Thousands of companies all over the world have embraced accounting software. This is no surprise considering how vital keeping track of your books is to the success of a business. Accounting software has come a long way and now offers businesses a medley of benefits. From keeping track of finances to the reduction in labour costs, today we will have a look at some of the many benefits you could reap from utilising online accounting software in your own business. Read on to find out more!
1. Real Time Reporting
Efficient management of your cash flow in and out of your business is essential in contributing to the success of your company. This is why real-time reporting has proven to be so beneficial to businesses all around the world. Automated accounting systems give you real-time insights into where your money is going and can give you up-to-date information about your business’ financial health. Using this information, business owners are then able to avoid costly decisions that may hamper the success of the business.
2. Free Up Precious Time
Without accounting software, your accounting team will have to spend hours and hours of precious time slaving over the accounts and ensuring that your books are balanced. Thanks to accounting software, your accounting team can take a back seat and spend their time on more pressing issues that contribute to revenue growth. Your software will be able to accurately keep track of your finances and accounts as well as reduce any potential human error that could prove to be disastrous for your company’s financial health.
3. Online Access 24/7
When you use online accounting software, all your financial and accounting data is stored on a cloud system that can be accessed remotely by anyone in your team and at any time. This ensures that your financial data and reports can be accessed by staff members even when they are offsite. As long as you have an internet connection and your login credentials, you will be able to review your financial standings at any time. This also makes sharing your financial information with partners or potential investors much easier if you are on-the-go and attending meetings away from your desk.
4. User-Friendly Interface
Online accounting software is designed to be user-friendly and easily understandable. This means you needn’t spend precious dollars training your staff on how to use it like you would have to with some other desktop-based software. After initial setup and introduction, the software is easy enough to be used by all members of your team without the need for any specialised training.
5. Reliable Technical Service
One of the greatest benefits of online accounting software is how you can rest easy knowing that should you encounter any technical difficulties or issues, there is always a customer service team ready to help you. You simply have to contact your provider and technical support will be able to log into your account and rectify any items or issues that need to be amended.
6. Simplify Tax Compliance
Small business accounting software allows you to prepare financial reports that show how much tax your business has paid over a certain time period, making it much easier to acquire data that you need to file your taxes. In 2019, single touch payroll has been introduced to Australia, and with the aid of online accounting and payroll software, your business can rest easy knowing that reports are automatically being sent to the ATO after each paycheck is sent out.
Embracing accounting software is one of the best things you can do for your business. We hope that this article has given you some insight into some of the many benefits of online accounting software.