibility. With an Internet connection, you can access your accounting services software from anywhere, in addition to the ability to share data with members of your staff. 

  1. Keeping data protected: 

An on-premise solution does not offer the same level of security as a cloud-based solution. It is imperative to remember that your data is stored securely offsite and is regularly backed up so that you are not liable for losing data. 

 It’s hard to believe what new features could ease the task of doing business. Let’s see what Whiz Consulting brings to the table:  

  • Accounts receivable 

In an accounting system, customers’ owed amounts (accounts receivable, or A/R) and payments should be kept track of.  

  • Invoice processing:  

It is critical that accounting software can handle invoicing at the least. It is important to know who owes you money, how much they owe, and when they will pay you. 

  • Accounts payable 

A company needs to keep track of what it owes, even though nobody likes paying bills. Depending on your accounting system, you can handle your fund outflow in various ways. The best features of accounts payable (A/P) are listed below. 

  • Purchase orders: 

Accounting software is primarily used to keep track of your purchases and owing amounts. Still, there are many variations in how it handles these tasks, from just producing purchase orders to following quotes across all stages of purchase and payment. 

  • Vendor credit memos: 

It’s easy for businesses to lose track of all the credits they receive from vendors, either as rewards or rebates. However, a system that tracks credit memos is crucial to keeping costs down. 

  • Automatic payment: 

Many A/P modules enable you to automate your payment processes, ensuring your payments are not delayed. You can schedule bank checks and direct deposits and print checks. 

  • IFRS tax forms: 

A database of the most commonly used tax forms can be very time-saving.  

  • Account reconciliation 

The software you choose should be able to track multiple accounts and reconcile them. You must include a general ledger function in your program and a chequebook reconciliation function. 

  • Getting ready for bank deposits: 

These days, it is unheard of to hear about a financial software package in the modern-day that cannot handle the set up of electronic deposits, but you should check that it can handle electronic payments as well. 

  • The handling of checks:  

If you make any payments by checks, you’ll find that a system that can manage them, process them and print them will save you a lot of time. Check out other features, such as the ability to void checks and the notification of duplicate checks. 

 About Whiz Consulting  

 Whiz Consulting is a growing specialized provider of bookkeeping, accounting, taxation, and advisory services targeting Australian businesses. 

 Through these new additions to our accounting software program, we will be better able to streamline businesses’ accounting processes so that they can save time and money. Whiz Consulting has rolled out these new features to give their clients the best possible service. 

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