4 Signs You Need an Accounting Software for Your Business


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If you are in the early stages of your business then managing accounts via spreadsheets would suffice. But gradually, when your employees and resources start to grow, you may end up spending a lot of time and effort manually sorting out your business finances and accounts. Maintaining an account manually means more stress and less efficiency for the business.

Let’s discuss the disadvantages of not having Accounting Software for your business and what you're missing out on:

Spending valuable time and effort on manual tasks:

The first and the most evident disadvantage is maintaining your business accounts manually, as each step can take up a lot of time that would rather be spent on more important tasks. 

Tasks such as preparing Profit and Loss Accounts, Balance Sheet, Annual and Monthly Budget, Tracking Transactions can be an exhausting process without any automation. Moreover, you will also need more resources to get all the work done. 

Lack of Proof when you need it the most:

You won’t be able to have all the data at your fingertips. In case you get an inquiry such as a simple “resend a copy of last year’s tax returns” to a full-on audit, chances are, you might not have it. 

But the point is, how would you do that manually? Accounting software creates a history for your business by accurately recording every transaction that has ever been executed.

Manual Accounting is Prone to Errors:

Given that nine out of 10 spreadsheets (88%) contain errors, the chances of making errors add up when you maintain accounts manually and there would be no mechanism to detect those errors. Therefore, rectifying it also becomes a time-consuming process. The data would not be that trustworthy for inquiring parties to fully rely on and make decisions. 

Lack of Technical Accounting Skills:

Whether you are a small business or a large business, you may be highly skilled or experienced in your field but handling accounts is often a task that you might not be an expert in. 

Once the president of TheSelfEmployed.com Steve Strauss said, having "a firm understanding of finances and business performance is crucial for a small business to be successful"

He emphasized how small businesses failed due to high cash flow transactions which could have been avoided if they had accounting software in place.

As indicated in a Clutch survey, one-quarter of small businesses (25%) still record their finances on paper. 

What can Accounting Software do for these problems?

If the issues we've discussed above apply to your current situation, you shall rethink and make strategic decisions to opt for making the switch to accounting software.

What benefits will you get?

These are the following benefits of leveraging Accounting Software:

● Generate comprehensive finance reports

● Balance your books without having the technical accounting skills

● Keep a record of all the transactions

● Taxation would be a much easier process

● Get additional services that come with your accounting packages such as personalized consultations and financial reviews.

Get an Accounting Software Today:

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We'd love to help you figure out what you need, so you can choose the right accounting software for your business.