Small businesses embracing this technological age should consider switching to online accounting systems. Most business takes place online anyway through emails, customer relationship management systems, etc.
Companies that already made the switch to online, cloud-based accounting software see a 15% increase in revenue year-after-year. If your business makes $100,000 profit per year, that means an additional $15,000 in your pocket.
Still not convinced? Keep reading to learn the other benefits of online accounting software below.
Online Accounting Software: 7 Big Benefits for Your Small Business
Don’t get left behind by wasting your valuable time on paper accounting. Here are 7 eye-opening advantages of accounting software for small businesses.
1. More Accurate Records
In order to monitor your small business’s progress, you need accurate financial records. You cannot completely avoid human error in online accounting software much more than you can in paper accounting, but it minimizes it.
Most software only needs a human to input the initial numbers. The software then automatically makes calculations, transfers money, and adjusts your assets. It also allows you to create an analysis report to check for any errors.
2. Optimization of Business Processes
Streamlining your bookkeeping process helps you work smarter instead of harder.
Using software for accounting decreases the amount of time you spend making calculations. It also keeps all your financial records up-to-date all in the same place without burying you under a pile of paperwork.
3. Minimizing Costs
Most small businesses cannot afford to hire an outside accountant, so they do it in-house.
This takes away the time you have to work on the moneymaking aspects of your business. The software helps you save on the additional cost of outsourcing your accounting work without sacrificing your own precious time.
Head over to Blippr and learn how to save money on online accounting software with their helpful buyer’s guide.
4. Synchronizing Data
The amount of paperwork your growing business generates means more complicated accounting and filing systems.
Online accounting software using cloud technology synchronizes your data across any platform used by your business. This allows your employees to see any changes in real-time thanks to the synchronization of offline and online databases.
5. Simplify Paying Taxes
Finally, online accounting systems simplify the process of collecting your business’s financial information to pay taxes. Preparing for tax season eats up nearly 175 hours of your time every single year. That’s a crazy amount of time wasted on something your accounting software can do for you in minutes.
Most software comes with tax planning options that collect data from stored income statements, invoices, and receipts. Many newer versions even feature adjustments based on the newest tax policies from that year.
The Best Small Business Advice Online
Investing in online accounting software offers many advantages for your small business over traditional accounting methods. It can help lower overhead costs while increasing your revenue and making your business run smoother.
Don’t wait! Start looking for an appropriate web-based accounting software now to reap the benefits ASAP.
Want more great advice for small businesses?
Head over to the Small Business Brief blog. You’ll find tons of articles like tips on strengthening your financial foundation to help your small business succeed.