Long gone are those days when people used to create, manage and update ledgers and accounting books on paper. Accounting software have completely revolutionized this area as they process accounts, tax, invoicing, and trial balances etc. with lightning fast speed and 100% accuracy.
Now the accounting companies are able to generate and update financial reports and data quickly and efficiently with the help of such accounting software. With the passage of time and with the advancement in such accounting software, this has led to the automation of several processes. This ultimately has led to a huge reduction in labor and related costs.
As your business grows, you would notice the ever increasing need to have a reliable accounting software in place. With the passage of time, you would feel that accounting for your growing business is turning into a time consuming and complicated task. That’s where accounting software come into play to make your life easy not only by making the whole process a lot faster but also by cutting your costs.
Without further delay, let’s dive a bit deep into how accounting software work and what benefits they offer.
- Easy and remote data access
Easily the biggest and probably the most common advantage of accounting software is that they allow you to access, modify and share data remotely – from anywhere in the world. No need to keep hold of and protect ledger books. Just access data easily and safely via the cloud and from whichever device you want. That’s not it, as the pre-requisites of accounting software are not much – all you need is a device with internet access and an installed browser in it to access most of the accounting software.
No need to wait for your accountant to take days to prepare that balance sheet. Save your time and effort as you enjoy the ability to generate spreadsheets on the go, download and share it with whoever you want.
- Swift and easy collaboration
Collaboration is no problem when you have access to accounting software. There used to be times when you had to make manual changes to a spreadsheet, carefully copy the sheet into a USB. Then that USB would have to be taken to the relevant colleague so they could access the data on it. Keeping record of the versions of the sensitive financial documents was a huge difficulty as well.
However, with Cloud computing and accounting software at your disposal, you can collaborate in real-time with your colleagues. All everyone needs to do is log-in to the accounting software, make changes to the financial documents and everyone else in the team and see the changes and contribute in real-time. This makes the whole process a lot faster and more convenient as multiple users can work on a single document at the same time, without any issue.
- Automation is the key
Before accounting software, most of what accountants used to do included repetitive tasks and that too, very manually. This included creating and managing invoices, recording transactions and doing cumbersome journal entries and more. We believe you get the point. Now the accounting software can easily automate every journal action, invoice making process, and more. All you have to do is give access to your accounting files to whichever accounting software you are using.
Leave everything to the accounting software as it doesn’t matter if you create 10,000 or 1 million financial entries. It will keep on recording everything on its own, without you having to worry about anything at all. One of the most efficient software with great automation tools is Deskera. (1)
- Enhanced Security
By this time, you must be wondering that if all your sensitive data stays in the cloud then there are chances that it might get compromised. The concern is real, but you can rest assured that there are advanced security protocols installed in almost every cloud server. This is all to ensure that your data stays protected by high-end encryption powered by AI algorithms and more. Not to mention that it is a whole lot safer than keeping the data in the premises of the office.
Previously, the data was stored locally in the computers and it was always prone to damage such as data corruption, theft and more. Thanks to the cloud computing powered accounting software, your data is not only super protected on the cloud but it is also regularly backed up, so that you can recover whichever version of your data, whenever you want.
- Great Accuracy
Say goodbye to the most common accounting errors that arose as a result of manual accounting. It seems like ages ago when accountants would spend hours trying to balance the balance sheet. With the help of accounting software, you would get notifications if the newly created journal entries do not match. (2) In this way, you can catch the error in real-time and match records to see what went wrong.
You also have the ability to track your financial records in real-time by integrating your software with your finance database. With the advanced dashboard provided by most of the accounting software, you can easily and quickly access crucial data in a matter of seconds.
With all these benefits of accounting software and more, it makes them a must-have for every company and business, no matter how small or big. Be sure to check the discounts that the accounting software give on monthly or yearly packages, to save big bucks on great deals.
References:
- https://www.deskera.com/blog/accounting-software-advantages-benefits/
- https://www.softwaresuggest.com/us/accounting-software
