Manual systems of managing a business’s finances have typically found application in the past. In the beginning phases of developing a business, manual systems are useful, but as a business grows, a more systematic and accurate approach to the management of a business’s finances is needed.
Technology has allowed us to develop software that can be used to improve various aspects of a business. One in particular that has revolutionised commerce is accounting software. Accounting software provides you with the ability to send invoices, run reports, manage payroll, as well as record and categorise the financial transactions of your business.
Accounting software automates much of the accounting cycle, freeing up your time to focus on other important aspects of your business. A variety of accounting software can be found on the market and can be tailored to the specific needs of the organization.
For many organisations that have been reliant on manual systems, moving over to accounting software can appear daunting. Despite this perception, understanding and appreciating the benefits that accounting software can add to your business can help you make an informed decision about its implementation.
ACPAS offers a wide range of products and services to improve the functioning of your business. Contact ACPAS today to speak to one of their professional consultants for more information.
The Advantages of Accounting Software
Accounting software saves you time. Functions that would traditionally require the manual entry of data can now all be handled automatically by the software. No longer do you need to generate the data yourself. The software is designed specifically to make your life easier and to perform these functions for you.
The generation of financial reports can be a cumbersome exercise at any stage of the month. Accounting software is programmed to be able to generate financial reports with ease, populating the information professionally from the data that it has already organised. With the click of a button, you’ll have access to a variety of important information and insights about your financials.
Accounting software can sync and store your data and information across multiple platforms. Traditionally one would have to consult various platforms where the information is stored, but with the assistance of accounting software, this can be done from one localised place. In some cases, accounting software can also be cloud-based or online, further allowing you to access relevant information from several devices. This will save you greatly in time and energy, instead of having to download information from various individual sources.
The use of accounting software also promotes data accuracy. Instead of manually populating the relevant financial information, at the risk of human error, accounting software can accurately do this for you and will ensure that all information is stored in the correct place.
Accounting software also allows you to present relevant financial information neatly and professionally. Particularly when dealing with investors or management, the information provided needs to be professionally presented. Accounting software is designed to provide you with a variety of professional-looking statements and formats that you can use to represent your business in the most professional way.
With accounting software, you will also be able to track various aspects of your financials between various departments, projects or locations, etc. This will provide you with a clear picture and overview of pertinent information from which you can make better strategic decisions for your business.
With properly categorised data, accurate information, and standardised financials, accounting software also makes fulfilling your tax obligations easier. Having all the information that you need at your fingertips, your accounting officers are easily able to populate the information necessary to be able to submit your tax returns timeously and accurately.
Accounting software also makes it easier to share your relevant financial information with others within the organisation, including your accountant. The information is stored and presented in a neat and organized way, making it easy to access and share.
Investing in accounting software will have a prominent positive impact on many areas of your business. Knowing that your financials are been handled accurately and professionally by reliable software will give you the peace of mind that you need to focus on and continue to improve other areas of your business. ACPAS are premium suppliers of world-class accounting software. Contact ACPAS today for more information and a quotation.