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It’s a familiar story and every business has been there. Deadlines are looming, customer requests are at an all-time high and to-do lists are longer than ever. Then, management remembers there’s a pile of overdue accounting paperwork that needs to be delegated and payroll deadlines are around the corner. Suddenly, core business tasks and customer needs are taking a back seat to administrative accounting responsibilities. For business owners in any industry, this situation is less than ideal and can result in serious hits to productivity and client satisfaction.
Accounting software – when used right – can help businesses in any industry optimize operations. By deploying accounting software solutions business owners position themselves to be more readily available for clients, with less valuable time wasted on administrative bookkeeping duties.
Running a small business is a huge commitment, and the last thing a small or medium business (SMB) owner needs is to spend all their balancing books. Owner-operators and their teams should concentrate on nurturing and scaling their business, and the right accounting software solutions can free professionals up to do just that.
Here are the top four ways accounting software can streamline business operations and position companies for increased productivity and growth:
Cuts Time-Waste and Saves Capital
As stated accounting software can help streamline accounting process in all areas of business. First and foremost, accounting software can take away the constant pressure on owner-operators, allowing them to automate tedious accounting tasks like payroll and bookkeeping.
Additionally, when it comes to filing annual business tax returns, accounting software can remove another headache from the to-do list. Instead of wasting time sitting around with an expensive tax lawyer, most accounting software solutions can export all the information needed for annual tax returns with the simple click of a button. From there, business owners can submit their own returns with less hassle and time wasted hunting down relevant numbers or paperwork.
Improves Reporting Capabilities
Accounting software allows business owners to simply pull up reports when they need them. Some accounting software solutions also offer the ability to deliver real-time reports, such as profit and loss stats, cash flow statements, balance sheets and data on outstanding debts. Such reports are essential for staying on top of business finances, but they can also help automate administrative tasks, like generating letters to request and collect overdue payments.
By carefully researching the capabilities of various accounting software solutions, SMBs can determine which features offer the most value for their specific business needs. Using technology to drive automation and make reports work for you? That’s a no-brainer, plain and simple.
Provides Data Access from All Devices – Anywhere, Anytime
In our fast-paced business world, it’s become second nature to manage work on the move, and many SMB owners depend on mobile devices to keep their finger on the pulse when out of the office. However, without a consistent connection to the business data network, keeping tabs can seem impossible. With cloud-based accounting software, business owners can access business information from anywhere, as long as there’s an internet connection.
Anytime access also means that business owners can input new data on the go, submitting invoices and payments as they happen. This, in turn, frees up time to pursue new leads and other business opportunities instead of rushing back to the office to file invoices and balance the books.
Optimized Business Processes and Increased Functionality
There is a myriad of additional accounting software features that can make an SMB owner’s life easier – and more cost-effective. For example, an especially useful one is the ability to sync up with your business bank account to check that entries are correct and flag any discrepancies early. Some products also include specialized payroll software to manage employee wages and payments effortlessly.
If you’re weighing the pros and cons of investing in accounting software for your business, consider how much time you could save and how your bottom line could benefit as a result. Make sure you also take the time to browse all available accounting software packages to find the right one for your business needs.
Quickbooks Online – The Leader for SMBs in All Industries
Intuit QuickBooks Online offers a wide range of features for SMB’s across any and all industries. This includes freelancers, consultants, online merchants, store and restaurant owners, service providers and more. Whether a business is just starting out, expanding or has a long-established presence, QuickBooks Online is jam-packed with all the basic and advanced features to meet business accounting needs. To learn more about the leading accounting software for SMB’s, check out the full scope of features here.
Most accounting software products have a mobile app, but business owners be warned: not all mobile apps are created equal. When it comes to mobile accounting capacity, FreshBooks wins for its ease of use, excellent customer service, and for offering all of the features small businesses need to manage their finances on the go. For full details on how Freshbooks makes on-the-go business accounting a breeze, check out the details here.
Mac users are often faced with challenging software that is stripped down or is less intuitive than their Windows counterpart. Xero’s cloud-based accounting software, which is available for both PC and Mac, is a full-featured solution that doesn’t compromise on features or ease of use just because a business runs on Mac.
It can help business owners save time and simplify accounting by automating tasks and integrating with over 500 apps. Xero also comes with 24/7 email and live chat support and outbound phone assistance at no extra cost. For full details on Xero, check out this full review.
Investing in the Right Accounting Software: Know Your Needs, Do Your Research and Assess the Options
While we’ve listed some of the top options to meet modern business needs, there truly are countless accounting software options available for businesses of all shapes and sizes. Technology continues to offer incredible opportunities to drive optimization and productivity for business owners and accounting software solutions are no exception.
Business owners who are looking to streamline their accounting processes in order to save time, money and resources should put in some research to determine the most valuable options to meet their needs. However, there’s no doubt that choosing between a large variety of technical software options can be overwhelming.
As with any other business-tech decision, professionals who are having trouble deciding between accounting software solutions can always reach out to local IT experts for consultation and guidance. Because managed IT providers recommend and implement software for clients daily, they can often provide an inside scoop on which options are best suited for any given business.
If your business is ready to reduce wasted time and increase operational efficiency, take the time to seek out consultation and research so the software investments you make pay off big time.