Are you still using spreadsheets to manage your finances? If so, you’re certainly not alone. Thousands of entrepreneurs across the world are yet to realize the transformative benefits that accounting software for small businesses has to offer.
Your Small Business Needs Accounting Software: Here’s Why
Depending on how long you’ve been trading, you might have experienced your fair share of hiccups in the form of misplaced decimal points, lost invoices, or hard drive failures.
This blog will give you all the reasons you need to make the switch to accounting software today, no matter what industry you’re in.
Accuracy
Even the most meticulous accountant is bound to make an error now and again. If you don’t have a head for numbers and are managing the taxes for your small business, you might be making more mistakes than you realize.
Accounting software takes the uncertainty out of your calculations because it does them all for you. All you have to do is set up the system to suit your needs and watch as your VAT amounts are automatically generated.
Not only will your tax returns be taken care of but, if you opt for a payroll add-on, your employees’ wages will always be sent out on time.
Your software will be able to work out how much tax should be deducted from each person’s salary while handling any deductibles like pension contributions. Why risk discontent amongst your workers when software can get everything right the first time around?
Backups
A lot of accounting software is online these days, meaning all your data will be stored safely in the cloud. Relying on spreadsheets that are stored on your computer means there’s always a risk that you’ll lose everything you’ve worked on.
Whether it’s a spilled glass of water, hardware failure, or natural disaster, you shouldn’t have to worry about accidents erasing all your data. Even if you try and back up your computer as often as possible, you’ll never be quite as efficient as online accounting software.
When your system is completely online, any changes you make will be instantly saved and stored online – no need for any external hard drives.
Safety
Not only will your data be safe from computer failures, but it will be kept locked away from hackers as well. Many people don’t understand that just because the information is stored online doesn’t make it more at risk.
Accounting software providers know how scary cybercrime can be for small business owners and take steps to keep prying eyes out of your information. As long as you’ve chosen a secure password and keep your login details safe, your data can’t be accessed by anyone other than you.
Shareability
If you do need an accountant to look over your books, then it’s easy to give permissions to others with accounting software. This will again be much more secure than simply emailing a spreadsheet across to someone else in your company.
It’s easy for emails to be forwarded to the wrong person accidentally, which could be a disaster depending on who is on the receiving end. Make sure that only the people you approve are viewing your accounts.
Accessibility
Are you someone who’s always on the move? If you need to travel for work or your office is transitioning more and more towards a remote setup, having accounting software that you can access online means you’ll always have complete financial visibility.
While you probably work from the same laptop or computer most of the time, it’s never a bad idea to be able to access invoices from your phone or tablet. That way, if a client calls you to confirm a few details, you can settle any confusion within minutes rather than 3-5 business days.
Ease of Use
New small business owners can sometimes struggle with spreadsheets, especially if they’ve never had to use them before. It can take a long time to input information and might eat up valuable time.
Accounting software is very easy to use and is designed to be accessible to everyone. You don’t need to learn anything special before getting started and, while it might take a day or two to familiarise yourself with, your financial processes will be much smoother.
Price
Accounting software can save you a lot of money in the long run, especially if you’re currently working with a freelance accountant or agency. Because the software automates so much of the accounting process, most small businesses no longer need a designated individual to manage their books.
However, you should bear in mind that most online accounting software is only available with a monthly subscription rather than a one-off payment. While this might be off-putting to some entrepreneurs, the monthly costs are affordable for most companies.
A subscription also ensures that you’ll always benefit from the latest updates and innovations, whereas a one-off download might become outdated more quickly.
Try Accounting Software Today
If you’re still hesitant to take the plunge and become an accounting software convert then start small. Most software packages allow fuss-free cancellation, especially after the first month. This way, you can have a go at using the software of your choice without the long-term commitment.
Conclusion
After a few days you’ll see just how easy it makes to stay on top of your finances, so why not get started today? The beauty of the internet is that you can get set up in just a few minutes – you’re just a few clicks away from complete business efficiency.
_________________________________________________________________________
Some other articles you might find of interest:
Understand how you can maximize your time to grow your business:
Time Is Money And Your Most Valuable Resource. Use it Wisely to Build Your Business
https://www.thekickassentrepreneur.com/time-is-money
Looking for effective ways to drive and increase traffic to your startup website?
SEO Traffic Guide To Boost Your Blog Rankings
https://www.thekickassentrepreneur.com/guide-to-boost-your-blog-rankings/
Looking for effective ways to drive and increase traffic to your startup website?
3 Top Reasons Why Startups Fail and How Not to Become a Victim
