By imjpmaurya
Good accounting software puts you in control of your business. You can automate regular tasks, including keeping records and completing statutory returns. And because accounting software holds a whole mass of financial data, you can generate reports that help you understand and to run your business better.
Accountants and bookkeepers who have adopted accounting software as the cornerstone of their practices are very vocal about the benefits.
1. Intuitive and easier to use. Accounting software has been designed in the age of Facebook and the iPhone. Software companies put a lot of effort into how easy their business software is to use.
This is not just window dressing. A business owner who feels comfortable using their accounting software is more likely to have greater knowledge and control of their finances.
The best example of good design in accounting software is the use of a dashboard as the opening screen. It summarises and displays the most important information in a single page.
Although dashboards first appeared in desktop software they weren’t used as the opening screen because they weren’t easy enough to use.
2. Automated data entry. The latest accounting software has eliminated the need for manual download and import of bank statements from your banking portal. Instead, bank feeds send transactions daily straight into the accounting program.
A business can set up rules that automatically code receipts from stationery suppliers as office expenses. Online accounting software can automatically scan bills and copy individual line items, due date and total owing. Not only is account reconciliation much faster, but it also reduces the expense of paying a bookkeeper to enter all the data.
Automation removes human involvement which reduces the chance of errors. (Errors are not eliminated totally as there are sometimes exceptions, changed circumstances or rules applied wrongly.) This is an area of rapid innovation and most of these new features are only appearing in online software, not desktop.
3. Real-time business management. The automation in data collection opens the door to a new concept – reviewing your finances in near real-time.
Business owners typically expect their desktop accounting software to run months behind. By comparison-online accounting software can be reconciled daily, which makes monthly close-outs easy.
This transforms accounting software from a system of record to a rich source of business intelligence. Ask the right questions of your accounting software and the answers will help you find more sales, avoid cost overruns and run a more profitable business.
4. Real-time advice. Now your data is up to date and you’re using your online accounting software to see what is happening in your business. This is a great time to ask a financial expert what the numbers mean and the fastest or easiest way to increase them.
More accountants are seizing this opportunity to offer real-time advice and are branching out from tax returns into advisory services for business owners.
Instead of charging by the minute, some accountants offer a fixed-fee package that includes phone calls and monthly or quarterly consultations to coach you in growing your business. The accountant and business owner just log into their own browsers and can immediately review and discuss the same set of accounts.
5. Better security. Online accounting software is operated by large data centers operated by global technology companies. These data centers are far better protected than the average business server, with armed guards, 24-hour monitoring and the latest security technology.
Online accounting software is also far more reliable than desktop software; the former may experience several hours of downtime, often for upgrades and bug fixes, in a whole year. There is only one (country-specific) version of an online accounting program – everyone is upgraded simultaneously. This means accountants no longer need to keep multiple copies of an accounting program to open files from older programs.
If your computer crashes the accounting data file is unaffected. The business owner no longer needs to worry about backing up the accounting file either, as this is handled by the software company too.
Online programs can also go offline but this is very rare. The most popular accounting apps report their total time offline as less than eight hours in a year. (1)(2)
To find out more about security and online accounting software read Chapter 7: How Secure is Online Accounting Software?
6. Easier to expand. Online accounting software connects to other types of online business software very easily. You can sync your customers with an email marketing program to send them specials or with e-commerce software to record sales through your website. These connections are usually free or a low monthly cost. Some of the latest desktop software can connect to online software too, although businesses on older versions will not have the option.
Online accounting software is easier to use across different devices, whether smartphone, tablet, PC or Mac. Compatibility issues are extinguished because the software runs in the browser, independent of the operating system of the device.
We Provide you Accounting software Suitable for all Industry:
- Medical Shop
- Mobile Shop
- Textile Shop
- Super Market
- Retail Shop
- Whole Sale shop
- Electrical Shop
- Electronics Shop
- Apparels
- Gift Shop
- Fruit Shop
- Hardware Shop
- Plywood Shop
- Coffee Shop
- Snack Bar
- Bakery
- Sweet Shop
- Vegetable Shop
- Mutton Chicken Shop
- More…