If you’re starting or running a business in today’s world, you’re going to need a reliable accounting software sooner or later. Small businesses often start out using Excel in keeping track of finances, but that is not a scalable approach as the business grows.
Unfortunately, some of the most popular accounting solutions like QuickBooks & Sage are the most complicated solutions ever built. They are very difficult and technical for a non-account (business owners and freelancers) to understand and navigate through.
That is why we’ve created an extremely simple and smart online accounting software for non-accountants. The solution is perfect for business owners and entrepreneurs looking to manage their finances themselves without paying a neck-cutting fee for consulting the so-called professional accountants.
In this post, we shared some of the top qualities of a smart accounting solution like ours and why every entrepreneur or business owner should start to create a business account to start using one.
1. Designed For Non-Accountants
When it comes to choosing an accounting solution for your business, good design makes a big difference. Our aim is to completely simplify basic accounting tasks for non-accounting professionals. This way, you don’t have to know all the accounting buzzwords to be able to keep your financial books in order.
Over the past few months, we’ve had customers complain about how difficult it is to understand the business financial position. That is why we’ve designed a completely easy to understand reporting dashboard. It provides an easy-to-understand snapshot of the business financials over time. You don’t have to be an accounting guru or be familiar with the accounting jargons to be able to understand the financial position of your business.
Also Read: Basic Accounting Tasks for Small Business Owners & Freelancers.
2. Work Smarter. Get Paid Faster.
Regardless of the core operations your accounting system should have an integrated invoicing and quoting system that improves your cash flow as a business. This way, you can simply email customers with a link to a live invoice, which shows the most up-to-date details, including payment status, payment history, and a Pay Now button for accepting payments online.
Numerous businesses experience the aspect of late invoice payment on a daily basis, however, there are various ways to accelerate the process. Streamlining the invoice process is necessary to stay competitive in the business world. Increase your cash flow by providing quoting or invoices from anywhere at any time.
3. Cloud-Based Accounting Solution
Cloud computing technology is one of the best technological development that has happened to the human race. Gone are the days of spending thousands of dollars on some ERP solutions. Accounting has been there since long before the advent of the computers or even calculators, but the presence of cloud technology is taking it to a greater level.
Cloud accounting saves time and cost, ensure data backup and security, allows multiple accesses anytime, anywhere with no IT hassles. Even though many argue that cloud services are vulnerable to data theft, we have one of the best data encryption algorithms. With this, you are sure enough that all your vital business information are encrypted to avoid unauthorized use.
4. Improved relationships with customers
The customer is the key to business success. Most small businesses can spend a lot of time and money focusing on sales and marketing to help acquire new customers. Yet the most successful small businesses do something else: they try hard to retain their existing customers.
One could argue that accounting software has little to do with how customers are served, but that couldn’t be any further from the truth. Most accounting systems nowadays (regardless of their main functions) workaround effective billing and invoicing, and prevent all sorts of delays and miscommunication.
5. Simplified tax compliance system.
As a small business owner, your list of tasks can feel endless. And one job that often falls to the bottom of the list is tax preparation and fillings. If you’re selling taxable goods or services in a state where you have a presence, you almost always have tax obligations. This means you are legally required to collect, file and remit sales and use tax.
Besides showing how much tax is payable on particular invoices, small business accounting software also allows you to prepare reports showing, for instance, how much of a specific tax your business has paid over a certain time period, making it easier to gather the data you need to complete and file required government taxes.
Also Read: All you need to know about small business tax in Nigeria.
Conclusion
The benefits of using accounting and bookkeeping packages for small business are well known. When it comes to selecting the best product, however, the choices can be daunting, especially when switching from one accounting software package to another. Thinking about your current and potential needs can help you make the right decision and stay on top of day-to-day transactions.