Every business owner knows that accountancy is one of the most fundamental aspects of running an enterprise. Fortunately, the days of crunching numbers and following money flows by hand seem to be rapidly coming to an end, making life much easier for business owners. With impressive developments in accounting software in the last number of years, about 59% of small businesses now believe that they will not need an accountant in ten years, which is an interesting time for business owners everywhere.
If you want to ensure your business stays ahead of the curve, you should consider taking advantage of the benefits that accounting software can bring your business. Making the switch from more traditional accounting methods is easier than you might think. With technology improving virtually every aspect of business operations, you want to be sure that you keep up with the most recent developments and keep up with trends that can directly benefit your business.
Let’s take a look at some of the things you can expect when you make the switch to accounting software for your business.
You Can Save Money
Once you have passed the relatively minor learning curve required with the accounting software that you are using, perhaps the most obvious perk is the amount of money you can save. While the use of the software typically comes with a usage or licensing fee, you are sure to find that it is much cheaper than hiring a professional accountant to keep your books. Using software represents a good middle ground between doing all of the work yourself (by hand) and hiring a full-time professional to do the work for you.
You Can Continually Stay Up-To-Date
Using software allows you to continuously update your data so that you can be more aware of where and how your money is moving. Best of all, using the software yourself provides an introduction to the subject of finance and accounting for small business owners who may not have much experience in this area. A staggering 60% of small business owners do not yet use payroll software for simple tasks such as automating payroll. For many business owners, utilising accounting software can give you an edge and keep you current.
Most contemporary software also allows you to store all of your data on the cloud, which can provide easy access to your information from anywhere. This also allows the data to be secure and conveniently accessible just in case your original documents are destroyed by a fire or other natural disaster.
Ensures No Surprises At Tax Time
Most modern accounting programs can generate and prepare reports to submit when tax time comes around. These automated processes can ensure that your information is readily at hand and in the correct format to avoid any delays in dealing with your tax agency. Most businesses take up to 160 hours to compile taxes at the end of the year and the right accounting software can help you cut this number down significantly. Best of all, the accuracy that comes with computation makes it far less likely that there are errors in your reports than if you were to do the work by hand.
Follow Your Cash Flow With Better Analytics
As an added benefit, many types of accounting software provide ongoing automated analysis for critical data such as profit and loss, inventory, and even forecasting sales. You no longer need to be uncertain about the status of these aspects of your business when making decisions in real time. Generally, these analytical tools are simple to use and your data can easily be converted into presentable formats ready-made for meetings or reports.
Take Advantage Of The Convenience Of Accounting Software
The days of doing accounting work by hand – or hiring an expensive professional to do so – are rapidly ending. Ensure you don’t get left behind and be sure to explore the available options and find an accounting software package that fits the needs of your small business. With the right software package at your disposal, you will be in better control of your business finances now and into the future.