Bookkeeping software that is not cloud-based might be holding your business back from improved productivity. You might be unnecessarily burdening your employees with admin stress, hampering their overall productivity. There might be moments when you might end up making informed decisions or other moments where your decision-making is delayed as you have to wait on key financial data.
Your people spend a noteworthy amount of time on manual data entry
How many hours in a day, or week does your accountant spend on manually feeding in transactions made from your business bank account? Wouldn’t it be easier for tech to automate the flow of data from your business bank account to your books? Online bookkeeping software makes this possible – your accountant simply needs to keep a check.
Similarly, the time spent by other employees in the mix on manually entering data for bills, sales invoices, and receipts can be minimized when you use such bookkeeping software. This software comes with optical character recognition tech that is able to extract vital data from such documents and analyze and sort it.
You have shoddy, unstandardized invoices
Do your invoices sometimes look messy? Does every invoice look somewhat different from the last? Are there moments when payments are delayed because someone missed out on generating an invoice? Do away with this typically small business unprofessionalism by adopting bookkeeping software. Your invoices will be generated automatically at a predetermined date or when a sale is made and these invoices will be standardized, not to mention that they can be easily accessed by your client using the dedicated client dashboard that you get with your software.
Your accounting people and your salespeople struggle with unpaid invoices
Not only that, but you will also know when your client pays off an invoice, and you will receive alerts (as will your client) when invoices become overdue. Moreover, you will get a quick update on all overdue invoices.
Do you still use last month’s or last week’s numbers?
In today’s fast-paced world where one word from an influential public figure can travel at the speed of thousands of members of your target audience per hour (or even faster), your decision-making needs to be agile. You cannot be waiting for updated figures from your accountant to make a quick social media marketing decision or a quick sourcing or distribution decision, for example. You need to have real-time, ready access. Cloud bookkeeping software lets you access your books via your smartphone.
You need to spend hours pouring over data to identify leaks or you don’t know where they are
Identifying where unnecessary spending is and plugging these leaks is essential to improving your bottom line. However, poring over spreadsheets and comparing months and years of data might not be the most efficient way of going about it, even though this kind of reconciliation is absolutely necessary. However, tech can do the job for you – with much more speed and efficiency.
There are errors in your books or tremendous time
Human error is a painful but hard to eliminate factor in traditional accounting. When your accountant – no matter how diligent and how intelligent – is feeding data in manually there is a small percentage of margin for error. However, this is easily eliminated when data flows directly from your business bank account to your books.
Moreover, bookkeeping software even flags up any errors or anomalies in your data.
Your bookkeeping software essentially drives the finance and accounting operations at your organization. Thus, changing your bookkeeping software is essential if you’re facing any of the reasons above while handling your books. There are many excellent options out there that are feature-rich and drive you to business excellence by making your accounting processes simple, seamless, and fast. Click here for more information on bookkeeping software.