Negosentro.com | Accounting is as nearly as old as business. Ever since people have sold goods or services for money, they’ve needed ways to track income, expenses, debt and other financials. For many years good old fashioned pen and paper have served just fine for this. Many have to hurdle passing the CMA exam just to be able to make it anywhere. But times are changing, and we’re nearly two decades into the twenty first century. Software helps us organise our lives in so many different ways – at work, at home, and everywhere in between. Accounting practices are no exception to this rule, as we see software-based accounting systems swiftly overtake more traditional means of keeping the books. Let’s take a look at why this is the case.
The Benefits of Software
Accounting software has come a long way. Previously products used to be slow, cumbersome, buggy and clunky. Today the market is flooded with sleek and simple-to-use systems that will save you time, and ultimately money. By doing your accounting, invoicing, and bookkeeping on a computer you are utilizing all the technology available to keep your finances in order. Instead of sifting through mounds of files or an old dusty filing cabinet, you can just use a search feature to find the information you need within seconds.
Tax Returns are Easier
Come the end of the financial year, you no longer have to scramble to find all your invoices, income statements and other financial records. An intuitive software accounting systems means that all of this essential information about your business is in one central location, and you can generate a report with all the data you need to file your tax return. You’ll save so much valuable time and be able to focus on what matters – growing your business.
Free Time
Traditional pen and paper accounting methods are time-consuming, causing business owners to spend more time behind their desk dealing with the books rather than working in their business or drumming up new customers. Software systems save you an immense amount of time that you can reinvest in your key business – whether its strategy, marketing or even property maintenance.
Safe and Secure
Many accounting softwares use cloud-based storage these days. For the layman, this means that all the important and valuable data is stored in a server on the cloud – or somewhere on the internet. This means that if your computer crashes your business’ data is saved on the cloud, so that you don’t risk losing everything. This is far superior to paper files which, heaven forbid, would be vaporized in the case of an office fire or destroyed in a flood or other horrible event.
Spoiled for Choice
You’re not restricted to one or two accounting software options, you’re literally spoiled for choice. With a competitive market of companies all claiming to be the cream of the crop, take your time and research which one is best for your needs. You’ll need to compare cost (ongoing subscription or once off purchase) with features, customer support, safety, encryption and all the other variables before you decide.
The Sum Up
Accounting software is superior to traditional practices for a variety of reasons. Tax return time is made simple, unlike the headache it was previously. It frees business owners to spend more time growing their business rather than pushing paper. Software is safe and secure and the advent of cloud storage means your precious data is always available, despite computer crashes or malfunctions. With a crowded market for accounting products, make sure you select the provider that will work with your business best.
