8 Advantages Of Accounting Software For Startups

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If you’re like most business owners, you probably started out keeping tabs on your finances using a spreadsheet. That’s a great approach to use when starting out, but as your startup business expands, it will undoubtedly get harder to keep track of all your transactions using a manual accounting system. And so, here are 8 advantages of accounting software for small businesses.

 

  1. Time-saver

Once it is configured, your accounting software can handle your bookkeeping and accounting tasks automatically. You can reduce your weekly workload by a couple of hours. You can spend more time on more important company works as your accounting software will perform the task automatically for you.

  1. Easy financial reports

Regular report preparation can also take a lot of time. It’s a good thing that the majority of accounting software allows for built-in reports with automatic updates. The balance sheet, cash flow statement, and profit and loss statement are all just a click away. You can easily customize your reports and save the settings for later use if you need to prepare and submit a specific type of report.

  1. Syncs all your financial data

Going back and forth between platforms to gather the information you require can take hours if your data is spread across several different platforms, such as payroll services, credit card accounts, and bank accounts. Accounting software will sync the data from all of your online accounting tools via API, saving you the time and effort of having to download financial data from various sources and manually enter it to create an accurate financial record.

  1. Promotes data accuracy

If you change your records, accounting software eliminates the need to manually update numerous cells in numerous sheets. Instead, any changes you make will be automatically reflected in your financial statements and reports, assisting you in maintaining accurate data.

  1. Convenient payroll processes

With the help of these tools, businesses can automate payroll processing, calculate healthcare and insurance contributions, and obtain precise payroll tax information. Although you will soon require a different payroll system, the automated payroll features of accounting software can be very beneficial while your business is still expanding.

  1. Detailed insights

Your accounting software can also be used to keep track of your transactions across various levels and domains. You can use this feature to keep track of your expenses and sources of income. More importantly, it is easier to make choices that will improve your company’s performance.

  1. Streamlines tax filing

Your tax accountant will have an easier time filing your return and figuring out the available tax credits if you have standardized financial statements and accurate, organized data.

  1. Reduces inventory errors

Basic inventory management tools that update automatically to show how many of each product you have on hand, what has been sold, and when you need to restock are included in some platforms for accounting software. Instead of relying on error-prone manual data entry, accounting software is an easy option to get precise, real-time information on your stock levels.

Susan.one offers simple & fast financial packages for accounting software for small businesses. Visit today.

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