As the name suggests, accounting software is a type of program that records and processes business transactions, creates digital ledgers, manages cash flow, billing, inventory and taxation for businesses. Most large-scale businesses have the resources to develop customized accounting software as per their business needs.
But what about micro, small and medium-scale businesses who don’t have the disposable income to develop a customized solution for their business? No need to fret! The market is abundant with accounting software solutions that are designed for budding enterprises.
Accounting software might seem like an unnecessary expense to your already tight budget, but they are worthy of investment. Let us tell you how their features could profit your growing business in the long run.
Benefits of using Business Accounting Software
1. Can Manage Tons of Transactional Data
This is, of course, a primary advantage! Accounting software can efficiently handle a constant flurry of business transactions, day or night. It considerably minimizes the risk of miscalculations or errors, which are quite common when information is entered manually. Moreover, massive amounts of inventory and receipts are arranged in an organized manner which helps you identify any discrepancies or budget issues more effectively. Such clarity can help you prevent any fiscal mishaps.
2. Effortlessly Integrates with Existing Software
If you already use software for project management and CRM, then adding accounting software to the list will only do you good. The latest software can integrate with your other programs so that your financial, customer and administrative data can be seamlessly synced. Moreover, somebody can also pair it with various apps. For example, you can integrate your accounting software with UPI apps so that payments made using this medium can get automatically recorded and tracked.
3. Remote Access
With cloud-based accounting software, remote access becomes possible. You or your teams can access your accounts from anywhere, which adds work flexibility in case anyone is travelling or working from home. Furthermore, you can directly send invoices from your smartphone or view client or expense data. Since all the records are in the software, you don’t need manual transfer papers or electronic files to gain access.
4. Centralized Management
Accounting software can centralize several aspects of your company’s financial operations. You will be able to control various tasks related to inventory management, payroll, invoicing, and even a few things about CRM using your accounting software. A consolidated platform like this can save a lot of time and money and make operations effortless across departments.
5. Streamlines Tax Compliance
An accounting software shows you how much tax is owed on every invoice. Besides that, it also enables you to file GST Returns and create GST reports. For example, it gives you an analysis of how much tax your company has paid over a certain period. This makes it easier to collect data you require to fill tax forms and file for returns. Some accounting software programs even allow businesses to validate GSTIN, conduct GSTR2A Reconciliation and file GST returns directly. Makes things pretty simple, right!
6. offers Tools for Analysis
Reliable accounting software is as good as having your very own financial advisor. Apart from its usual activities, it also features reporting tools that allow you to examine different areas of your business. It shaves loads of data into valuable reports that can help you in making better financial decisions. For instance, customized notifications and reports which can help keep you track of your inventory as well as customers who owe money to your business or funds spent on every department in the last quarter or year.
7. Fortified with Security
Many SME owners like you might be worried about the security of their business data while transitioning to accounting software. Thankfully, business accounting software companies like BUSY are armed with sophisticated security measures that help in safeguarding all your sensitive data seamlessly. Just ensure that you invest in software that is known for its quality and uncompromising accounting solutions.
8. Provides Accurate Financial Statements & Reports
Let’s face it! In the present scenario, where the number of transactions is huge, managing accounts and other business operations manually via Paperwork can attract errors and unintentional mistakes which can lead to significant losses or other financial issues. That is why it is crucial to switch to the best accounting software like BUSY, which can provide you with the best value for your buck.
Accounting software helps keep your numbers accurate. Most calculations are done automatically, eliminating the errors in transposing numbers or other human mistakes.
9. Saves Your Cost
The cost might be another one of your concerns; however, you’ll be happy to know that most accounting software is available at affordable rates. It will cost you substantially more to hire multiple team members for an accounting department. Instead, you could hire an accountant and give them accounting software to work with. Plus, if you aren’t sure about paying a monthly subscription, then you could also avail of a perceptual license by paying the one-time fee and enjoy its features and benefits lifetime.