With breakthroughs in technology more small business owners are switching over to online accounting solutions. It’s no secret that some of these can literally save thousands of dollars at tax time – each and every year. There’s no better time to get started with the best accounting software available then right now.
Doing accounting for your small business or practice can quickly turn into a consuming, complex and stressful nightmare. As your business grows so does the complexity of your accounting but automative accounting software can handle it all for you.
What Exactly Is Online Accounting Software?
Accounting software can be offered online or even these days in the cloud. Its a form of computerized accounting software that automates tasks in the accounting process. It simplifies and streamlines invoices, bank accounts, employees and cashflows in very beneficial ways. Literally with a single click of a mouse you can have freshly prepared and well detailed spreadsheets with an overview of your businesses finances. The best part of all, you don’t need any previous accounting knowledge for this software.
If you’re still on the fence as to why accounting software could evolve your business read on as we breakdown some valuable reasons to get on now.
It Saves A LOT Of Time
Using a quality accounting software system can save enormous amounts of time otherwise used in manual accounting practices. No longer will you be required to manually enter transactions, balancing accounts or even learning excel spreadsheet commands. Each time you use the software it can create up to date and very accurate financial reports of your business. Using valuable time on other parts of your business or practice will be far more beneficial then scratching your head at bookkeeping or accounting.
Limits Mistakes Made
Keeping track of our own accounting and finances often leaves the door open for costly mistakes. A miscommunication or incorrect equations can be costly to a business. For preparing detailed invoices a range of details can be taken into account by the software. For instance charging hourly rates at different prices, different taxes and lengths of contracts can all be added to the system and it will be totally aware of this.
Easy Learning Curve
It sounds like this accounting software will be technical to use but this is far from the truth. When these softwares are created ease of use is high on the developers mind. Small business owners or other professionals don’t have the time to be constantly learning new topics. From simple YouTube tutorials and in-dashboard prompts can easily walk you through initial setups for your chosen software. Most softwares will also include customer support if there is still some tasks you do not quite understand.
Having automated up to date invoicing can give you an overview of your business like no other. You can literally receive emails to your inbox signalling when a client has paid an invoice, or if there is still money owed on the invoice. No more reconciling bank statements over and paper documents scattered over your desk. Another benefit is the various invoice templates available which have been professionally prepared and designed.
Accurately Measure Cashflow
With many of the online accounting software choices you can record and track incoming and outgoings on bank statements. Knowing predictable future cashflows based on prior history can help to project future business growth. You can enter in future dates of paid invoices and the software will strategically develop reports with current finances vs future finances. This feature alone is driving business owners to jump on the software and have a birds eye view of the business operation.
Inventory & Stock Tracking
Many solutions actually now even offer stock and inventory tracking. Automatically tracking every single order processed and shipped you can keep an accurate and automated view. Forecasting when you’re about to run out of stock and having signals delivered to your inbox removes so much of the day to day unnecessary business stress.
Easy Tax Compliance
Its something we all strongly dislike as business owners but tax is something we can’t escape from. Knowing and understanding just how much tax we will be needing to leave aside is a vital piece of business finance. With tax regulations built in to the software covering many different states in the USA, or even countries worldwide its a sigh of relief. You can quickly have all the necessary information regarding your companies tax and future tax payments quickly generated with a click of a button.
The Cost Of Accounting Software?
The biggest surprise to most business owners is the price for this software is cheap compared to traditional bookkeeping and accounting expenses. You can get unlimited reporting accounting software with all the in-built features for anywhere from $9 to $50 a month.1 Considering the price of a bookkeeper could be $20/hr this is a huge saving on overall expenses and you can trust the automative technology is calculating perfectly.2
What To Look For In Accounting Software
– Simple and easy to use interface
– Automatic invoicing
– Invoice templates
– Ability to access data from multiple devices (laptop or mobile)
– Integration with bank accounts to automate expense journals
– Inventory management with tracking
– Ability to use multi currencies
– Ability to create financial reports at any time
– Automatic tax calculating and compliance
The Most Popular Accounting Software In 2021
If you’re a business owner or involved in a professional practice of some sort accounting software can streamline your processes. With automated abilities people are jumping on board to get accurate reporting ready at any moment. Focus on important aspects of growing your business and let automated accounting software take care of the finance tracking. For the best online accounting software available right now search below.