5 Reasons Businesses Need Accounting Software

Calculating a business’s accounts accurately and efficiently is vital, especially in the world of small businesses and start up businesses. There is a myriad of software available that is able to complete accounts chores faster and more efficiently than is possible manually. While larger corporations have had the advantage of using accounting software for quite some time, the increased availability and competition in the accountancy services market has seen software become affordable enough to be used by small businesses. Below are five reasons accounting software will be of useful for your business.

1. Accounting software for businesses streamlines the payroll process by making individual tax calculations for your staff in a matter of mouse clicks; manually this would require hours of effort and allow the opportunity for errors. Removing the possibility of manual errors offers peace of mind; run-ins with the taxman can cripple small businesses and start-ups.
2. For businesses, Accounting software allows flexibility when forwarding information. Financial information to the relevant authorities and clients in electronic and physical formats be it paper, disc or email.
3. Creating reports also becomes simplified with software as many applications off “canned reports”. The software will have access to all the information needed to create monthly, quarterly and annual reports and will simply display this information via a pleasing report template at the click of a button at pre-determined dates throughout the year. The majority of applications allow for customisation of templates, so don’t worry if you want to personalise or add a bit of flair to your reports, the options are there.
4. Blank official forms are saved as templates in most accounting software so this eliminates the need to have reams of forms stored in filing cabinets; you just need to print them as you need them. This saves money on bulk orders and is better for the environment.
5. The software license isn’t business specific, meaning you can use the software for more than one business.

Prices vary throughout the market for accounting software; so check which features you need and shop around.Many applications can be purchased at a monthly rate too, spreading the cost. If you already hire a firm to deal with your small business accounting, ask them about the accounting software they use and the features it has. You may find that you can save money by using your accountant’s software.