If you’re a business owner then your more than likely familiar with accounting software developed by Intuit that offers on-premise accounting applications used for business payments, payroll functions, and help manage and pay bills. Something like QuickBooks software can also be used to help manage your personal bookkeeping and keep track of your business finances, which can enable you to run financial reports and manage your personal finances. There are nearly 5 million global users and 2 million online users, which is due in part to its easy reliability, convenience, and speed. Here are some reasons why you should consider using accounting software.
Often times, when it comes to manual bookkeeping, a business owner will spend an extra 2 hours or more to ensure their books are up to date, but with accounting software, you can sit back and let the program do its job.
Help Manage Cash Flow
One of the biggest advantages of using accounting software is it gives you the ability to better manage your cash flow. A vast majority of accounting software comes equipped with tools that enable you to track your payables and receivables, which allow you to keep track of your current and future cash flow. It also will allow you to keep track of customer invoices and due dates. You can even use it to keep track of bills and help you avoid overdraft charges and late fees. This can be especially useful for businesses that often rack up a variety of different expenses, which are usually later billed to the clients. These may include small purchases such as meals and mileage or larger expenses such as international travel and hotel fare. Accounting software provides a way for you to easily keep track and maintain your finances.
Monitor Your Finances
Programs will also help you continuously monitor your finances. Often times when it comes to manual accounting, most of the work is usually done at the end of the financial year, this is when the records are prepared for taxes and administration purposes. By using a computerized bookkeeper, it enables you to easily create and continuously maintain your financial records, therefore providing you an in-depth look into your financial reports that you can conveniently view at any time you like.
One of the biggest disadvantages of manual invoices is they are easily lost or misplaced. Using accounting software will securely store all of your data and information, which also allows you to reprint any invoices if they ever happen to get lost or misplaced. The software will allow you to organize the information by the amount, name, and invoice number, neatly organizing and storing all of your data in one place.
Another huge advantage of using accounting software is it will increase your accuracy and minimize your mistakes. Often times with manual accounting, errors will occur, but accounting software will automatically perform calculations to prevent this from happening. This can be a useful tool for business owners who have to prepare invoices, involving worked hours and various pay rates. A huge misconception of using accounting software is that it’s difficult to use, but on the contrary software is user-friendly and fairly easy to use.