Spreadsheet has been used for accounting in small businesses. But let’s be honest. We used it in the past because it was the better option. Now, with the existence of accounting software, it’s time to say goodbye to Spreadsheet.
No Accounting Background Required
Unless you’re a formula ninja, mastering excel sheet formulas consumes a lot of time. Imagine combing through a juggernaut of numbers after a long day. Oops! You realised the formula you used had been wrong. But which cell was infected? Now, that quickly escalated.
An accounting software, on the other hand, keeps your numbers clean, accurate and accessible. Without any accounting background, you get what you need.
Imagine pitching to a potential client. No matter how well we prepared, we know unexpected questions could still pop up. With software, you can pull out customised reports and graphs like a pro. Not only this is impressive, it also shows that you know your business at your fingertips and you are trustworthy.
Safeguards Your Business
Also, many business owners justified that excel spreadsheet provides flexibility to amend past transactions. But a bane rather than a boon, why would we amend our accounts once they are GST or SST registered? Worst is we wouldn’t know who amended it and what was amended.
This is where accounting software can safeguard your business. Every amendment and amender can be tracked, assuring the unerring quality of your accounts. You can determine the level of accessibility of your accounts, whether it is for read-only, creation or approval.
This allows your staffs whether sales personnel, merchandisers or bookkeepers to key and keep every transaction record in the same place, systematically and comprehensively.
Helps You Make Quick Informed Decision
Another perception is that Spreadsheet is enough for a small business. Sure, it may be enough in the beginning. But as it grows, tab after tab of excel sheets inevitably complicates extrapolation of data. This does not only waste unnecessary man-hours, it also increases the likelihood of error.
An accounting software, however, keeps things simple for you. With just a few clicks, you can view your business at different angles from the graphs and reports available. Not only that, you can see your business status live, wherever and whenever you are with an Internet connection. This helps you to make a sound, quick and informed business decision.
You also get to catch and deal with any accounting anomaly on the onset, before it can wreck a financial hole. For example, an anomaly in the cash flow forecast can help you to manoeuvre your business to the green strategically.
Triples as Your PA, Sales Administrator and HR Manager
Like a personal assistant, it also reminds you to pay outstanding bills to suppliers before the deadline, eliminating any late payment fees.
Not to mention, your sales team gets an array of professional invoice templates and automated recurring invoicing as well. As a result, they can be freed from these manual tasks and focus on their sales activities.
Finally, having an accounting software is like hiring an HR manager. Did you know that some software can integrate with payroll? With a timesheet application, you can track the frequency and hourly rate of part-time or contractual staffs. This full integration allows you to have a full view of your business accounts that includes human resource as well.
Software is Necessary
Hence, good accounting software liberates you to invest time on other important business matters like vision canvassing, culture building or business networking. It is what holds a business together. Although it may not replace your accountant, it will fill the gaps in your business and prepare your business for solid expansion.
