How can accounting software help me do my accounts?
- Basic accounting tasks.Most small businesses can make do with accounting software that offers basic functions like invoicing (both by email and snail mail), income and expense tracking, financial report generation, and client and vendor management.
- Things like automatic billing, recurring payments, past-due notifications and other automated processes save you time because you will not have to manually do them yourself.
- Quote and estimate creation. Use customized, premade templates to create quotes and estimates for clients; then automatically convert them into invoices.
- Tax preparation. Make both your life and your accountant’s life easier with accounting software that can help you with your taxes. Features include automatic tax calculations, multiple tax rates and tax reporting, and the ability to instantly email all necessary data and files to your accountant at the click of a button.
- Multiuser access. Most accounting software products give access to multiple users (e.g., you and your accountant), so you don’t have to do everything on your own.
- Payroll processing. Enter time sheets, calculate pay, print checks and pay your employees — without all the legwork.
- Mobile access. Use your accounting software anytime, anywhere on your mobile phone or tablet. This is particularly useful for business owners who are always on the go and are too busy to sit down and manage the books at a computer.
- Third-party integration. Accounting software can make it easier to run your business by integrating and automatically inputting real-time data from apps and tools you use the most. This includes POS systems, inventory, e-commerce, ERP, credit card processing, CRM and Google apps
Accounting software also offers a wide range of additional benefits for small businesses, simply because it makes it easier to run a business. Here’s what some business owners said they love most about their accounting software:
- All-in-one solution. Peter Geisheker, CEO of The Geisheker Group Marketing Firm, said his favorite accounting software is an all-in-one solution that provides everything a small business needs: affordability, ease of use, credit card processing and more. It also lets his accountant monitor transactions.
- Simple interface. Patrick Cullen, founder and CEO of Panda Bear Linens, said a simple look and feel and the ease of use of his accounting software take away the frustrations and complexities of bookkeeping.
- Less stress. Ryan Ireland, founder of e-learning company Mijingo, said that managing a business’s finances is difficult enough as it is, so it’s important to have accounting software that alleviates that stress instead of adding to it.
- Tracking capabilities. In addition to tracking expenses, Darren Davis, CEO of LinkCaffeine.com, found that the ability to track when a client has viewed email invoices takes the mystery out of whether the invoice has reached the customer. This is particularly useful when a bill is past due, he said.
- Accountant access. Ian Lamont, founder of i30 Media Corp., chose his accounting software because it’s the one most accountants use and recommend, thus making finance management easier for everyone.
- Do-it-yourself solution. Ian Aronovich, president and co-founder of GovernmentAuctions.org, said his accounting software can perform a range of tasks, including tracking expenses, automating invoicing and billing, organizing tax and banking information, and providing payroll services. As a result, he doesn’t need to hire a full-time bookkeeper to manage the company’s finances and pay his employees.
- Less clutter. If you have accounting software, you don’t need to keep piles of paperwork everywhere. For example, Mike Wolfe, co-founder and CEO of WAM Enterprises, found that his accounting software’s mobile app makes it easy to add receipts to expenses simply by taking a picture.
- At-a-glance dashboards. Carrie Enders, vice president of front office at RE Suspensions, said she loves her accounting software’s dashboard, which provides a snapshot of how the business is doing every morning and lets her add customized modules to fit the business’s needs.
- Real-time data. Accounting software updates data in real time and thus eliminates the need to manually input financial information. Nicole Wolfgram, founder of NV Blues, loves the reconciliation feature on her accounting software that keeps her up to date on the company’s finances.