МcMaster
Accounting Software
Description of McMaster Accounting Software
McMaster is accounting software designed to manage and automate financial and accounting processes across one or more companies. The system combines accounting, invoicing, banking operations, asset management, contracts, and financial reporting in a single working environment. The software can be configured according to the individual chart of accounts, organisational structure, and reporting requirements of the specific business.
Which businesses is McMaster accounting software suitable for?
McMaster is suitable for companies looking for a specialised accounting and financial control solution without requiring the full functional scope of an ERP system.
Main Areas and Processes Managed by the System
Accounting
McMaster provides a flexible environment for organising accounting records according to the company’s structure and activities.
This area includes:
- creating an individual chart of accounts
- working with analytical and synthetic accounts
- managing accounting registers
- entering daily transactions
- working simultaneously in different reporting periods
- automatically updating registers with each transaction
- using revenue and cost centres
- automatically retaining account balances
- procedures for reporting value
- automated accounting of documents
- checks to prevent errors
- linking original documents to accounting entries
The system allows the accounting model to be adapted to the company’s specific requirements instead of forcing the organisation to follow a predefined structure.
Automated Invoice Processing
McMaster provides capabilities for faster invoice entry and accounting.
The processes may include:
- automatic recognition of the invoice number
- recognition of the document date
- recognition of the amount
- identification of the counterparty
- automatic completion of key data
- accounting with minimal user intervention
- attaching the original document to the record
- checking the entered information
- tracking the link between the document and the accounting transaction
- reducing repeated manual data entry
According to the information provided on the product page, automated processing can accelerate document entry by up to 80% compared with fully manual work.
Invoicing and Sales Documents
The system enables the issuing and automatic accounting of various sales-related documents.
The functionalities include:
- issuing invoices
- creating documents in Bulgarian lev and foreign currencies
- automatic accounting of issued documents
- using invoicing templates
- defining a trade discount for the entire document
- setting a discount for an individual item
- linking the sale to a specific sales representative
- tracking turnover
- automatically sending invoices by email
- monitoring payments against issued documents
- managing credit policies
- control over uncollectible receivables
Automatic accounting removes the need to enter the same transaction separately in the invoicing and accounting systems.
Working with Currencies
McMaster is suitable for companies that carry out transactions in more than one currency.
The system supports:
- an unlimited number of currencies
- exchange-rate history
- connection to the Bulgarian National Bank
- issuing documents in foreign currencies
- accounting for foreign-currency transactions
- procedures for currency revaluation
- automatic reporting of exchange-rate differences
- reports in foreign currencies
- tracking balances by currency
- working with counterparties from different markets
This facilitates the accounting processing of international payments, deliveries, and sales.
Banking Operations and Payments
Receivables and Liabilities Management
McMaster provides tools for monitoring financial relationships with customers and suppliers.
The system allows:
- tracking receivables by document
- monitoring liabilities to suppliers
- identifying overdue payments
- grouping customers according to their payment behaviour
- setting credit limits
- applying a credit policy
- sending automatic reminders
- automatically confirming balances
- sending bulk emails to counterparties
- analysing expected cash inflows
- controlling high-risk customers
- tracking payments against specific invoices
These capabilities support better collection rates and provide a clearer view of short-term cash flows.
Asset and Depreciation Management
The accounting software enables centralised management of the company’s fixed and low-value assets.
The processes include:
- registering new assets
- entering detailed information for each asset
- automatically calculating depreciation
- automatically accounting for depreciation
- processing an unlimited number of assets
- tracking low-value assets
- monitoring short-lived assets
- preparing an accounting depreciation plan
- preparing a tax depreciation plan
- creating an inventory register
- generating reports on asset status
- tracking changes over a selected period
Automation makes period-end closing easier and reduces the risk of omitted or incorrectly calculated depreciation.
Contract Management and Recurring Invoicing
McMaster enables contracts and their related financial operations to be managed within a unified system.
This area includes:
- digitising contracts and agreements
- centralised storage of information
- entering detailed parameters
- tracking deadlines
- automatically issuing recurring invoices
- automatically sending invoices
- managing framework agreements
- tracking accumulated turnover
- monitoring contract performance
- managing bonus schemes
- tracking marketing budgets
- linking contracts with counterparties and documents
This is suitable for companies offering subscription services, rentals, recurring maintenance, or long-term commercial relationships.
Reports, Statements, and Financial Analysis
McMaster provides standard and customised reports for accounting and management analysis.
The system allows:
- generating standard accounting reports
- automatically preparing an income statement
- automatically generating a balance sheet
- preparing a cash flow statement
- using multiple filters
- selecting indicators and reporting periods
- customising the report layout
- saving frequently used formats
- reloading ready-made templates
- exporting to Excel
- generating PDF files
- direct printing
- sending reports by email
This allows the same accounting information to be presented in different ways according to the needs of accounting teams, management, or external partners.
Key Advantages of McMaster Accounting Software
Flexible accounting model
The system can be adapted to the individual chart of accounts, analytical structure, and organisational model of the specific company.
Automation of repetitive operations
Invoices, bank payments, depreciation, recurring billing, and financial reports can be processed with limited manual intervention.
Work with multiple companies and reporting periods
The software supports parallel work with different companies and accounting periods, while the registers are updated as transactions are processed.
Prevention of accounting errors
Built-in checks at key stages of the workflow help identify omissions and inconsistencies before transactions are completed.
Better financial control
Receivables, liabilities, credit limits, contracts, assets, and banking operations can be monitored within a single system.
Automatic accounting entries
Issued documents, bank payments, fees, and depreciation can be reflected automatically in the accounting records.
Detailed and customised reports
Users can define report content, filters, and formats and save frequently used configurations.
Digital traceability
Original documents can be attached to the relevant accounting entries, making checks and subsequent tracking easier.
Gradual upgrade options
McMaster is available in different packages and can be expanded with additional functionalities as the business develops.
Which Industries Is McMaster Suitable For?
Accounting and consulting companies
The software is suitable for accounting firms that manage the reporting of multiple companies and require different charts of accounts, periods, and reports.
Trade and distribution
McMaster can support invoicing, receivables tracking, supplier relationships, and financial reporting for commercial operations.
Professional and subscription-based services
Companies with recurring contracts can automate invoice issuance and delivery and monitor agreement performance.
Construction and project management
Revenue and cost centres allow financial results to be analysed by site, project, or business unit.
Manufacturing companies
The software can be used for accounting, asset management, payments, and financial analysis when the full production scope of an ERP system is not required.
Transport and logistics
Suitable for companies with numerous suppliers, bank payments, assets, contracts, and cost centres.
Real estate and property management
Contracts, recurring invoices, assets, and revenue can be tracked centrally.
Technology and online companies
McMaster can be used by businesses with subscription services, foreign-currency transactions, automated invoicing, and digital document processing.
Non-governmental and project-oriented organisations
Revenue and cost centres enable separate monitoring of budgets, programmes, projects, and funding sources.
Companies working with international counterparties
Support for multiple currencies, exchange rates, and automatic accounting of exchange-rate differences facilitates transactions with foreign customers and suppliers.