How Your Small Business Can Benefit By Implementing Accounting Software

October 16, 2015

How Your Small Business Can Benefit By Implementing Accounting Software

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Even in this era of high-end technology, many business owners stay unclear when it comes to their financials. A major reason being lack of sufficient reporting and tracking of transactions. Knowing where your business is headed is vital in creating a successful venture. After all accounting is not just about recording transactions, its about knowing how to increase profitability.

This requires an easy, reliable and cost-effective means of monitoring financial dealings. Accounting software not only assist in managing and tracking cash procedures, it also helps to gauge the performance of your business. Leveraging the advanced features of modern accounting software can prove highly beneficial for your business.

While it is possible for owners to manage their small scale finances without the need for specialized accounting software, the simple looking process can be demanding, taking your valuable time that you would better be spending on your core business activities i.e. deliveries, customer acquisition, retention and revenue generation.

Accounting and bookkeeping can be time-consuming and tedious, while hiring an accountant is expensive. On the other hand, accounting software products are designed specifically with the business owners in mind offering a host of benefits, especially for SMEs. This can be a great advantage to your business, giving you an upper hand over rising competition.

Accounting Software for Your Business

Finance and accounting is one of the key functions of any business, acting as the backbone of its operations. An accounting software package that is designed to streamline, speed-up and enhance the accounting processes can deliver significant and measurable value to companies of all sizes. It makes the accounting processes such as tracking cash flow, revenue calculation and payroll easy and accurate. What more, your financial information stays secure and you can access it from anywhere with the right security code. Long story short, accounting software is a great investment for any small business.

Image source:profitbooks.com

There are several advantages that a business can have by implementing accounting software:

1) Accuracy of data

For all types of business computations, accuracy is a must. It is all the more important in today’s age of stringent financial reporting guidelines and rigid regulations regarding accounting practices. Mistakes made in calculations can possibly lead to significant losses or other issues. Accounting software keep you from making these mistakes. Rather than depending on your manual work with a paper ledger and a calculator, let accounting software automate tasks and reduce errors.

2) Cost-effective

Small businesses usually operate on tight budgets and hiring a finance or accounting professional can be costly. Even running accounting software on an in-house server can prove expensive as it involves cost of upgrades and system tools. But with a cloud based accounting software, you only have to worry about paying for the software and training your staff to use it. As most of the accounting software providers run on subscriptions, you will just have to pay a small fee on monthly basis rather than spend a huge amount on one-time purchase.

3) Reporting

Most accounting programs have reporting functionality. This lets you estimate the state of business at any point of time. Accounting software are adept at analyzing business practices and letting you quickly identify how money flows through your operation. The enhanced flexibility of having precise data enables the user to make informed and educated financial decisions.

“Would you have been interested in a “cloud based” accounting application only a few years ago? Probably not. You were probably, like myself and most small business owners, still trying to get your arms around the cloud and doubting that you would ever entrust your most critical financial data to some outside company. But things have changed. Online, or cloud financial applications, are slowly but surely becoming the norm. Many small business owners are taking notice, particularly because of their benefits.”, says Gene Marks, owner of the Marks Group PC.

Get an accounting software for your business now…

The cloud-based accounting software can be used from any device with an internet connection. Online accounting for SMEs means staying connected to their crucial data and their accountants. Accounting software give you the benefits of scalability, cost-effectiveness and easy of use. Profit Books is a fast growing and amazingly simple to use cloud accounting software for Indian businesses. It lets you create efficient invoices, track expenses and manage inventory without any accounting background. ProfitBooks is designed keeping Indian Accounting Standards in mind. It presents a very simple interface that even non-accountant can understand and takes care of all the complexity behind the scenes.

With Profit Books you can customize invoice numbers, footer information, change template, add custom fields to capture more information related to your business process, automate your invoices by setting a frequency for future billing, convert an estimate to invoice, create delivery challans from the invoices or directly email invoice PDF to your clients. You can track your day to day expenses, record banking transactions, manage your stock efficiently, run monthly payroll in minutes, add new users and assign them specific roles, and take better informed decisions.

Tally, MProfit, and Busy Business accounting software are few other credible brands in the market. With MProfit you can manage all your assets such as stocks, F&O, MFs, FDs, ULIPs, PPF, property, gold and more. You can manage multiple individual and group portfolios, import data from over 1,200+ sources, get reports on goals, annualized returns, capital gains (with or without indexation), asset allocation, XIRR and others. All your financial data is saved locally on your computer for data security.

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