People who run their own small business have to be able to do a little bit of everything as well as the main point of your business – marketing, payroll, accounting. And that is where a lot of people feel that cloud of dread come over them. The thing with looking after the accounting side of your business is that it’s time-consuming, can be fiddly to get your head around and legal – there’s no room for error. And this why it is dreaded by so many people.
There are a number of different types of accounting software available which can help small business owners keep fast and accurate accounting records, whilst helping in the everyday running and reporting of your business, as well as helping with those dreaded end of year-end accounts. It can reduce the risk of error by performing complicated calculations and can integrate everything in your business.
Because different businesses have different requirements, there is no one-fit solution. So in order to decide what features are most important for you, let’s look more closely at what accounting software can do for your business:
Accounting Basics – Basic tasks such as creating and raising invoices and credits, and being able to send them through the post and by email, tracking income and expenditure, and generating reports are basics for any business and all accounting software should be able to do this.
Quotes and Estimates to Invoices – If your business works on an estimates basis, software can help to create the quote or estimate and then turn it into an invoice upon completion of the work.
Multiple Users – You can choose software which allows for more than one user. This means that other people – such as an admin person or your accountant can help you, and importantly, you can see who it is that has amended things.
Automation – Your accounting software can be set up for automatic functions such as billing and payments which occur on a regular basis. Overdue notifications can also be automated, which will save you time in the long run.
Tax – The dreaded ‘T’ word! Your accounting software can help you and your accountant to prepare your tax documents, calculate the tax that you need to pay, and you can email all of the information to your accountant so he/she can deal with the rest of it!
Payroll – Your accounting software can be used to calculate payroll – the inputting of time sheets, calculation of hours, tax payments, printing checks and payment processing can all be done through accounting software.
Mobile Access – Depending on the nature of your business, you may want mobile access, so that you can find your details wherever you are. Some accounting software packages allow you to do this.
While there is some fantastic accounting software out there, remember it’s just a tool. Like any tool, which is designed to make your life easier, if you are unsure what you’re doing, you’ll find that there is a lot of space for error. No matter what your size of business, Peter’s Accounting in Ancaster is always available to help you out with your accounting needs.