7 Sure-Fire Reasons to Use an Accounting Software

by Jessica Thomson Expert Blogger

Handling all the expenses associated with your business is a huge responsibility and there is always a chance of potential miscalculations and unexplained deductions. But many business owners are overcoming these issues by adopting a suitable accounting software that keeps all their bills and calculations up-to-date and thoroughly recorded, digitally.

This post outlines the various benefits that accounting software can provide to business owners who are still apprehensive about adopting digital accounting for their business.

      1.       Time-Saving

Manually entering the data is time-consuming. Using accounting software can reduce manual labour significantly. You will need to enter the client’s information just once and depending on their payment history and habits, the records will be maintained accordingly. The software keeps track of the cheques written, customer invoices and bank deposits accurately.

2.       Consistent Monitoring

In manual accounting, most of the work is done at the end of the financial year for tax assessment. Mistakes can happen when a bulk calculation is done at the end of the year, and missing data is more likely as a result. Most accounting software allows a user to easily create and update the financial records and even analyze the reports whenever they want. This allows for greater oversight of the cash flow and monitoring of records. Updates can be done more frequently which solves many potential problems before they become a major issue.

3.       Better Control

Most top accounting software are very easy to use and the learning curve is short. Even if you hire a professional bookkeeper to manage the accounting software, you can understand its function easily allowing you better control over the entire process.

 

What are some of the popular accounting software applications used by professional bookkeepers in Canada?

QuickBooks, FreshBooks, Zoho Books, Xero, Gusto and Wave are some of the online accounting software applications used by bookkeeping firms in Canada.

4.   More Accuracy

Accounting software eliminates the chances of mistakes in regards to data entry and calculations. Manual accounting always runs the risk of errors which can cost both time and money to correct. As the business grows, so does the volume of transactions, making it rather difficult to keep track of and be consistently accurate.

5.       Access on-the-go

Most accounting software sync with cloud storage to keep your data secured. Besides the security, it also makes it easier to access the records and data anytime and from anywhere. Now you can skip carrying heavy files of all the financial records and sort out any critical financial situation from anywhere. Some of the best software have a mobile application and hence your access is not just limited to your desktop or the laptop.

6.       Easy Tax Management

Most modern accounting software can calculate the taxes to be paid on each invoice as well as create a detailed report on the tax dedications of the company quickly. This makes it easier to find all the tax-related data in one place, and you can use them while filing any tax forms that are provided by the government.

7.       Organized Documentation

One of the major benefits of accounting software is that all your financial records will be available in a single location. Searching the required invoice is also easier when you can simply filter them based on various parameters. The task is smoother and less time-consuming compared to manually searching through your accounting files. 

A professional bookkeeper with ample knowledge of accounting software can help you out by implementing the software for your company. Understanding its benefits will help you have a better understanding of the cash flow within the company.

 

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Created on Apr 3rd 2019 04:26. Viewed 205 times.

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