Q. I have a small business and have little accounting background. Can I take benefit from Lumensoft Lightwave Accounting Software?
Yes. Lumensoft Lightwave Accounting Software is extremely easy to use and yet it is powerful enough to give complete insight into the business. It manages all ledgers and provides essential financial statements like trial balance, balance sheet, and income statement.
Q. I run three (3) businesses and I want to manage separate accounts for these. Also I would like to roll up and see combined picture of all my three businesses. Can Lumensoft Lightwave Accounting Software do this for me?
Yes. Lumensoft Lightwave Accounting Software is can be configured as multi-company accounting system. You all three businesses can be defined as separate companies into the system and accounts will be managed separately. You will be able to generate financial statements like trial balance, balance sheet, and income statement separately for each of the three companies. Also you will be able to generate combined financial reports like balance sheet.
Q. How much effort is required at the close of financial year? Do I need to adjust the profit and loss ledgers and make them zero? What happens if I need to reopen the financial year?
Lumensoft Lightwave Accounting Software makes it very easy to close a financial year. If required, any closed financial year can be opened by administrator. At year end the financial year is closed and all balance sheet entries are automatically moved to the opening accounts of next year and year end profit/loss is automatically calculated by the system and posted in respective account.
Q. I have seen some software which restrict the ledgers to be viewed within a particular financial year. It is possible to view ledgers across multiple years?
Yes. Lumensoft Lightwave Accounting Software allows you to view any ledger for any period. This period may extend across multiple years. The software automatically handles the year closing process for ledgers.