Small Business Tips

Are you ready to make the switch to accounting software?

Advancements in technology are continuing to shape the way we do business for the better. Tasks that may have taken days in past can now be done in minutes or, depending on the software you are using, even seconds. The popularity of accounting software has made it become easier to use, even for those without an accounting education, and has made up-to-date information available to anyone you want at anytime and place. With many Australian businesses having made the switch to cloud accounting software, you might be asking yourself whether it is time to do the same.
Here are five reasons why you should make the switch:

Screen-Shot-2018-04-04-at-1-37-15-pm.png 1. Minimising errors 

Using an accounting software can help to increase the accuracy of your records by reducing or eliminating the risk of human errors in calculation. Doing your books by hand often leads to more errors as the process involves a lot of manual mathematical calculations, and these errors can increase your chances of being audited. Accounting software leaves less room for error and can prevent you from accidently running into legal issues.

Screen-Shot-2018-04-04-at-1-36-53-pm.png 2. Increased productivity 

Accounting software solutions speed up your business processes, giving you more time to focus on important tasks. Learning how to use accounting software will get you in and out of your books quickly so that you pay more attention to growing your business. The benefits resulting from the speed and efficiency of accounting software often go hand-in-hand with reduced overall costs.

Screen-Shot-2018-04-04-at-1-11-32-pm.png 3. Running history of your business 

Accounting software makes it easy to form realistic goals by allowing you to use your financial history to track progress and plan ahead. Financials 365 lets you present information effectively by showing you how well your business has performed compared to a budget or period. This information, which is updated in real-time, can be used to understand the cause of problems to make better decisions for the future, to create achievable goals, and to track your progress in achieving these goals.

Screen-Shot-2018-04-04-at-1-13-01-pm.png 4. Increased accessibility 

Business doesn’t start at 9am and end at 5pm anymore. Workplaces are becoming increasingly mobile, with professionals often working ‘on the go’ from multiple offices, using different devices. If you are using a cloud accounting software, all your information is in the one place making it simple to access what you need, whenever you need it and wherever you need it so long as you have an Internet connection. In Financials 365, cloud productivity, collaboration, and business management tools keep your people informed and connected so they can approve orders, service customers, and stay on top of tasks virtually anywhere they need to work, be it from their laptop, tablet or mobile.

Screen-Shot-2018-04-04-at-1-12-22-pm.png 5. On-demand reporting 

It’s no question whether small business clients are the same when it comes to wanting reports quickly. In the absence of an accounting software tool, these reports would have to be created manually by analysing data, crunching numbers, and creating your own visualisations. Let a software tool do the work for you with more accuracy in just a few clicks, using the most up-to-date information. Financials 365 has powerful reporting tool capabilities to help accountants and financials analysts extract the most essential business data, which can be used to effectively monitor the health of the business and provide valuable input for the business decision makers. You get to choose the accounts you want to monitor and report on, change the order of the accounts, and combine figures in various ways, set up which columns to print, change the description of the accounts and supply them with additional notes. On top of that you can build more sophisticated reports which present data split by dimensions, responsibility centres and date periods, giving you an in-depth view on the state of your business from a variety of different angles.
Read more about why small businesses turn to cloud-based solutions here.