When you set up your company, you might have found that accounting software was not necessary. A basic spreadsheet was enough to manage your accounts and keep an eye on incomings and outgoings. You now might find yourself in a position where your business has grown, and keeping your accounts on an Excel spreadsheet for example is too slow, time consuming and actually not comprehensive enough to give you the state of your business finances instantly. You will also find that it is impossible to keep track of invoices, payroll, VAT, tax and cash flow projections. You now need access to information immediately to make informed business decisions. So, it’s time to switch to a robust form of accounting software. In this article from Relativity, the business technology experts with a base in East Sussex, we look at what accounting software is, its benefits and key features.
What is accounting software?
Simply, accounting software performs a range of accounting and bookkeeping tasks, storing the financial data of your business. It will ensure that accounting calculations are easier to carry out, understand, interpret and analyse. It’s there so that you can record and report on your company’s financial transactions and situation instantaneously. Choosing the most suitable software for your business will make tasks much easier and faster. However, the functionality of accounting software does differ from product to product.
Benefits of accounting software
- Automate tasks and improve efficiency
- Easy access to financial data
- Simplify taxes
- Integrate with other business apps
- Better financial decisions through timely reporting
- Reduced costs and savings
Paperwork and spreadsheets are a thing of the past
Automation of accounting and bookkeeping tasks will allow you to be more efficient and grow your business. If you choose a cloud accounting system, you will be able to do your accounting from anywhere as long as you have an Internet connection. Everything is in one place so say goodbye to sorting through paperwork and spreadsheets. Automation also leads to fewer errors related to income and expenses making your business bottom line clear.
Key features of accounting software
- Payment processing – who you owe and who owes you
- Online payments – clients have swift and secure payment gateways and options
- Expense tracking – keep tabs on your cash flow
- Bank reconciliation – connect to your bank account
- Tax compliance – calculations are faster and accurate
- Payroll accounting – holiday allowances, sick pay, bonuses etc.
- Manage inventory – automating the ordering process
- Report generation – real time information on company status
How can Relativity help you with your accounting software?
So if you have decided that you need to save time, increase efficiency, generate reports more easily and save money, it’s time for your business to switch to the invaluable resource that is accounting software. You will need to think about the key factors you require, the scalability needed, how much support you need and of course your budget. Relativity, the business technology specialists based in Uckfield are here to help. If you would like to talk to us please call on 01825 280123 or email email@example.com for more information.
Next time Relativity will be discussing Zoho Books in more detail, the popular cloud based accounting solution, which will help you capture the entire financial picture of your business.