When you’re building or managing a business, particularly in the US, bookkeeping isn’t just about keeping financial records tidy. It’s about staying organized, compliant, and ultimately making better business decisions.

For entrepreneurs looking to maximize efficiency, the right bookkeeping software isn’t just a luxury—it’s a necessity.

Whether you’re handling transactions, tax obligations, or simply ensuring your finances are on point, the right software takes the weight off your shoulders.

And with platforms like doola, which not only covers bookkeeping but also offers company formation, tax management, and more, you’re free to focus on growing your business while leaving the financial heavy lifting to the pros.

Sign up for a demo today to experience the full dimensions of doola’s Bookkeeping software. 

Here’s a breakdown of the features you should prioritize when choosing bookkeeping software.

What Is Bookkeeping Software, and Why Do You Need It?

Bookkeeping software is a digital financial assistant. It automates and simplifies how you track your business’s income, expenses, invoices, and overall financial health. Think of it as moving away from piles of paperwork and spreadsheets into a world where you get real-time financial insights at the click of a button.

If you’re an entrepreneur setting up or running a US business, you need bookkeeping software because:

• it saves time
• reduces errors
• and keeps you compliant with tax regulations.

It also helps you manage cash flow, keep track of expenses, and prepare for tax season without scrambling to find receipts or manually tally up numbers.

It’s not just about staying organized—it’s about giving yourself the ability to make smarter, data-driven decisions as your business grows.

10 Essential Features to Look for in Bookkeeping Software

1. Core Accounting

At the heart of any good bookkeeping software is core accounting functionality. This includes the basics—income tracking, expense management, general ledgers, and bank reconciliations. The software should give you a clear snapshot of your business’s financial position at any given time.

Whether it’s tracking transactions or generating financial statements like profit and loss (P&L) or balance sheets, these core features ensure you’re always on top of your finances.

doola, for instance, makes this process seamless by automating much of the heavy lifting so you can focus on strategy rather than day-to-day number-crunching.

2. Payroll Management

For businesses with employees, payroll is an essential feature to consider. Your bookkeeping software should integrate payroll management to automate payments to your staff, calculate taxes, and ensure compliance with federal and state regulations.

It’s not just about making sure your employees get paid on time—it’s also about correctly handling things like tax withholdings, benefits, and deductions.

By integrating payroll with bookkeeping, you can streamline the tracking of every penny moving through your business, avoiding any compliance headaches down the line.

3. Budgeting and Forecasting

When running a business, you need to know where your money is going and how to prepare for the future. Advanced bookkeeping software includes budgeting and forecasting tools that help you plan for expenses, set financial goals, and analyze trends.

These features let you build future financial models based on your current data, allowing for more intelligent decision-making and resource allocation.

Software like doola can be instrumental in helping you anticipate cash flow needs and future growth opportunities by generating accurate forecasts based on your actual performance.

4. Billing and Invoicing

Billing and invoicing are often overlooked but critical features of bookkeeping software. Sending professional, customized invoices, tracking payment status, and automating client reminders are critical to maintaining healthy cash flow.

The right software should help you create and send invoices easily, automate payment reminders, and ensure that everything is tracked without manual input.

With integrated billing and invoicing tools, doola ensures that entrepreneurs are always on top of their receivables, making it easier to get paid on time and avoid cash flow issues.

5. Project Accounting

For businesses managing multiple projects or clients, project accounting is a must-have feature. This allows you to track expenses and income on a project-by-project basis, ensuring that each initiative is profitable.

Whether you’re running a construction company, a marketing agency, or a tech startup, being able to isolate financial data for each project helps you monitor its success and identify areas for improvement.

Bookkeeping software with project accounting features ensures that no matter how many projects you’re juggling, you have a clear understanding of where money is being made or lost.

6. Asset Tracking

For companies that own physical assets—like equipment, vehicles, or property—asset tracking is a vital feature. Your bookkeeping software should be able to track the value of these assets over time, manage depreciation schedules, and calculate the impact of these on your financial statements.

Having a clear picture of your assets’ worth ensures accurate bookkeeping and helps you make informed decisions about selling, replacing, or maintaining critical business assets.

7. Reporting and Analytics

One of the most valuable aspects of any modern bookkeeping software is its ability to generate customized reports and analytics. These insights allow you to track KPIs (Key Performance Indicators), profitability, cash flow, and other metrics essential to running your business.

It would be best if you had software that can generate comprehensive financial reports at the touch of a button, helping you make informed decisions quickly.

With doola’s reporting and analytics tools, you’re not just seeing numbers—you’re understanding what those numbers mean for your business’s health and trajectory.

8. Mobile Support

In today’s fast-paced world, mobile support is more than a nice-to-have—it’s a necessity. Mobile-friendly bookkeeping software allows you to access financial data on the go, track transactions, send invoices, and check reports right from your smartphone or tablet.

doola’s mobile functionality ensures you have access to your financial data wherever you are, letting you handle accounting tasks without needing to be in front of a desktop.

9. Tax Management

Tax season is one of the most stressful times for entrepreneurs, especially when you’re managing a US business with strict tax regulations.

Your bookkeeping software must include tax management tools to help you track deductible expenses, generate tax reports, and ensure you’re prepared when it’s time to file. A sound system can automatically calculate sales tax, manage tax forms, and integrate with tax filing systems.

doola’s tax management tools go hand-in-hand with its bookkeeping features, ensuring you’re always compliant with US tax regulations while minimizing the amount of time you spend preparing for tax season.

10. Integration with Other Software

Finally, one of the most essential features to consider is integration. Your bookkeeping software should connect seamlessly with other tools and systems you use, such as payment gateways, CRMs, project management tools, and e-commerce platforms.

This ensures that all your data flows smoothly across systems, reducing manual entry and the risk of errors.

doola, for instance, integrates with banking systems and other business tools, creating an all-in-one platform for streamlined and centralized financial management.

Why Choose doola’s Bookkeeping Software

Choosing the right bookkeeping software is essential for any entrepreneur managing a US-based business. From handling payroll to automating invoicing, generating forecasts, and staying tax-compliant, the right software allows you to focus on growing your business while leaving the financials in capable hands.

With platforms like doola that offer comprehensive bookkeeping, tax management, and company formation services, you get an all-encompassing solution that keeps your business running smoothly without adding to your workload.

Book a demo today for doola’s bookkeeping software. 

FAQs

Why is bookkeeping software essential for entrepreneurs?

Bookkeeping software simplifies financial management by automating tasks like income tracking, expense management, and tax compliance. It saves time, reduces errors, and offers real-time insights to help entrepreneurs make data-driven business decisions.

What core features should I look for in bookkeeping software?

Key features include core accounting (income/expense tracking, financial statements), payroll management, billing and invoicing, budgeting and forecasting, project accounting, asset tracking, and tax management. It should also offer reporting and mobile support.

How does bookkeeping software help with tax management?

Good bookkeeping software includes tax management tools that track deductible expenses, generate tax reports, calculate sales tax, and integrate with tax filing systems to keep your business compliant with regulations.

Can bookkeeping software manage payroll for employees?

Yes, many bookkeeping platforms offer integrated payroll management, automating payments, tax withholdings, and ensuring compliance with federal and state regulations.

How does doola stand out as bookkeeping software for entrepreneurs?

doola offers an all-in-one solution, combining bookkeeping with company formation, tax management, and financial reporting. Its integration with other business tools, mobile accessibility, and automation features help entrepreneurs focus on growth while streamlining financial management.