The huge benefits of proper bookkeeping software
A surprising number of small to medium businesses still use paper-based bookkeeping systems. Perhaps to some the set-up and support costs, staff retraining and other concerns may make the upgrading process seem prohibitive.
However, closer analysis shows that the benefits of proper bookkeeping software soon outweigh these concerns, even for a small business. Bookkeeping software such as MYOB, Quickbooks, and Xero can make even the most studious of bookkeeping/accounting departments faster and more accurate. They also provide a real-time view of your company’s finances that would be impossible through manual work alone.
Benefits of Bookkeeping Software –
- Each specific set of data only need to be entered once – rather than two, three or more times. The software automatically allocates the data to other required fields. Additionally this reduces the opportunity for human error.
- Information on accounts can be viewed at any time. Furthermore, report statements are prepared and printed with a few clicks of the mouse.
- Staff satisfaction increases as the same job now requires less time, increasing overall accounting efficiency.
- Electronic bookkeeping software makes currency conversions easier than ever, and minimises the risk of conversion errors.
- Management stress levels are reduced through the ability of bookkeeping software, to provide an up-to-date view of the company’s finances.
With these benefits, and the array of customised packages available from the leading bookkeeping software producers, it becomes clear that even the smallest business can operate at a new level of efficiency by moving on from a paper-based bookkeeping system.
Small to medium sized businesses tend to spend a greater percentage on their accounts than larger firms, so the old idiom ‘Time is money’ is especially true. Often, a change from paper-based to computerised accounting can provide the impetus for growth. All through hidden benefits such as greater cross-departmental coordination, and real-time management integration and financial awareness.
With analysis, the question should not be – ‘Can my company afford bookkeeping software?‘, but – ‘Can my company afford to operate without the benefits of proper bookkeeping software?’
IQ Accountants are experienced users with Quickbooks and MYOB and can offer support and/or training in either of these software packages. We also have plenty of highly skilled Gold Coast bookkeepers at your disposal. All you need to do is call us on 07 5576 0011.
