What is an online accounting package?

With an online accounting package you automate your bookkeeping by keeping digital records of and accounting for all purchases, bank transactions and sales. Nowadays online accounting packages offer many more different features than just functions for financial housekeeping. Below we discuss a number of important features that accounting packages often offer:

✅Automatic bank integration

The accounting package can automatically import bank statements every day. This way you do not have to download and import bank statements manually. Please note: not all accounting packages offer an automatic integration with all banks.

✅Scanning and recognising receipts and invoices

Scan and recognise software supports you throughout the entire process of digitally processing purchase invoices, sales invoices, receipts and other documents. This is often part of an accounting package, but in practice you also often see that an accounting package can integrate with scan and recognise software. This software is often much more extensive in terms of features than a scan and recognise module in the accounting software itself. If your company processes many receipts and invoices, it is advisable to buy a separate scan and recognise system.

✅Automatic booking suggestions

As mentioned, documents and/or invoices are recognised automatically. The scan and recognise software automatically reads the relevant data from an invoice. For a purchase invoice, for example, it recognises the invoice number, the supplier and the total amount including and excluding VAT. On this basis an automatic booking suggestion is made, so that the invoice is processed correctly in your accounts.

✅VAT return and integration with the Dutch Tax Administration (Belastingdienst)

An important part of bookkeeping is the VAT return. The accounting package automatically keeps track of how much VAT you are due to receive or pay. The software then prepares the return for you automatically and you can send it directly to the Dutch Tax Administration (Belastingdienst).

✅Digital archive

By law, entrepreneurs are required to keep all invoices and receipts. This even has to be for 7 years. An accounting package without a digital archive is therefore not advisable. In the accounting package or scan and recognise system, invoices and receipts are stored automatically. This lets you find your invoices quickly and easily.

In addition to the general 'must-have' accounting features, there are also a number of specific features that are essential for one company and not important for another.

✅Invoicing module

An invoicing module is a must if you have to send invoices to customers. With an invoicing module you can send invoices directly from the accounting package. All legal requirements that an invoice must meet are taken into account and you can often adjust the layout yourself.

✅Recurring invoicing

Does your company do a lot of recurring invoicing? Then this feature is a godsend. You set up an invoice once for a certain period and the software does the rest for you.

✅Online payments

Does your company invoice a lot of private individuals? Then it is wise to send a customer an invoice with a payment link on it, for example an iDEAL button. In practice you see that these invoices are paid much faster than an invoice without a payment link.

✅Payment file

Do you pay your invoices one by one via the bank? This can take a lot of time and cause frustration. An automatic payment file is then a good solution. The accounting package creates a payment file that you can import into the bank. You can then pay several invoices in one go.

✅Quotation module

You still see many companies making quotations in Word and Excel. This takes a lot of time and is error-prone. Many accounting packages include a quotation module. This way you can create and send quotations directly from the accounting package.

Do you really want to impress with quotations? Then quotation software that specialises in this is really something for you. Also read the article: Creating quotations with software

✅Have quotations approved digitally

Getting a quotation approved is often a cumbersome process. The customer has to print the quotation, sign it, scan it and send it back. With this feature a customer can accept the quotation online quickly and easily, so you always have a signed quotation behind your assignment.

✅CRM module

Do you have many customers? Then a CRM module is a 'must have'. Many accounting programs include this in a limited form. Do you really want an extensive CRM system? See below for the best CRM systems;

✅Payment reminders and debt collection

Unfortunately, customers sometimes do not pay on time, or even at all. That is annoying and costs a lot of time and effort. With this feature it is easy to remind customers automatically and to start a debt collection process.

✅Mileage tracking

If, as a freelancer, you drive a lot of kilometres, such as painters, construction workers and consultants, then a mileage tracking module is a must. It is handy to be able to record the trips you make easily and quickly and even invoice them on to the customer.

✅Mobile-friendly and/or mobile app

If you are often on the road, a mobile-friendly accounting package or mobile app is very valuable. Quickly checking your invoices or sending out one more invoice is then possible.

✅Projects and hours

If you work a lot on a project basis as a freelancer, you need to be able to keep track of the hours per project.

✅Inventory module

Do you have a business with a lot of stock? Then it is handy to have an inventory module. Please note: an accounting package does not have to be the place where you manage your inventory. If you have a shop with a POS system, for example, it makes more sense to keep track of your stock there.

Search, compare and select software

Are you convinced of the added value of an accounting package? Are you curious which software suits your business? Or do you want to integrate software to digitise your business further? Then click the "compare accounting software" button below and compare all accounting packages.

Would you like help finding a suitable software system? Then start the software selection tool with the “start software selection” button below, select the accounting features relevant to your business and find the software that suits your business.

If you still cannot decide, request a free software advice call and we will help you find the right business software for your company.

Also read:

• Switching accounting software
• The best accounting software for freelancers