In this digital age, learning how to use and make the most of tools like software and programs can help you keep track of and analyze large amounts of data. Finance is no exception to this rule, as transactions and important financial information are in constant motion.
Previously, we highlighted the importance of financial literacy for students. Financially literate students gain a professional edge for pursuing a career in accounting, finance, or business administration. Most employers need employees with advanced technical skills to bolster their finance departments. As such, having advanced financial and relevant software knowledge can help a student stand out in an increasingly competitive market.
Fortunately, there are many different kinds of software students can experiment with to help them learn the ins and outs of finance-related and accounting software. In this post, we’ll share four software students can use to prepare for an accounting career:
Revenue management software
Regardless of the sector or industry, businesses and organizations practice revenue management to analyze and predict movements in demand and company cash flow. To do so, accountants play a crucial role in overseeing money movements in and out of a company to ensure everything is on track and without errors. Typically, accountants use software programs to do this efficiently, thanks to features such as automation and analytics. SOFTRAX’s revenue management software helps automate various billing and revenue recognition aspects, allowing accountants and companies to spend less time and resources managing revenue. Instead, businesses can make time to focus on profit-generation strategies.
Some revenue management software, like SOFTRAX, also offer support for complex billing models depending on the business’s products or services, contract renewal management, as well as processes for compliance with revenue recognition requirements like ASC 606 and IFRS 15. As such, familiarizing one’s self with revenue management software can help prepare students for the technical and back-end knowledge required for business accounting.
Cloud accounting software
Cloud accounting software allows accountants to store and process important data to cloud providers, allowing multi-user access for better transparency and efficiency in collaborative projects. Today, many organizations have adopted cloud-based accounting solutions to boost flexibility and adaptability while helping improve the quality of their products or services. 52% of financial professionals cite efficiency and process improvements as the top objectives for this rise in adoption. Meanwhile, businesses note that adopting the cloud can contribute to sustainability performance, transparency, and regulatory compliance.
Using cloud accounting software, accountants can more easily interact with clients, allowing them to make informed decisions. Some notable features of using cloud technology for accounting include automated invoice management, reducing the time required from manual data entry. Accountants can also generate instant, detailed reports and forecasts using cloud accounting software for a more collaborative and consultative approach.
Spreadsheets
A key accounting software that may be overlooked in this day and age is the spreadsheet. For students prepping for a career in accounting or finance, spreadsheets may be a more familiar occurrence than other forms of accounting software. Most computers come with a spreadsheet computer program like Microsoft’s Excel, and many cloud-based work suites also offer their own approach to spreadsheets, such as Google Sheets. With the right mastery, spreadsheets can handle simple operations like math to more complex processes like drawing up budgets for large companies.
Using spreadsheets, accountants can analyze data at faster speeds and generate visualizations for more complex processes and calculations. This is especially useful if you’re interested in non-accounting finance-related roles. Using the correct formula and scripts, accountants can also automate routine accounting and financial reporting procedures. Even as companies continue to adopt AI and cloud tech, Excel and spreadsheet knowledge remains a sought-after skill in the job market.
Enterprise resource planning (ERP) software
Finally, students should also look into enterprise resource planning software. These software help integrate information from various parts of a business into a single database or system. This is especially useful in larger companies and businesses that deal with inter-departmental processes and communications. One of the downsides of ERP software, however, is that it is considerably expensive and may take time to install as they are typically tailored to specific business or organizational needs.
An example of ERP software includes Oracle, which offers accounting software and options for you to integrate necessary accounting data into its ERP system. Unfortunately, given the complex structure and many processes required with enterprise resource planning software, there aren’t a lot of options for students to access or learn using the software. However, knowing the basics of accounting software and tools mentioned above can help prep students for future ERP use.
