Any business, whether SMEs or big corporations, wants its operations to run smoothly without problems. Problems mean waste, and waste can include money, time, and energy. No business owner wants to spare any of that, especially on trivial issues. The one problem that no business can avoid is accounting.
According to Go Remotely, 64.4% of small business owners use accounting software instead of seeking the help of qualified accountants to aid them in their business’s accounting tasks. The main reason for this high percentage is that accounting software automates tasks and reduces errors, making it easier for small business owners to manage their finances.
Source: Go Remotely (2023)
So many risks in accounting can be detrimental to a business. These errors can include miscalculations of budgets, salaries, and general finances. Any errors that occur can cost business investors, lead to mass employee resignations, or result in accusations of fraud. This is why businesses are recommended to have accounting software to assist in the process.
You might be thinking: “I already have my accountant for this. Why should I need software?”
6 Ways Accounting Software Helps Your Business
Accounting is essential; there’s no doubt about that. That’s why businesses need at least one accountant to oversee the company’s finances. But is it enough?
With the rise of cloud accounting, Go Remotely has observed that many accountants now prefer using software for their tasks. This preference is due to the software’s ability to securely store data in the cloud. The integration of software into their accounting processes has significantly streamlined tasks and provided a sense of security for accountants
Source: Go Remotely (2023)
Your accountant needs to handle paperwork, look at numbers daily, and might end up creating unnecessary errors that can be avoided. Accountants are human, so there’s bound to be an error or two during their work that is easily missed. With these considerations in mind, accounting software will become essential for you in the long run. This is due to reasons such as:
1. Increased Efficiency
Automation has become a necessity in businesses these days, regardless of their size. This is evident in mundane accounting tasks such as calculations or data sorting. By automating and streamlining financial processes, companies can reduce manual workloads and minimise errors significantly.
According to ISCA, Public Accounting Firms (PAF) and Accounting & Finance Departments (A&F) experience measurable productivity gains after adopting accounting software into their operations, with time and cost savings being the highest.
Source: ISCA
2. Real-time Insights
Accurate and up-to-date information allows you to analyse market trends, identify opportunities, and mitigate risks. Whether you are an individual investor or a large corporation, having access to real-time financial data and reporting can help you make better financial decisions. It can also give you a competitive edge in the market, helping you stay ahead.
3. Enhanced Accuracy
Say goodbye to manual calculations and data entry errors, as accounting software ensures precision and compliance. No matter how often the software performs calculations, you no longer have to worry about mistakes, as the process is automated.
4. Inventory Mastery
Our user-friendly interface allows you to monitor inventory levels, set up automated alerts for low stock levels, and generate comprehensive reports to make informed decisions about your inventory. You can also track changes in your inventory levels to identify trends or issues. Our inventory management feature is powerful and easy to use, ensuring that your inventory is always under control.
5. Seamless Integration
The last thing you need is to duplicate work or processes. After managing your accounting, you likely want to use the numbers for bonuses, increments, and payrolls for your employees. Setting up a separate system for payrolls and human resource management would mean additional work for you. But what if your accounting software could be seamlessly integrated into HRMS and Payroll software?
Info-Tech’s accounting software can seamlessly integrate with others, fostering a unified and interconnected ecosystem. This significantly reduces the time required for processing payroll and human resource matters.
6. Comprehensive Reporting
After a lengthy process, you want to review your work in as much detail as possible to ensure everything is in order. You want to catch any possible discrepancies before proceeding with any audits. If you’re using a spreadsheet like Excel, you might have trouble scanning through it, as it remains in a sheet format. However, with accounting software, you can generate detailed financial reports for your review without having to navigate through complex spreadsheets.
After discovering how accounting software can help your business, it’s important to consider which accounting software to choose. There are many providers out there, including Info-Tech.
Info-Tech offers a comprehensive suite of accounting software solutions for your business. Discover our software’s features and leverage them to enhance efficiency. Contact us at +65 6297 3398 or email us at sales@info-tech.com.sg for more details.
