Modern technology has given us ways of automating (or at least assisting with) things that used to be done manually, using paper, files, calculators, etc. Accounting software is among the innovations that have allowed business processes to become faster and more accurate.
Simply put, accounting software is the term given to computer programmes that assist bookkeepers and accountants in dealing with the financial workings of a business. While the software’s features and functionality might differ between products, they all offer ways to make the accounting process much more streamlined.
So, What Does Accounting Software Really Do?
As we mentioned, the term ‘accounting software’ covers a range of programmes that allow accountants and bookkeepers to work on a computer instead of using a paper system. But, what do these programmes really do that makes them an asset to modern business? Here are a few of the areas in which they offer vital benefits:
- Data Entry
Manual data entry could be exceedingly slow and repetitive. However, with good accounting software, the process is simple and far less time-consuming. Furthermore, software allows for the duplication of processes, meaning that certain data only has to be entered once and can then be duplicated across multiple documents or channels.
- Reduction of Errors
One big problem with manual accounting is the human element. One bad night’s sleep or a personal problem could mean that even the most accurate accountant or bookkeeper could make a mistake. But, with accounting software, the tallying of numbers is consistently flawless, ensuring that costly errors don’t occur.
- Generally Faster Processes
Accounting software means that the time between point A and point B is greatly reduced. For example, the time between making a sale and creating an invoice for that sale is a lot less thanks to the software’s input. This applies to all the processes of a business, adding up to a lot of time saved.
- Multiple Applications
Accounting software goes beyond the mere tallying of sales and expenses. With high-end software it is possible to schedule automatic reports, track leads for conversion, manage stock, trade in multiple currencies, calculate VAT, create an audit trail, and much more.
Does Your Company Need Accounting Software?
One of your business’s most valuable assets is time. Time allows you to refine your processes and expand your business – things you can’t do if your outdated accounting process is slowing you down.
So, if you want to increase this asset while improving the accuracy of your accounting process and automating other processes, accounting software definitely is for you.
To get started on a new era for your business, contact QuickBooks today and let one of our experts help you find the right option for your needs.