Accounting software – when used right – can help you grow your business, as you won’t have to spend valuable time on bookkeeping.
Running a small business is a huge commitment, and the last thing a small or medium business (SMB) owner needs is spending all their time doing the books. Owner-operators and their teams should concentrate on starting and growing the business – and the right accounting software can free you up to do just that, while saving the company money.
Here are four benefits the right accounting software can offer your business.
Saves time and money
Accounting software can help streamline the process when it comes to filing your tax return and remove one extra headache from your to-do list. Instead of wasting time sitting around with a tax accountant who you need to pay for, most accounting software solutions can export all the information needed for your tax return with the click of a button. From there, you can submit your own return with less hassle and time wasted hunting down paperwork.
Reports your way
Accounting software doesn’t just allow you to call up reports when you need them. Some software packages can also deliver real-time reports, such as profit and loss or cash flow statements, balance sheets and data on outstanding debts. Such reports are essential for staying on top of business finances, but they can also help automate administration tasks, such as generating letters to request for late payments.
Access from multiple devices
It’s common to manage work on the move, and many SMB owners depend on mobile devices to keep their finger on the pulse when out of the office. With cloud-based accounting software, you’ll be able to access your business information from anywhere, as long as you have an internet connection.
This also means you can input new data on the go, adding invoices and payments as they happen. This in turn frees up your time to pursue job leads and other business opportunities instead of doing the books back in office.
There is a myriad of additional accounting software features that can make an SMB owner’s life easier – and more cost-effective. For example, a useful one is the ability to sync up with your business bank account to help check that entries are correct and flag any discrepancies early. Some products also include payroll software to manage employee wages and payments effortlessly.
If you’re weighing up the pros and cons of investing in accounting software for your business, consider how much time you could save and how your bottom line could benefit as a result. Make sure you also take the time to browse all available accounting software packages to find the right one for your business needs.