Empowering Employees With Automated Cloud Accounting Software
Discover how essential workplace tools embedded in our cloud accounting software can empower and motivate your accounting team, leading to greater efficiency.
Eleven's Financial Reporting, General Ledger, and Bank Reconciliation features cracked Capterra's top accounting software charts!
Capterra analyzed user reviews and ratings to compile a list of the best accounting software options, and Eleven was selected as a top choice.
In this article
In order to bring you the most relevant information about accounting software, Capterra selected and evaluated key features based on user feedback. They asked users to rate different features on a scale of "low importance" to "critical," and focused on those that received the highest percentage of "highly important" or "critical" ratings.
To be considered, each feature had to have at least 200 user ratings, with at least 20% indicating the feature is "critical." Financial reporting, General ledger, Bank reconciliation, Expense tracking, and Billing & invoicing formed the top 5:
After identifying the key features, the Capterra team evaluated user ratings for products that offer each feature to determine the top-rated ones. Reviewers rated each feature on a scale of one to five stars. Short-listed products had to have at least 20 user ratings (between January 2021-23) for the feature in question to be considered.
Eleven software for professional practice got featured in four out of five categories! Let's have a look at each of those features and see why Eleven is so special in delivering them to accountants.
Financial reporting is paramount for any company, as it allows you to keep your business healthy and compliant. Basic financial reporting functionality usually includes standardized reports and financial statements like balance sheets, cash flow, and income statements. Extended reporting may include customized reports and/or reports that contain non-financial data, like USF. The most advanced software capability is custom reporting and BI, which allows accountants to accumulate, visualize, and share accounting data, making it more accessible for decision-makers.
With Eleven, you get real-time standardized reporting — P&L, Balance Sheet, Account Detail, Statement of Account, General Ledger, Aged Payables & Receivables — with advanced capabilities such as period comparison, filtering, and adding notes. On top of that, you can always drill down to see details about payments, invoices, and journal items with minimal clicks.
All the standard reports can be customized in the Custom reporting & BI module, or you can create reports and dashboards from scratch, letting your clients track metrics specific to their business. How does this work? Eleven BI aggregates accounting data from various data sources, cleans it up, and presents it in a familiar spreadsheet-like interface. Then, you can combine different financials and build charts and graphs to identify trends or monitor dynamics.
The BI module has been recently updated by a Metabot – a ChatGPT powered bot that helps you to quickly retrieve data from the database, allowing you to answer your clients' questions literally in no time. All this ensures maximum business transparency and vast opportunities for advisory.
General Ledger is the heart of any accounting software and #2 key feature, according to Capterra. The main GL characteristics are scalability, flexibility, and speed. These characteristics are even more important for professional practice, as accountants can have clients with different transaction volumes and currencies.
Eleven GL allows accountants to quickly prepare books, send them for approval, and release transactions for posting, no matter how big or small their client is. It also has advanced filters that allow them to find a specific entry or account in no time. But what really makes Eleven GL so special is that it can handle 10, 100, 1000, 10 000 transactions without slowing down.
Other key GL characteristics are:
Laser-focused on the needs of the accounting firms, Eleven is streamlining the most tedious and time-consuming bookkeeping tasks: data input and document management. The latter is integrated in Eleven, so you can keep all your supporting docs next to the respective Journal entries. All the attached documents can be easily filtered, previewed, and downloaded. There is a separate section for the cross-fiscal year documents like incorporation certificates or employee contracts.
For easy and fast data input, Eleven is forecasted to implement OCR technology paired with ChatGPT 4. Such a combo will allow to perform data recognition, cleaning, and structuring, so that an accountant gets all the data scanned to the system without errors. The roll-out of the features is planned for Q4 2023. Meanwhile, there are handy templates that help import data to Eleven with minimum effort.
Shifting to another software solution is a big step, especially in such data-heavy industries as accounting, that's why Eleven team facilitates the migration at every step. First, we do a free 30-day trial with unlimited access to the system. The trial begins once a firm has its account set up and running. You need data to see Eleven in action, and there are two options to consider:
If you decide to test-drive the system with the real-life data, the migration is on us, free of charge, and will take less than a day. After that, our customer success team will do a substantial onboarding training, providing you with all the needed guides and instructions. Book a demo today to see Eleven in action!
See what Eleven can do for you
Book a personal live demo to see how Eleven can streamline your accounting practice and tasks.