The sad fact of the matter is that 20% of small businesses fail within their first year, but that doesn’t mean that all hope is lost. If you as a small business owner are worried about failure and yet committed to making things work, you’re in luck: there are ways you can proactively ensure the success of your small business. Don’t fear, but be mindful of what you’re doing with your business- there are always ways that you can make it succeed.
One of the most crucial things you can do in ensuring your business’s success is to install a bang-up accounting software. These programmes do all the heavy lifting for you when it comes to the finances of your startup. From balancing the books to checking invoices to sending out payroll slips, there are so many ways that accounting software can benefit you.
Here, we’re going to talk about why you need to get an awesome accounting software in order for your business to thrive. We’re also going to tell you some of the most reputable and user-friendly types of accounting software on the market to allow you to make the best decision possible. Read on to learn how to select an accounting software that will support a thriving company!
Before you can begin choosing accounting software for your business, it’s important that you understand why your business needs it as well as what it can do for you. In this section, we’re going to discuss the merits of getting an accounting software that will allow your business to achieve its maximum potential!
Accounting software is great because it can help you manage all the financial aspects of your business. It can regulate payroll which ensures that your employees are paid on time. This is essential because it increases employee satisfaction and greatly reduces the potential for human error in the amount that people are paid or the timeframe that they’re paid in.
In addition to payroll, accounting software can assist you in tracking and managing your cash flow. You’ll be able to look into the software and see how much money has been made by (and spent by) your business. This gives you a clear picture of how much money you have for future expenditures. It also is helpful because you can see all these figures in one convenient location, eliminating the need to go through hours of paperwork.
The organizational features of accounting software make paying the bills easy, but there are also ways to pay within the software that make managing bills easier.
Software like Xero has something called ‘accounts payable software’ that keeps your business up-to-date by automatically paying the bills. You can pay basically all your bills in one quick and easy online transaction. All you need to do is bundle the bills together into the software and set up a scheduled transaction. Once you do that, your business will have all its financial expenditures taken care of at whatever interval the payment is scheduled for.
Xero isn’t alone in having this feature, either- whatever accounting software is right for your business will likely have something similar!
Since most accounting software stores your banking and other financial information online or in the Cloud, many business owners have concerns about the security of their personal information. However, this isn’t something to be feared- accounting software developers anticipate this issue and take preventative measures against breaches and other harmful viruses.
This includes the installation of the latest malware protection software as well as the password-protection of your data against possible hackers. Your information is just as safe in the accounting software as it is written down by pen in a notebook.
One thing’s for sure- accounting software is a huge boon in keeping track of finances. When the books are balanced for you and the bills are paid as scheduled, this gives you more time to focus your attention where it matters.
When you use accounting software, you’ll have more time to grow your business. This includes developing new goods and services with cutting-edge technology. You’ll also have more time to grow your brand as well as create and target innovative and captivating adverts.
Okay, so you understand that your business is desperately in need of accounting software. Now what? Well, it’s time to pick your favourite, of course! Here, we’re going to go through the pros of the most effective accounting software on the market so that you can weigh them and decide which is perfect for your growing business.
We talked earlier about how Xero makes paying bills easy, but there are a lot of other benefits to this accounting software, too. One of the coolest things about Xero is that it constantly provides updates that automatically install. The frequency of these updates helps you to maximize your experience with the software in an entirely stress-free way.
Xero is also partnered with a ton of other business applications so you don’t need to worry about transferring information over from app to app. Your accounting software will work with all the other sites you use for business. It can also work with the sites that provide you with business loans so you know exactly how much you need to pay back and at what time these payments are due.
MYOB is cool primarily because of its flexibility. Everything within this software is stored on the Cloud, meaning that it can be accessed from any device. For business owners and accountants on the go, this means that you can pull up all your accounting information on your Smartphone or tablet. The Cloud-based storage also allows tax forms and invoices to be updated the second there are any changes.
MYOB allows for accounts that store bills, manage invoices, and perform other essential functions to be linked together. As a business owner, you can also send payslips out to your employees using your company email, ensuring that there’s never a missed payment in your workplace.
Quicken is unlike the other accounting software on this list in that it’s primarily focused on the accounting needs of the individual user. While you as a business owner or manager can set it up to look into the finances of your entire company, it’s more focused on personal finances.
You may be wondering: why, then, is Quicken on the list of good business accounting software? Well, the answer lies in its user-friendly interface and the way it can work in tandem with other programmes. Quicken is incredibly easy to learn since it’s focused on individual finance- it’s smaller scale than other software. It also can track the company higher-up’s business-related finances, making it the perfect accounting software to supplement another one that handles broader financial concerns.
While the name may sound similar to Quicken, Quicken and Quickbooks are accounting software that are as different as night and day. While Quicken is focused on individual user finances, Quickbooks exists for the purpose of tracking the spending and cash flow of Server Message Blocks (SMBs) and larger enterprises. Furthermore, while Quicken offers no Cloud hosting, you get the option for Cloud use in Quickbooks (as well as the option to leave the Cloud out of the deal altogether.)
Quickbooks is also quite user-friendly since it has opportunities for online chat with experts. Whenever you begin to feel lost with the software, you can always click a bubble and immediately speak with a friendly accounting assistant!
ReKon is a UK based software that’s a little different than the others on its list.
While it does have the capacity to manage short-term financial issues, ReKon is meant mostly for managing things in the long-term. This software manages and controls employee 401K plans. It also keeps an eye on their insurance and retirement benefits to ensure that you retirees have a relaxing retirement. Ultimately, this is a software that you need to get to work in tandem with other programmes that you might buy for accounting.
Ultimately, choosing the right accounting software for your business is a very individual process. Which programme is right for you depends entirely on your personal and professional needs and values. If you’re a very small business that needs something that works wonders in the short term, Quicken may be perfect, but Quickbooks or Xero may be better for a fast-growing business.
While managing a business is difficult, having the right type of accounting software is sure to take some of the stress off.
Now that you know the different types of accounting software and why you need one, it’s time to get started with more financing options for your small business. Click here to get started with us. All you need to do is fill out the small business loan application form and wait for the approval. Once you have it, you’ll have a simple time growing your business and putting your money where it matters.
Let’s face it we are all in Business for one reason, and that is to raise invoices…after all, it starts with this! We recognised that in this competitive world we all need to stand out from our competitors and be seen and heard.
Capify has been designed to serve the small business to build its Australian business! How you may ask? The Team at Capify Business Marketplace Global work for Australian small business, building their business and providing a dynamic environment conducive to raising more invoices!
It has a robust and proven formula and system that drives it! Find out more by coming by contacting us on 1300 760 930
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