Introduction: Beyond Simple Debits and Credits
Double entry accounting is the basic foundation function of any general ledger software. But the "best" solutions go much further. Constituting the GL not as a passive historical reference but as an active, intelligent machine that powers efficiency, compliance, and strategic insight.
Selecting the appropriate platform is a choice that has a long-lasting effect. Here are seven key features beyond core accounting that you should look for to ensure you choose a system that can grow with your business.
The Essential Feature Checklist
Robust Core Accounting Engine
This is the non-negotiable foundation. The software has to consistently provide double-entry accounting while keeping the ledger balanced. It must include a flexible and scalable Chart of Accounts that can be adapted in line with your industry and core capabilities such as recurring journal entries and period-end closing tools.
Seamless Integration with Other Systems
A standalone GL is essentially a siloed GL. The right software natively integrates with other systems that are important for your business:
Accounts Payable (to keep track of bills and payments automatically.)
Accounts Receivable (to post invoices and payments from customers automatically)
Payroll (for automatic recording of payroll and income taxes)
Inventory Management (for COGS and inventory value updates).
It eliminates the need for manual data entry, minimizes errors, and provides real-time data accuracy by integrating e-commerce with logistics partners naturally.
Advanced Financial Reporting and Analytics
Seek software that provides more than just basic financial statements. Key capabilities include:
Custom report builder: building and saving of your reports with no IT skills.
Drill Down: Hitting on a report number to see the underlying transactions that created it
Financial Dashboards: Quick, visual snapshots of key performance indicators (KPIs) such as cash balance, days sales outstanding, and profit margins.
Multi-Dimensional functionality: The capability to slice and dice between departments/projects/locations or any segment you define.
Automation for Efficiency and Accuracy
Great GL software will automate any or all the grunt work, so your team can focus on the analysis. Essential automation features include:
Recurring Journal Entries: For expenses that are monthly in nature such as rent and depreciation.
Import and reconcile bank transactions automatically: To import and match bank transactions directly to ledger.
Journal Entry Approval Workflow: Routing entries for review prior to posting to enforce stronger internal controls.
Strong Security and Audit Controls
Your financial data is sensitive. The system must provide:
Role-based user permissions: Access control of each user in a pogo.
Extensive Audit Trail: A record of every single action in the system, which cannot be modified.
SOC 2 Compliance: Proof that the vendor has high security and data protection standards.
Scalability and Multi-Entity Support
Consider a Software That can Scale with You For example, if you intend to bring on additional locations, subsidiaries, or manage multiple companies, you will need a system that can provide a consolidated financial report on all entities as it simplifies a potentially complex task.
User-Friendly Interface
After all, what good is a powerful system if nobody can actually use it? A clean, simple, and intuitive interface can help minimize training, decrease likelihood of user error, and accelerate adoption across the finance team.
The Intersoft ERP Edge: A Platform That Hits All The Right Notes
Intersoft ERP is more than accounting software though, it is a complete business management platform with a general ledger as the heart. Our solution checks every box on this list:
Integrated Solution: Our GL is tightly integrated and comes with all other modules providing a single source of truth.
Robust, Actionable Reporting: We deliver robust financial statements right out-of-the-box, as well as deep, multi-dimensional analysis tools.
Enterprise-Class Security: Our system was designed with solid controls and audit trails built in.
Scalability You Can Count On: Our platform has been a best fit for progressively complex growing businesses for 43 years.
Conclusion
The general ledger software that you decide to invest in is investment into your organization financial IQ Focusing on these seven core features can help you identify a solution that not only maintains accurate books but is also a strategic partner that offers the clarity, control, and efficiencies needed to support your growth efforts in a sustainable manner. Visit Intersoft ERP now and book a free demo.
