Has your small business come to the point of stagnation?
Do you feel as though all you ever accomplish is writing or typing out invoices and mailing them to clients’ in hopes they will pay them promptly? If so, then you need to look at your small business practices to see where you can make needed changes.
One area to look at is how you perform and manage your bookkeeping. Accounts payable and accounts receivable are significant to the business, and you want to make sure you are doing your best to keep these numbers accurate as well as expanding.
Keep reading, and you will be informed of the top six reasons why bookkeeping software can add value to your small business.
6 Reasons Why Bookkeeping Software Adds Value to Your Small Business
The number one reason bookkeeping software can add value to your company is with profitability. You are able to track your expenditures as well as your accounts that are paid and up to date. You can see where profits are in each quarter and you are able to review your cash flow trends.
Another great way that accounting software can make your business stronger is by adding convenience to your company. One of the ways software helps your business is with the ease of use it provides. No longer is there manual or handwritten time when performing accounts payable or accounts receivable.
Your small business will not always be a small business. It will eventually grow over time and increase its production and, therefore, revenue. When you are looking to add in digital software to business, you need to make sure it will be compatible with the current automation and software that you have already. You will need to upgrade your systems often with a growing business and compatibility is a huge factor when thinking of adding value to your small business.
The one element that you cannot recover when you have a manual bookkeeping process is the amount of time you labour over the invoices monthly. Not only do you enter them, print the sheets, fold, and mail them to the clients by hand, but you are also patiently waiting for the customer to receive the bill in the mail and to pay you.
It can take a week to receive your funds, and that is if they pay the day they receive the invoice. It can take much longer if they do not.
With digital bookkeeping software, you can email statements to clients in no time. Reminders can then be sent with the click of a button. You then have all that time back to focus on other areas of the business.
Along with compatibility is scalability. This is tied to business growth, as your software needs to be able to work with a small business process as well as a large business. You do not want to have to change your software practices in the middle of an earnings year because you have outgrown it. Make sure to plan for growth and choose a digital software that can advance with the business.
The last important factor when it comes to software adding value to your business is to make sure it is secure. In this day and age, in Australia and the United States, large amounts of companies are being hacked and are losing their customers information. This can be the death of a small business. You do not want to make this mistake; make sure you have added security to the bookkeeping software you purchase.
Why Your Small Business Should Invest in Accounting Software
If your small business is striving for growth, it is imperative to purchase accounting software now to assist in this endeavor. As a business owner, you want to see profits from your business in addition to other goals that you have set.
By using bookkeeping software, you are adding convenience to your business and making your employees time much more efficient during business hours. The program also allows you security, compatibility, as well as scalability, in which it can grow with you as your business starts booming with more orders and increased profits.
Identity Magazine is all about guiding women to discover their powersÂ of Self-Acceptance,Â Appreciation, and PersonalÂ Achievement.Â We ask that every contributor and expert answerÂ Â the Identity 5 questions in keeping with our theme. Their answers can be random and in the moment or they can be aligned with theÂ current article they have written.Â In that way, and as a team, we hope toÂ encourageÂ and motivateÂ each other, thus inspiringÂ you to Get All A’s.
1. What have you accepted within your life, physically and/or mentally?Â Additionally, what are youÂ still working on accepting? Now, weâ€™re talking about resignation, rather stepping into, embraced, and owned.
That not all will enjoy my writing.
2. What have you learned to appreciate about yourself and/or within your life, physically and mentally?Â On the other handÂ OR in contrast,Â are there elements of who you are that youâ€™re still working onÂ appreciating?
I appreciate my ability to be creative.
3. What is one of your most rewarding achievements in life? Tell usÂ not onlyÂ what makes YOU most proudÂ but alsoÂ share theÂ goals and dreams that you still have.
Proud to have the writing skill.
4.Â Of course, weÂ all have imperfections,Â orÂ so we think.Â In truth,Â we are all perfectly imperfect. What are your not-so-perfect ways?Â Likewise,Â what imperfections and quirks create who you areâ€”your Identity?
Ha, Many! I embrace them all.
5. â€œI Love Myâ€¦â€ is an outlet for you toÂ appreciate and expressÂ all the positive traits that make youâ€¦wellâ€¦YOU!Â In fact, sharingÂ what you love about yourself will make you smile, feel empowered, and uplift your spirit and soul. (We assure you!)Â Therefore,Â Identity challenges you to complete the phrase â€œI Love Myâ€¦?â€
I love my family.