10 Reasons why you need Business Accounting Software

Posted by Innoventry Software Pvt Ltd on August 19th, 2019

Do you own a business of your own?

If yes, then chances are that you always look to create your business more efficient in terms of management of money and material. Well in today’s fast paced business world technology can prove to be a great aid to your business issues.

Smart phones, social media and computers are already in wide usage. It’s time to take these technological gifts to the next level and incorporate it into your accounting and finances.

Billing and Accounting software programs are computer based tools that have greatly worked to eradicate the primitive method of traditional bookkeeping used to handle accounting they also aid in storing your organization’s financial data and performing business transactions. As it is correctly said time is money, these accounting softwares can help a businessman save a lot of time by taking over the manual tiresome accounting jobs to quick and accurate accounting miracles. Hence time is saved and so is the money. It eliminates redundant data entry such as filling in your customer’s information on the quote, processing the work order, and then completing the invoice. Developing businesses with more employees, customers, and inventory handled can largely benefit from this system.

Accounting technology can help businesses manage cash flow and even help small businesses to analyze the accounts and convert to developing and eventually the big players of their respective segments. You need to find the best accounting software essential for you to run a better business. Want to know why?
Stay tuned in this article. You’re about to find out how computerized accounting software can help you in your business and help you achieve better than you expect.

There is a steady growth in the market of accounting system over the past years as more businesses are realizing its advantages. Increment has kept its aura while more and more organizations are switching to an accounting solution to handle their financials; these facts are enough to prove the importance of these softwares in this cut throat era of competition. If you’re considering of implementing this system to your business, one of the primary aspects to look into is determining the ways it can help with your accounting and bookkeeping tasks. Here’s the summary of why accounting software is useful for business of any size.

1. Automation of Processes
Manual bookkeeping often involves data redundancy and involves doing the same tasks over and over again making the process very tiresome. Automation has helped in tackling with this major issue faced by businesses and manual bookkeeping has become absolutely obsolete. Complex calculations can be performed in the blink of an eye which earlier took few hours to complete.

Invoices can also be processed automatically without any need for you or your staff to ever get involved. You won’t need to spend any more time on creating receipts, credit notes or manual invoices.

2. Increased Speed
Need an analysis report generated? It can happen in a few clicks instead of waiting hours or days. Statements can also be produced quickly. You can get a picture of what’s happening in your company in a matter of seconds.

The peculiarities of business such as accounting, taxes and payroll can be very time consuming and complex process, but accounting softwares can help businesses with faster processes.
Less time spent on these leads to more time in marketing and adding clients. Computerized accounting takes the normally tedious task of planning your accounting and makes it faster.

3. Up To Date Info
With new taxation systems and other laws and accountancy updates it is very difficult to perform calculations manually hence accountants themselves are raving about the advantages of real-time data.
Automatic software updates can keep the business up to date and can help to avoid any sort of legal or financial discrepancy and save the business a hell lot of extra work. Also smart entrepreneurs can only analyze and use the data if they have the latest information available.

4. Visuals
Better visual aids are provided by these computer accounting systems in the form of pie charts, bar graphs and other visual analysis toots which are otherwise not possible in manual bookkeeping and accounting. They also make it easier to share information in a more digestible visual format. There are a number of different ways you can generate your accounts.

5. Computerized Accounting Systems Are Cost-effective
Computerized softwares aid in cost cutting by decreasing the amount of work force the business needs hence in turn cutting down on expenditure on the employees the business possesses. You save double, firstly on resources and secondly on hiring an accountant. Work will be done faster and more efficiently using software instead of people. Simple, routine accounting tasks can be done using technology, freeing up your staff’s time.

6. Better Security
Accounts information can be stored in cloud based softwares remotely and securely to prevent stealing of data and ideas by other contemporaries which are looking up to your business model. Securing your small business’ valuable data is a huge priority. Also storage space is saved by preventing those large bulky files. If the unexpected happens, cloud-based computerized accounting allows your records to be opened up on a new computer.

7. Increased Accuracy
Computers are known to be accurate, the factor of human error is greatly reduced by the use of these computer based softwares and also, even the best accountant is prone to make an error. Mistakes are unavoidable. This includes things like entering income and expenses, period end adjustments and taxes can be calculated with full accuracy and accounts are error free. No more transactions slipping through the cracks. If you want accurate, reliable tracking, reconciliation and management, it’s time to switch to accounting software.

8. Scalability
This means looking to see that the software can handle extra accounts, business units, or inventory units. Depending on your business type, it may also need to have the capability to work with third-party software.
This feature enables your business to grow without any boundaries and limits, without the fear of any complexities arising from the growing scale of your businesses. The whole idea of this feature is that the software develops with the business.

9. Access
If you own a business with multi store and multi layer management then it is absolutely necessary for various levels to be given the access to the requisite information at their level for optimum functioning of the business. Also the process of merging or issuing stocks becomes a cake walk.
Hiding sensitive information of management level from the operational level will be a great feature of such computer based softwares.

10. Business Expansion
The time one saves in complex accounting can help the business to venture into more and more business opportunities leading to even better profits and sales. Also the time left can help create better marketing strategies and high expansion of market for the business. This in turn reduces the risk factor by decreasing over dependence on a single business model.