Accounting software can save time and labour
Running a business requires attention to many financial details. While it’s possible to manage your personal finances without specialised software, managing a business is more time-consuming without the help of accounting software. Products designed with the business owner in mind offer a host of benefits, especially for small businesses.
Once they’re set up, they offer a clear overview of your current financial position in real time. As long as the information entered is accurate, the software can generate reports and let you quickly identify cashflow problems and let you more efficiently track your business’ performance.
Having all your financial transactions and reports in one place also makes it easy to discuss this information with your accountant or business advisors. Reports can be sent electronically and information more easily shared.
But perhaps the stand out benefit is the time these packages can save you. Operating intricate spreadsheets and manual cashbooks can be labour intensive. Many business owners discover accounting packages automate a range of financial tasks, saving them hours of input time and double entry. If you work with staff, you could save several hours a week with packages that automatically calculate employee wages and keep track of employee leave balances. Payroll systems these days even file your monthly employer returns on your behalf and ensure IRD receives the correct amount of PAYE and Kiwisaver payments on the 20th.
Business owners are often put off due to past experiences using old accountancy software. This should not be the reason they are hesitant to adopt or change to new software as today’s options are incredibly easy to use.