Bookkeeping software often scare business owners because it is deemed complex. When one hears about it, the first query that comes to mind is “would I be able to understand it easily as I understand MS Word?”
Here is the thing. Every business needs a bookkeeping software regardless of whether you already have an accountant or not. It will help you in managing your business in an instant.
Reasons to have a bookkeeping software
When you run your business, your daily business processes cannot and should not be inside your head. You have to write it somewhere to make it easy in tracking availability of products, and managing your payroll. Having a bookkeeping software will help you to achieve just that. Moreover, it will show you if your business made any profit at the end of the day. Here are a few more reasons why you need this software.
- For daily inventory.
You do not always need to check your store’s back room for stocks. It is embarrassing to request a client to wait because you are not sure that what he is buying is already sold out. It is also very inefficient to go back there every single transaction. If you have a bookkeeping software, you can simply accompany your client to the counter, and have him seated comfortably while you make a few clicks on your computer. Within seconds, you would know if you have what the client is looking for.
Maintaining a bookkeeping software will also help you know whether you are running low on products or not. It will also make it easy for you to place an order to your supplier without lifting boxes in the back room.
- For instant information anytime, anywhere.
A bookkeeping software can store more than just your stock availability. It can also be used to determine how much profit you earn from each customer, net worth of your business over time, total expenses incurred for the year for each supplier, taxes, and payroll.
Yes, you can set-up Excel to perform those things but it is like the mortar and pestle of accounting. Instead of exerting effort to create spreadsheets, have a bookkeeping software which requires you to just input everything in.
Basic features your software should have
Not every software is the same. You have to choose the one that suits your business and has these basic features.
- Basic accounting tasks like invoicing, tracking expenses and income, and generating finance reports.
- Quote and estimate templates to easily give quotes to clients.
- Tax preparation including automatic tax calculation and tax reporting.
- Payroll processing for your employees.
- Third-party integration for real-time apps and tools.
- Mobile access to check your business’ finances anytime, anywhere.