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Business owners are busy with many things. When they are managing products, taking care of clients, and processing orders, they cannot find time to do accounting. It is one of the most important aspects of their business. 

Not only it help in keeping track of expenses and income but also helps in tracking tax payments and returns.

What if you can have an automated system that manages all your financial activities? A custom software specially designed for your company that tracks the transactions and keeps a record of them. Sounds good?

To manage a business, you need proper management software for all your business processes including accounting. 

Here are 5 reasons why you should invest in custom accounting software:

Advantages of Custom Accounting Software over Spreadsheets

1. Customize according to your needs

You won’t have to compromise between what your business needs and what the vendor offers - you can have both. Your custom accounting software will meet all the requirements of your business model right from the beginning. This way, you won’t need to adjust your business processes to fit the software - instead, you can rest assured that the software will support your business growth.

2. It saves time

Using spreadsheets means you will have to manually enter all the data in the cells; you may also need to spend hours to find particular data. Moreover, it becomes cumbersome to add new data in a spreadsheet on a daily basis. Also, if you have multiple users updating the same spreadsheet, then it will take more time and effort to make any changes. 

When it comes to custom accounting software, you will be able to save your time and use it for other productive work. This is because everything is automated and you can easily update records and run reports with a single click.

3. Instantly generates key financial reports

Spreadsheets are generally used for number-crunching, but when it comes to generating meaningful reports and analysis, it is not easy to work with them. It is difficult to organize your data into meaningful reports that provide insights into the overall business performance. 

Custom accounting software helps you generate key financial reports quickly and easily, which is not possible when you are using spreadsheets. In the case of an audit, this can become a very big problem that can affect your business badly, so it's better to get rid of the spreadsheets and start using custom accounting software as soon as possible. 

4. Syncs all the financial data

When you are using spreadsheets for accounting, there are chances that financial data can be stored in multiple locations which will increase your efforts of bringing all the information together into one report. On the other hand, custom accounting software syncs all the financial data in real-time. So every user has access to the latest information at all times, unlike spreadsheets where you need to download/upload or send it via email for updates.

5. Integrate with other apps

Spreadsheet applications like Excel can be used in many different ways in the workplace because they are versatile. For instance, if you need an application to record sales transactions and perform the necessary calculations for invoicing and billing purposes, spreadsheets can help you do this effectively and efficiently. 

Despite this versatility, spreadsheet applications do have some limitations especially when it comes to integration with other apps and platforms. This can be problematic especially if you want to integrate your financial records with other programs such as customer relationship management (CRM) systems or marketing automation platforms. 

Conclusion:

One of the biggest challenges with spreadsheets is that they are not easy to scale. As your business grows, you have to track more and more data and keep up with the support. The chances of human error increase as more people get involved in handling spreadsheets. 

With custom software, you get continuous support from software developers. You don't have to worry about updating your version or fixing bugs when something goes wrong. As you know, financial data is very sensitive and any mistake can lead to huge losses for your business. With custom software, you can be assured that everything is handled by professionals and no mistakes will be made in the process.