In a world where corruption and unethical practices in business and industry are rising, accounting has become more relevant than ever. Accounting has long been a tedious activity requiring the most intricate knowledge and experience of the subject. But with accounting software looming large, those days are over.
Large businesses have a separate department dedicated to accounting. Accountants are highly skilled and are specialists in their roles. However, if you run a small business, chances are you do not have an accounting department to handle bookkeeping. In these cases, Mind-Your-Own-Business or MYOB accounting software, for example, may come in handy. Efficiency is everything in this modern-day rat race.
Time wasted preparing cash flow statements and filling up ledgers is time not spent on upscaling, improving, and meeting your business’s objectives. If accounting software for small business and technology can save your business time and effort, it is worth investing.
How will accounting software benefit my business?
Accounting software is simple to use and can perform all of a growing business’s daily accounting operations. Some of these include (but are not limited to) keeping track of trade receivables, trade payables, billing, receipts, expenses, salary to employees, and stock – all at the click of a button. Below are some of the features available on mainstream accounting software.
Always know where your money is:
Upon feeding it the details of your business’s bank account, the software automatically processes any transaction made hence. It saves transaction costs, if any, and saves you time since the software does it instantly. Do you have international clients and are worried about denominations? Relax! Software is capable of handling multiple currencies simultaneously. MYOB accounting software like ABSS has integrated its system with PayPal too.
Live updates on your business’s health:
Most accounting software provides a home page or dashboard containing live updates about business performance. These include live profit and loss statements and other business data that you may want to access quickly just before making any moves that could massively impact your business’s future. The software can understand different accounting documents, consolidate, and provide an analysis as well. Stored business data is heavily encrypted and is virtually impenetrable.
Automatically send invoices and manage your debtors:
Accounting software saves you time by sending automatic emails containing invoices to your business’s debtors and keeps track of all overdue payments. To ensure consistency, it can analyze clients’ records and cross-check appropriate transactions. When your business makes a purchase order, the software can follow-through, and monitor its status until delivery. This way, it keeps an eye on additions or deletions to inventory. The software automatically records orders and purchases’ timings through timesheets to prevent any defaulting from you or your debtors.
Manage your employees better:
Accounting software not only makes the business end of your life easier – but it also simplifies the way you deal with your employees. You can track employees’ salaries and wages through the software. It also allows you to view any expenses made by employees using the company’s money.
Software like Xero offers customizable features to suit your business objectives specifically. It also allows for cross-platform access as you may want to change the software you use as and when your business scales up. Accounting software can save you time and help your business reach its true potential because, as the saying goes: Time is money.