An accounting software is an application widely used by accountants and businessmen to organizeand managetheirfinances in one place. Normally, accounting software comes with a myriad of features that are tailored to all business needs.It helps businesses to keep track of theiraccounts.
Most ofthe softwareallowsthe user to create and send invoices, manage expenses,record transactions,reconcile bank,filing taxes,generatereports, and much more.Accounting software has an edge over traditional accountingprocessby deliveringcomprehensivedatareports. These analysis reportsare the key element to make important decisions andallow efficient forecasting.
There are accounting platforms that offer free accounting services along with accountant consulting.They help to develop small businesses byenabling them tostay on top of their finances.Today,Manyaccounting platforms have adopted advanced technology likecloud computing,blockchain, and triple entry which ensure secureand reliable bookkeeping.
What Does an Accounting System Do?
Manages cash flow – from supplier expenses tocustomer income, an accounting system manages and streamlines every cash inflow and outflow.While older methods of accountingrequirehours of effort for manual entries,the automated accounting systemsmake faster entries and better organization.
Generate finance reports – with all theinputdata in the system, accounting softwaregeneratesefficientfinancial reports. It mostly comprises of profit and loss report, trial balance reportetcwitheasily comprehensible data.
Creates invoices–accounting systemsis a godsendfor invoicingin a professional way.It allows to create and send invoices to customers and suppliers instantly. Withmultiplecustomizable options, these platformsmakeit possible to generate invoices suitable to your business.
The world haslots offalse impressionsregarding many professions, especially jobsthat seem incomprehensible to the public. A prime exampleof this is accounting.Many peopleincludingbusinessowners have misconceptions on financialmatters.It is important to know the actual truth behind the stereotyped beliefs so that you avoidserious consequences in the future. Here, we arethrowingsomelight uponthose accounting myths and facts.
Myth 1: My business is small, I don’t need an Accounting Software.
Accounting software is necessary for even small businesses to stay on top of their finances. It makes cash handling easier and keeps business intact.These digital solutions cater specifically to your business needs.Accounting software speeds up the data entry process, that is with less time and effort you get efficient financial results of your company. It eliminates manual errors andimproves accuracy. All these benefits your company to make better decisions and forecasting.
Myth 2:Accounting is only important during taxseason.
Tax season is an importantand busyperiod for all businesses and accountants. Some companies make a huge mistake by making their accounts active only during thistax season. Rather, it is important to keep track of your books throughout the year.This helps data entry and taxfiling much easier. Staying on top of your financesall through the yearensures that your business performance is intact.
Myth 3:It is not affordable to ownaccounting software.
This varies according to the different accounting softwareyou go for. Therearemany accountingsoftwarethat are affordable to your business in the market.There are accounting platforms that even give free packages.Certain online accounting systems providedifferentplansfrom which a user can choosea suitableonethat complieswith their business needs.This allows the user to customizefinancingaccording to their business niche and payonlyfor whatheuses.
Myth 4: Adopting new technology is unnecessary.
Therehavebeen businesses which has flourished withoutanyadvanced accounting technology. But with thebreakout ofa digital era, we cannot miss out thebenefits yielded from asystem enabled byinnovative technology. Withblockchain, triple entry system, Automationetc. being the next big thingsin accounting,youcannot deny the fact thatstaying away fromthese technologies may slow downyour business performance.
Instead of hesitating to try out new things, be open to every innovation around you.All thesestreamlining makesyour job easier and effortless. Thus, enhancingyour organization’sefficiency andincreasing the company’s overall turnover.
Do not fall into these accounting misconception traps, instead understand these accounting myths and facts. It’s better we know the reality and act according to it.
t’s not unusual that business owners get busy with several management operations.One among them is the bookkeeping process of the company. It can get you caught up for days and months. This is why companies have started adoptingdifferent accounting systems to run their business hassle-free.
Today, businesses have a higher scope for improvement through several ways. With better and enhanced technologyof accounting software, every establishment is finding roads to their financial destination. You cannot deny the fantastic ways by which these accounting systems improve your business sustainably. Let’s look at some of them –
1. Financial Stability
As the saying goes ‘you can’t do it unless you organize’. If you can’t get your finances organized, you cannot do your business properly. If the cashflow of your company is stable, you get a precise understanding of how much the money comes in and goes out. Accounting systems improve business bygetting accurate insights of the financial stability of the business. Having a systematic money management also helps to take accurate forecasts for future revenue and expenses.
2. Effective Marketing
When your financial records are stable and organized, it delivers insights into the cashflow and expenses of the company. The company gains clearmonetary information which helps to make informed decisions regarding business marketing.
You get to decide the right time to launch a marketing campaign with accurate accounting information and helps you understand whether the marketing efforts are worth it or not.
3. Easier Tax Filing
The tax month is said to be the most stressful time for every business owner.Identifyingevery penny spent and calculating the taxes can be really taxing and complicated.With a systematic accounting system in hand, it turns out to be the easiest task.Itaids you torecordyourfinancialoperationsthroughout the year andallows you togeneratetaxes in a single click.
Real-time financial reportsprovide a snapshot of the company’s financial health and help to keep track ofthe operations.Financial statements like profit and loss statement, trial balance reportand detailed ledger indicate the firm’s standing in the financial status.Moreover, you can understand business performanceandidentifybusiness trendswhich eventually improves the accuracy of business forecasts and goals.
5. Better Decision Making
Financial information delivered by accounting systems is a greatdecision-makingtool.A sophisticated accounting systemimproves a company’s accounting management.With elementary reports and graphical representations, it makes itclear to understand the financial condition of the business.In turn, youare able tomake insightful,smarter strategies easilybased upon theaccounting data.
6. Automates Your Accounting
When everything around is transforming into an automated mode, why not accounting too?Whileit’s notoriously known thataccountingprocessis a manually exhausting, automatedaccounting systemscomesas a great relief.It makes accounting operations simple. From generating invoices to bank reconciliation, automatedaccounting systemsimproves your business bydeliveringahassle-freebusiness management.
7. Faster Error-detection
Accounting transactions are recorded instantly into the accounting software. This makes it easier to spot mistakes or any malicious activities within a matter of time.This wayquick actions can be taken.As there’s a bulk of data flowing into the system, automated accounting toolsconsolidate it and give accurate results.You have less room for errors when the software computes expenses and revenues inrealtime.
8. Financial Data Security
A company’s most confidential information is the financial data.You have to make sure that the financial information ishighlysecured, or it can create a huge data loss in your company. Data security planning is important and accounting software ensures that. Withend to end cloud security or protected firewalls, accounting systems safeguard your financial informationstrongly. Unless you are not granted rights toenter intothe system, you cannot see the data.
9. Quick invoicing
Accounting systemsimprove your business byofferingautomated invoicing suitable for every business.They allow you to create and send infinite invoices to your suppliers or customers and get you paid beforedue. Another significantbenefitof having that is,it saves a lot of time and eliminate mistakes.And they say time is money.So,imagine the factors you save by adopting an accounting software – time, money, effort.
10. Determine Business Profit
The ultimate purpose of running mostof the business,whetherstandalone or in partnership,is to determine theprofit of the firm. Without systematically computing the business revenue and expenses, it isdifficult to evaluate theprofit earned by the business.A business may or may not be profitableinitially butmeasuring and streamlining itthroughout the course of time is important.
With so many stronglifesavingelements putout, nobusinesspersonwould hesitate to embrace an accounting system for their owncompany.An accounting system improves business bygivingfinancial stabilityeffortlesslyandquick accounting operationsdone within a matter of time.Besides, it helps to getbetter insights into dataand makes you take informed decisions for the company.
While our developers are brewing the Accounting Software, let us serve some hot features of our product that will elevate your financing senses.
We have come up with user-centric features for our accounting software that make your job easier, quicker, and organized. SimpleAccounts does not take the edge of the users’ excitement. We offer a myriad of features with our very first launch.
Get customized software with premium features as per your business needs. From professional to traditional business, every line has its own way of working. So is the bookkeeping. SimpleAccounts enables you to create a bespoke accounting dashboard according to your company requirements. Don’t miss out on this premium feature, go SimpleAccounts, and bring the best out of your business.
Create and track professional invoices for a smooth-running business. Whether it’s a small or large business, loose invoicing can dread everything. SimpleAccount’s easy invoicing system helps you maintain healthy cash flow. Generate multiple statements distinctly for your expense and income. Create and send competent invoices to your customers and track all the lazy payers.
With easy invoicing, your VAT reports are a click away. While handling your business accounting, you must be wondering how to manage your company’s VAT in a simple way. Hakuna Matata! SimpleAccounts automatically generates VAT from your invoice transactions. It saves a lot of time. Indulge in your long-forgotten hobbies now as you have ample time.
Link your Bank
Connect your bank and keep track of your expenses easily. Link your bank account with SimpleAccounts and just watch it do the work for you. SimpleAccounts goes through every transaction and keeps them updated. Our high-level software helps you to set-up your bank transactions with SimpleAccounts account effortlessly.
Blockchain empowered accounting system for efficient bookkeeping. We are pioneering the gamechanger Blockchain Technology right into your accounting system. By cryptographically storing your data in the system, we are promising a secure and agile bookkeeping experience. Our blockchain integrated accounting delivers an error-free and automated conduct of business.
Get your data encrypted end-to-end on your desktop securely. SimpleAccounts exclusively brings you a choice to go the desktop way. It ensures you 100% security. If you are still looking for ways to manage your data under your own firewalls, we have on-premise feature for you. Manage your data in-house with our unique on-premise provision.
Triple Entry Accounting
Uncompromised security for your business. Secure, consistent, real-time – Triple-Entry accounting has an edge over previous accounting systems. We integrate this cutting-edge technology with your business and allows you to take a chill pill. Watch it do wonders for you effortlessly!
The list does not end here, we are working head-on to develop innovations that make your job easier. Take a tour through our Roadmap to learn about our upcoming features.