Everything you ought to know about small business bookkeeping software and apps
Small business owners deal with a number of monotonous tasks day in and day out. Accounting and Bookkeeping are certainly one of them. They simply cannot get away with it.
In the era of technology disruption, everything is digitized, and so do bookkeeping services for small businesses. It saves your precious time and frees you from unproductive manual work. It helps you focus on the core tasks of your business.
We have a plethora of small business bookkeeping software and apps to choose from. It just does not automate but brings accuracy to your inventory and accounting records. This software is mostly easy to use and developed keeping non-accounting users in mind.
It organizes your accounting in a systematic manner and enables you to work more efficiently to grow your business. Let’s have a look at some of the primary reasons why you should use small business bookkeeping software and apps:
It is essential for any business. Inaccuracies in records lead you to significant losses. Accounting software eliminates errors and ensures your data is correct. Simply put, you get rid of manual tasks and don’t make mistakes. It does all the calculations for you and makes it easily accessible as well.
This is perhaps one of the biggest benefits of bookkeeping software. Having in-house accounting software can be costly and you have to deal with upgrades and other tools integration. Hiring an accountant can be even more expensive.
The beauty of online accounting software is easy accessibility at any time and from anywhere. Most of the bookkeeping software is subscription-based today. All you have to do is just get the best package for you and pay monthly fees based on the number of users.
Cost is a crucial aspect for small businesses. Online accounting software is affordable and offers a great ROI.
As we mentioned above, it enables you to access data from anywhere. It makes your workforce mobile and empowers your employees to collaborate more efficiently. It helps improve internal communications.
For example, they can view, send and receive invoices online. Client’s information is all time available at their disposal. They can track down anything at any time on any device.
Manual accounting is extremely tedious and time-consuming as well. Businesses have their own basic functions that need your primary focus to excel.
Cloud-based accounting does not just remove manual work but saves you a lot of precious time. As a business owner, you are supposed to focus on the business operations that are essential for the success of your business.
When you spend more time doing what matters, your business creates more productive outcomes and grows by leaps and bounds.
Your data is stored online and we know some business owners have concerns with it. However, cloud software is secure and your data is fully protected. It is even safer than you think. All online accounting software is designed with security as a top priority.
Invoice brings revenue. Small businesses with bookkeeping software create an invoice without hassle. It generates Invoices and sends them to clients accurately as there is no scope for human error.
It is an add-on advantage of cloud-based software. It works as a financial advisor as well. Many accounting and bookkeeping software come with in-built analytics features. It provides you with data insights with accounting analysis on the dashboard itself. This information can be precious for small business owners to make sound financial decisions.
Tips on choosing small business accounting software
When it comes to choosing online accounting software, many factors come into play. Every software has its own common and distinct features. It solely depends on your needs to figure out which one suits best for your business.
So before making a decision, do some research. Here are some useful tips for that.
Find out what features in accounting software, you really need. It is essentially narrowing down your focus and fix on the right features. Some accounting features are obvious and all businesses need them such as invoicing, inventory management, budgeting, estimates, tracking, payroll, etc.
But there are several others which you don’t need at all. Don’t pay extra for what you don’t use and save money.
There is certain cloud-based accounting software designed for specific industries. We strongly recommend going for such software as there is nothing better to have custom features exclusive to your industry. For instance, if you are in the retail business, go for the software that best fits your needs.
On-premise Vs. Cloud
Simply put, it is choosing between desktop software and online software. Online software is used through browsers, also known as cloud-based software. Desktop software is an on-premise setup and you have to upgrade and maintain the software regularly. It does contain additional costs.
Online software is easy to use and there is no maintenance cost. Moreover, there is more accessibility from multiple devices at any given time.
Number of users
Cloud softwares are subscription based. It allows a certain number of users to access the information. As a business owner, you should decide which employees should use software depending on their roles and responsibilities.
You can even restrict their access to some features or data as well. List down the priorities and work them out accordingly.
There is online bookkeeping software for small businesses in abundance. However, choosing the best one for you can be tricky. We, at CapActix, have accounting experts who consult and understand your business requirement and suggest the right software for your business. Call us at +1 201-778-0509 or email us at [email protected]