Do I need accounting software for my small business? The short answer is, "Yes." The days of doing business or even personal accounting by hand are long over. The digital revolution is here, and accounting software now comes in such a wide range of formats that the real question is what type of accounting software is best for your business needs.
What Is Accounting Software for Small Businesses?
Accounting software for small businesses offers a suite of accounting services that streamline the accounting process and saves time and money.
An accountant uses accounting software to keep records and generate balance sheets and reports on the business's financial situation. Accounting software now comes in a variety of formats, from the most basic to the very elaborate.
Even if you have an efficient accounting department, to run a successful small business, you do need some form of accounting software to be competitive in today's market.
What Are the Features of Accounting Software for Small Business Owners?
Account software for small businesses offers many different accounting features that help keep the financial records of your business accurate and easy to understand and communicate. It is also customizable to meet your unique small business needs. Some of the most common features offered by accounting software for small businesses include:
Invoicing
Tax forms
Tax reporting
Tracks employee attendance
Credit cards transactions
Tracks income and expenses
Preparing budgets
Forecasting results
Inventory management
Client management
Generates financial reports
Tracks income and expenses
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What Are the Signs That You Need Accounting Software?
If you don't have any accounting packages for small businesses, or if your current accounting software is not adequate for your tasks, some signs indicate that a new accounting software system will help. These signs may or may not include:
Organization: Organizing your finances has become stressful and too time-consuming to manage without additional tools or resources.
Growth: Your business is growing. Maybe your spreadsheets are becoming unmanageable, or you have had to hire more people in the accounting department.
Access: You need faster access to information. Spreadsheets don't update in real-time the way accounting software programs do. Sometimes business decisions need to be quick.
Automation: You or your employees are spending a large amount of time on manual, repetitive tasks. Accounting software eliminates the need to repeat tasks and streamlines those processes.
Accuracy: You have noticed an increase in manual errors. Often an increase in errors is due to quick business growth — the data can become overwhelming. Those errors are easy to spot and can be eliminated entirely with an effective accounting software package.
Scalability: You don't have a proper accounting system in place. Many small businesses simply relied on spreadsheets as they started out, and they don't yet have an accounting department. Accounting software is an ideal place to start increasing the financial literacy that is necessary for business growth.
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What Are the Benefits of Using a Small Business Accounting Solution?
There is a myriad of benefits to having a small business accounting solution.
Better BI: You can increase your business intelligence and agility by having all of your financial information organized in one central location.
Streamlined Processes: The time and money you can save by streamlining processes and eliminating errors with automated software is substantial. Even more complicated scenarios (like tax time) are simplified and improved with small business accounting solutions.
Improved Communication: With accounting solutions, financial information can be easily communicated to employees, customers, and stakeholders. On top of this, you can generate and deliver financial BI reports quickly and easily display this information through eye-catching visuals and in easy-to-follow presentations. All of this combined can help your business make future plans that are more realistic, measurable, and achievable.
Enhanced Operations: Running your business is easier than ever when you have the correct financial information immediately within reach. As a result, you can find more strategic ways to increase cash flow.
What's the bottom line benefit? An accounting solution for small business owners saves time and money. In other words, it's a sound investment that generates substantial return.
Getting Started with Accounting Software with Teamworks
Whether you're ready to upgrade your accounting software or you're brand new to accounting software, Teamworks is here to help you get started.
We can analyze your business needs and suggest an accounting system that best suits your needs. Our team can also help with installation, implementation, customization, automation, and training. Give us a call or reach out to us online to learn more or to request a free trial today.
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