Before accounting software existed, there was a time when accountants kept their files on desktops in their offices. Their only security was a password-protected computer and their backups were copied files in hard drives or pen drives. Accountants can only manage their company’s bookkeeping strictly in offices and this proved to be time-consuming, especially when only one accountant can access the files one at a time.
When tax season rolls around, everything goes awry when expenses are miscategorised, transactions missing their receipts or personal spending is mixed with business expenses. It doesn’t help if you do not have correct financial reports to ensure a timely tax payment which leads to accountants spending hours correcting errors before they could prepare tax returns.
Discover More: Ways Your Accounting Software Can Help With Business Tax Filing
Fortunately, cloud accounting software introduces businesses to an array of tools to assist in bookkeeping especially for billing, invoicing and receipts. This technology has revolutionised the accounting world, especially for small businesses. Here are five ways accounting software helps in adding more time to your day:
1. Record Your Expenses Easily
Cloud accounting software makes it easy to monitor business expenses. Most cloud-based accounting software can link your business credit card or checking account and automatically download transactions as they occur as part of the accounting process.
With cloud accounting software, you can snap your receipt on mobile or save an emailed receipt as a PDF. You can then easily attach these receipts to your expenses in just a few seconds.
2. Available As A Mobile App
Bookkeeping is a demanding task and constantly needs to be updated to avoid any data loss or missed. No one wants to wait for their computer to start up, or open the software just to make minor adjustments. Fortunately, accounting software these days is available as mobile applications.
With a mobile app, accountants can make minor adjustments on the go without needing to carry around a laptop or enter the office frequently. You can do the necessary bookkeeping remotely and instantly at the tip of your fingers.
3. Scalability of Software
The traditional method of working with accounting software involved purchasing an expensive software suite and installing it on a computer. When a new version was released each year, small business owners had to either budget for it or continue using an outdated version of the software.
However, cloud accounting has significantly simplified the software upgrade process. Now, you no longer need to worry about installing software, updating to new releases, or backing up data. Instead, you can access the software through an app or web browser. A cloud application service provider takes care of updates, backups, and security without requiring you to hire your own IT help—all for an affordable monthly fee rather than a substantial upfront investment.
4. Quick Invoicing and Tracking
Modern accounting software automates manual tasks by offering standard features for calculating, sending, and tracking invoices, as well as recognising payments. Some programs send automatic payment reminders as due dates approach, streamlining the work of accounts receivable teams and minimising disputes.
All of this means that your business receives payments quickly and accurately. Timeliness and accuracy also help protect the client and customer relationships you’ve worked hard to build. This is also especially useful when you need to file for e-invoicing as well.
5. Integration with Other Software
The one feature that is a game-changer in accounting software is the integration with other software. What better way to adopt technology into your processes than by automating and simplifying your business processes? Accounting software can be integrated with other software such as payroll, claims management, leave management, and time attendance.
By centralising these data into accounting software, you can calculate and generate reports that display the data in one document. This way, you can check for errors without opening so many software or web tabs that slows your computer down.
There are so many ways accounting can help add more time to your day and these are some of the examples the software can help. With automation and integration, you can reduce time for bookkeeping significantly so you can focus on more important processes for your business. If you’re looking for right software, you can reach out to Info-Tech for inquiry at [email protected] or +603 6050 0333.