Accounting software has completely revolutionised how the modern business runs their day-to-day processes. As leading accounting software continues to improve and streamline even the most difficult financial processes, it has secured its place as a staple item for every business. Read on to find why accounting software should be the next investment you make for your business.
Accurate financial data is essential for any business. Businesses rely on accurate data in order to predict growth, order inventory and ensure that they are adhering to their budget. Relying on inaccurate data or making significant investment without consulting financial records, can lead to significant cash flow problems for any business.
Accounting software provides businesses with a wealth of automated financial records. Leading accounting software tracks and monitors all sales, expenses and other data that illuminates a business’ financial health. As the software tracks all data in real time, businesses are able to easily generate and access accurate financial reports. These reports can be easily customised and filtered to only show certain information, such as profits over a particular period. These customised reports can then be presented to board members, potential investors or business partners.
Manually keeping track of all business data including sales, orders, payments and expenses can be incredibly time-consuming. Businesses without accounting software waste considerable time performing the same processes and implementing data for each individual client. Accounting software enables businesses to automate many of the critical but time-consuming accounting processes that are required of any successful business. This means less time spent on data entry, and more time spent serving the needs of your clients.
Accounting software enables you to link your business bank accounts and credit cards. This makes reconciling your payments and transactions a simple and quick process, as they are automatically imported into the software. Accounting software also allows you to automatically allocate transactions using bank rules. After a one-time set up, bank rules will automatically allocate certain expenses to specific categories. This saves you considerable time and headaches during tax return season when trying to locate your tax-free business expenses. Bank rules also allow you to automate your regular payments, ensuring that your business is not stung with any costly late fees.
Cloud-Based Flexibility and Security
Most modern accounting software is cloud-based, meaning that the data is stored and accessed online. This enables businesses with the flexibility to access their data and records from anywhere in the world. Cloud-based software has revolutionised how and where business owners, accountants and employees can expediently complete their tasks.
Cloud-based software also carries significant security benefits. Storing your financial data as physical files leaves you vulnerable to the accidental or intentional destruction of files. Storing your accounting data on large hard drives also leaves your records vulnerable to hackers and viruses which can erase months or all of your hard work. Cloud-based accounting software enables your data to be automatically backed up and stored on a secure, encrypted channel.
Streamlined Payment Processing
One of the biggest impediments to a healthy business cash flow is late payment from customers. Businesses who manually generate and send invoices are vulnerable to inputting incorrect information and amounts on the invoice. With numerous customers it can also be difficult to keep track of who has paid and who hasn’t.
Many businesses without accounting software are unable to provide their customers with easily accessible payment options. Without accounting software, business owners are left to manually reconcile payments made into their business accounts. This can make payments difficult and time-consuming to monitor and record.
Accounting software provides businesses with a sophisticated automated invoicing solution. After you have created a general template for your business, accounting software is able to automatically generate the payment information based on the purchase information. The invoice is then emailed directly to the client and contains a link for the client to securely and easily make payment using all major payment methods including BPAY and credit card.
The many significant benefits of accounting software has enabled it to become a business staple for both small and large businesses. With so many options available for trial and purchase, there is a business accounting software to suit the needs of any business.