What reporting options does accounting software offer?

Besides the array of features available in accounting software, the quality and quantity of reports
the system can generate differ widely. Some systems offer a vast range of reporting options with
virtually unlimited categories. Others just offer the basic reports: money in and money out. Here
are some of the better options.
Standard reports

The accounting system should be able to generate the customary reports used in business,
including income statements (profit and loss), balance sheets (assets and liabilities), statements
of cash flow, accounts receivable, accounts payable and payroll summary.

Customizable reports

A system that enables customizable reporting options allows you to create and compile any
report of your choosing. Look for a system that lets you easily add or remove columns in
standard reports, resize column widths, and remember custom reports so that it can duplicate
them in the future.

Graph summaries

Long lists of numbers can be difficult to interpret, so software that can translate data into
pictorial forms such as pie and bar charts can help you make sense of where your money is
going. Look for color-coding capabilities and the ability to display previous years on the same
graph for easy comparison.

Cost predictions

Reports are all well and good for helping you identify trends, but a system that can interpret data,
make statistical analyses, and produce forecasts can help you make financial decisions based on
facts, not guesswork. Look for systems that include budgeting, estimating and other cost
functions.

Subsidiary reporting

If you have multiple businesses, a system that can amalgamate certain financial aspects can give
you a better perspective of your entire portfolio, rather than making you estimate from individual
reports.