Small businesses have to take care of a lot of tasks. If you’ve recently started a new venture, you might be struggling to juggle all your responsibilities. But being overworked can mean you’re more at risk of making mistakes, which can be disastrous when it comes to filing your taxes and keeping track of your finances. Accounting software could be the answer you’re looking for. But before weighing up FreshBooks vs wave, it’s important to understand exactly how software could change your small business for the better. This blog has some of the top reasons why you should take the plunge:
Have you ever made a mistake when working out a percentage? How about inputting a number into the wrong column on your spreadsheet? Small errors like this can send all of your books into a downward spiral, having a detrimental impact on your final tax return. It doesn’t matter how good you are at making calculations, why risk human error when a computer can crunch all your numbers for you? Accounting software is never wrong and if you are worried about mistakes slipping through the cracks, you can always double-check your invoices or ask an accountant to look over your books for you.
Losing all of your financial information could put your business in a difficult situation. While you might not think this is likely, storing all of your information on your computer’s hard drive leaves it vulnerable should your hardware malfunction. What’s more, if you don’t have enough protection for your files, you may be targeted by hackers. Cloud accounting software securely stores your information online, so that you can access it from any device with your password. All your data will be encrypted and inaccessible to hackers too, so you’ll be much safer from cybercrime.
Accountants can be expensive, especially if you’re just starting out and not earning very much money yet. Accounting software costs only a fraction of an accounting professional and can be paid for on a monthly basis. You’ll be able to manage your own finances even if you don’t have a head for numbers and, thanks to cutting-edge technology, it won’t too much time out of your day either.
Not only will you be able to make calculations much more efficiently, but you’ll be able to generate and send out invoices instantly. Once you’ve finished setting up your software, it will do all the hard work for you and make quick work of any manual processes. Your clients will likely notice the change and may even pay you more promptly. But one of the most important ways that accounting software improves efficiency is with regards to filing your tax return. You’ll never have to scramble for expense sheets and track down your sales ever again because your software will have been keeping track all year long.
There are lots of different accounting software packages out there for you to choose from, so do some research and find the best one for you.