Automation technology can be extremely beneficial in accounting. Accountants today must have a strong understanding of technology literacy. Digital advances are driving the growth of the global accounting service market. As accounting software becomes more common in the workplace, more companies are recognizing its potential.

According to projections, the accounting market will grow at a % CAGR between 2021 and 2030 of 19.6%, reaching $70.2 Billion. Accounting software tailored to your needs offers many benefits, such as tax compliance, balance sheets and income and expense statements, payroll, and cash flow analysis.

Automation of processes saves money and time and reduces errors. It opens up new growth opportunities in the market.

This article will discuss why you should build custom accounting software. It will also cover its features that must be included, the development process step-by-step, and an estimate of costs.

By reviewing the case of instant image processing for online accounting, we will discuss Inoxoft's experience with custom accounting software and software integration.

What is Account Management Software (CMS)?

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Account management software helps businesses manage customer relationships and accounts. It is a central platform that stores and organizes customer data, interactions, and transactions.

Software typically has features like contact management, tracking customer communications, sales, and lead generation, invoicing and reporting, and analytics.

Account management software helps sales teams, customer service departments, and account managers streamline their operations, improve customer relationship management and manage customer relationships. It helps businesses track and monitor customer interactions, manage sales, identify cross-selling and upselling opportunities, and provide personalized customer service.

Software that integrates with CRM systems, email platforms, financial software, and other tools to manage customer accounts is a common feature. Account management software increases efficiency and customer satisfaction by automating tasks and providing access to real-time customer data.

Account Management Software: The Main Steps

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If you want to know how to create account management software then it is crucial to go on and read this section carefully. Let's look at the major steps in the development of account management software.

  • Type of Software

    Start by choosing the type of project. Accounting systems come in different forms: spreadsheets, commercial goods, enterprises, etc. Spreadsheets can be used to perform simple tasks. Small businesses can use them.

    Software for medium-sized businesses is suitable. It has several features for managing finances. Large corporations are the ones who use them. Account management software provides workflow optimization tools, solution planning, and more.

  • Research & Estimation

    Before engaging a specialist, you should investigate the price of designing accounting software. Outsourcing specialists are highly recommended. You can contact experts in the field to get an estimate of costs. You will get an estimate of the cost of accounting software development at this stage.

    The price is almost always clear, but sometimes, some extra procedures may occur during the development process of account management software which will increase the cost. Later, we will discuss pricing in more detail.

  • Plan Your Business & Create Templates

    Planning is the most crucial part of any business. Many successful businesses were well-planned. Hire software developers and specify the deadlines. Consult someone who has experience and knows how to create account management software.

    It is now time to start working on the visual aspects of the project. Imagine how your web software might look. Do not be afraid to draw sketches and send them to programmers. It will help you as well as a web designer.

    Consider the features you would like to include and the ease of use. Professionals do the main task. However, as a client, it's your responsibility to provide feedback to the programmers.

  • Software Development

    It will take time to complete this step. Do not rush - you want to ensure the project is as good as possible. It is the most important part of your work.

    The most popular and useful methods of developing account management software are the Waterfall Model (also known as the V-Model), the Incremental Model (also called the V-Model), the RAD Model (also known as the RAD Model), the Agile Model (also known by the name Agile Model), the Iterative Model and the Spiral Model.

    Each has its unique features and characteristics of enterprise mobility solutions. This method allows for the cycling of all stages. Developers can assess the results after each iteration.

    During Sprints, the team should implement approved plans. In the Retrospective phase, you can discuss the current pros and cons, make changes and plan the next period.

  • Security & Beta Testing

    It is a crucial step, especially for large projects. The basic function of multiple access may suffice if you're creating an accounting solution for small businesses. For larger companies, data security is a major concern.

    Loss of personal data can have serious consequences. Encrypting financial data is the best way to safeguard data. Double-checking is always better than making a mistake.

    The project is never going to be completed. The project is a continuous process that requires periodic maintenance and updating. It is best to beta test before the actual development of account management software to ensure that the user interface has been well thought out and to fix any bugs.

  • Launch & Maintenance

    You will be glad to launch your account management software, whether it's web-based or cloud-based. Hire a software product development company to help you maintain your accounting software. The software should always be under professional supervision if you need to make changes or add anything.

Custom Accounting Software Must Have Features

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You will need to research, identify your goals and target market, set your budget, and ask for quotes from vendors before creating a list of features. Let's start by looking at the features that your accounting software should have.

  • VAT Calculations

    At the end of every tax period, your accounting program should calculate VAT and generate reports. This feature in key account management software saves accountants time and helps them avoid errors.

  • Payroll Management

    Payroll processing allows you to keep track of your employee's salaries and the money spent on them. The accountant can enter the wage per employee for each day and month. The software can calculate the total compensation for a specified period, including taxes and bonuses.

  • Reports

    Your employees must deliver monthly, weekly, and annual reports to the tax services. Account management platform can be created to generate these reports automatically without the involvement of employees. This feature will improve your company's financial operation while helping accountants to send information faster to tax services.

  • Invoice Processing

    In most cases, processing invoices requires the attention of multiple employees. With high-quality accounting software, it will be much easier. The invoice processing feature can also help your business improve client communication. This feature allows you to store your customers' names, addresses, and other personal information.

  • E-Payments

    Many people today prefer to pay online. Your accounting practice management software must include an option for online payments. Digital payments allow customers to spend directly from their bank accounts.

  • Multi-Level Access

    Security of data is important, especially when it comes to confidential information and financial records. Multiple access levels are the most popular way to protect data.

    Software engineers usually create different access levels for administrators, accountants, and managers. It is a great tool to assign permissions according to an employee's role in large organizations with hundreds or thousands of people.

  • Integration With Other Systems

    Many large companies use multiple platforms at the same time. To grow your business in the future, you need to have software that can interact with other systems.

    Manager accounting software should be compatible with e-commerce, banking, and filing systems to streamline accountants' workflow. These integrations will make the financial process run more smoothly.

  • Tracking Expenses

    Accounting systems should track expenses such as bank transfers, reconciliations of receipts, etc. Your employees should be allowed to take and upload images of receipts to keep everything together. You can track your receipts and compute expenses based on recurrent payments using accounting software.

  • Bank Account Linking

    You must be able to connect your bank account to your accounting program for convenience, automation, and accuracy. Your program should support fintech platforms and banks' most common file types, including OFX, QIF, and CSV.

  • Graphics

    Accounting professionals and managers can better visualize the data if they see a structured report as a single or another type of graph. Illustrations help to highlight important points within the reports. Pie charts make it easier to compare reports.

How to Make Accounting Software Secure?

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You can enhance the security of your best account management software by implementing various measures. You can enhance the security of accounting software by taking these steps:

  • Use Secure Coding Techniques

    Assure that software is created using secure coding techniques. Follow industry-standard frameworks and guidelines such as the Open Web Application Security Project to prevent common security flaws.

  • Implement User Authentication Controls And Access Control

    Use robust authentication techniques, such as multi-factor authentication or passwords, to confirm the users' identities. Implement granular access controls that only allow users to access the features and information they require.

  • Encrypt Sensitive Data

    Encrypt sensitive information, including financial records, credentials, and personally identifiable data (PII). Encryption protects data both in transit and when it is at rest. It makes it unreadable by unauthorized individuals, even if they have access.

  • Update And Patch Your Software Regularly

    With the most recent fixes and upgrades, update your accounting software. Updates and patches are frequently released by software providers to address known vulnerabilities.

  • Implement Strong Password Policies

    Users should be required to follow strict password policies, which include complex passwords consisting of a mixture of uppercase, lowercase, numbers, and special characters.Encourage people to utilise password managers and to update their passwords frequently.

  • Regularly Audit And Test Your Security

    Conduct regular vulnerability assessments and security audits to identify weaknesses in software. Conduct penetration tests to uncover security flaws and simulate real-life attacks.

  • Use Firewalls And Intrusion-Detection Systems (IDSs)

    Implement firewalls to secure the network on which the accounting software is located. Configure firewalls so that they only allow necessary traffic and prevent unauthorized access. Use an IDS for detection and response to suspicious activities or unauthorized attempts.

  • Implement Data Backup And Recovery Procedures That Are Secure

    Back up accounting data regularly and store them securely offsite. Regularly testing the data recovery process will ensure that backups can be recovered successfully if necessary.

  • Users Education On the Best Security Practices

    Users should be educated on the best security practices. It includes recognizing phishing emails, avoiding suspect downloads, and carefully sharing sensitive information. Education and awareness of users are essential to prevent social engineering attacks.

  • Log And Monitor Activities

    Implement account management software tracking features for user behaviour and system events. Review the logs frequently to spot any unauthorised or shady activities.

  • Secure Communication Protocols

    Verify that the accounting software utilizes secure communication protocols such as HTTPS to encrypt the data sent between the software's devices and the users. It protects against data theft and eavesdropping.

  • Regularly Evaluate Third-Party Integrations

    Regularly assess the security of your account management software and any third-party components.

    Following these security measures will help you improve your accounting program's security and safeguard sensitive financial information from unauthorized access. It's important to keep abreast of new security threats to adapt to changing risks.

Cost to Build Custom An Accounting App

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We'll talk about the cost of custom accounting management software. The development cost varies on cost to hire dedicated software developers and other factors include duration of development, features, etc. Project costs range from $10,000 for small-budget projects to $30,000 or more for large companies. The gap may seem large, but each application is unique and requires much work.

The standard software development cost in the US is $10 an hour. You can then calculate the cost of your project based on how many specialists you have hired.Small businesses can afford the average cost of a project between $10,000 and $20,000.

A mid-sized project with complex tasks will usually require more developers and maintenance. The expense will rise as you include additional features. Prices can sometimes reach $20,000 or even $30,000 and more.

Costs are higher for large projects that require an enormous workload of employees and complex automatic functions. Prices start at $40,000 but can go up depending on individual circumstances.

How Can Dev Technosys Help You Build An Account Management Software?

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Dev Technosys is an incredible custom software development company that can assist you in developing account management software tailored to your specific requirements. With our expertise in software development, they can design a comprehensive solution that streamlines account management processes, enhances efficiency, and improves customer experience.

Our team of skilled developers can create intuitive user interfaces and robust backend systems and incorporate advanced features like user authentication, data encryption, and reporting tools.

Dev Technosys follows a collaborative approach, involving you throughout the development cycle to ensure the software aligns with your business goals with effective CRM software development services. Our commitment to delivering high-quality, scalable solutions makes them an ideal partner for building your account management software.

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