The latest software developments and enhancements within advanced accounting software programs help SMEs reach greater success and therefore have changed the landscape and state of play for accounts finance departments – large or small, for the better. Fundamental responsibilities and benefits of reputable accounting software programs include workflow basics such as invoicing, connecting directly through to banks, claiming business expenses, charging for a company’s/employees time and workflow management.
Enabling a small business owner to follow and chase their dream for a living, with the business being successful thanks to quality systems and processes in place, results in jobs being created, economies flourishing, and communities prospering. Let’s take a closer look at the benefits of simplified systems such as accounting software, so you can better understand them!
The basics of premium, yet affordable, accounting software systems enables you to gain clarity directly, over your net business. You can also properly and efficiently keep track of receipts, payments and GST; observe your net position differences in real-time; generate multiple reports enabling you to gain valuable insights such as comparing net results quarterly; reconcile bank transactions; forecast with conviction and of course you can share controlled files with key stakeholders such as your accountant, bookkeeper or accounts team as a whole.
The latest, most proficient accounting software also enables SME’s to send invoices from a phone, tablet or computer and are extremely user-friendly thanks to wonderfully designed interfaces which then allows you to track payments being received from the same devices too. The invoices generated will be consistent and appear extremely professional regardless of device they are created in, as you can add company logos to popular templates with notes specifying payment instructions. You can even add personalised messages to invoices as well. Want to add a discount for a specific client? Not a problem! Want to find an old invoice in a matter of seconds – easy done.
Claim Business Expenses
The latest and most simplified, user friendly accounting software programs will inspire you to ensure you’re billing all your expenses as you’re making them as the programs are so streamlined and stress free to use versus keeping receipts in an envelope amongst other envelopes – somewhere. You can also approve a number of employee expense claims in one hit, making reimbursing effective, quick and seamless.
Account For Your Company’s Time
Time is money! Another useful benefit of accounting software is that timesheets can be integrated into invoices! This makes it a breeze to account and charge for billable hours, whilst knowing your unbillable ones simultaneously tracking your out of pocket expenses. This provides you with real time clarity on what jobs and customers are costing you money and may be worth giving the flick and of course, showcases the clients and jobs you are profiting the most from – making it easier for you to ascertain what types of clients and jobs you should chase.
Upload Transactions From Banks, Automatically
Another benefit of accounting software is that you can connect your business directly to major banks. You can even split payment amounts into separate accounts if and when required. Reputable accounting software brands also permit you to conduct bank reconciliation which is the process of comparing cash activity of financial records, identifying errors and monitoring cash flow.
Technological advancements in accounting software has altered the way in which we do business forever. For your business to be successful – ensure you’re evolving with as many relevant software innovations as possible. It’s important to understand their benefits, as they’re being developed to make running a business wherever you are or however you like – simpler thanks to simplified systems!