Small business accounting has become a lot easier over the last few decades. Gone are the days that you have to hire a dedicated employee to handle this sort of work for you, as software options are taking the place of the professionals within your business. While this has made business accounting easier for some, though, many start-ups still neglect the accounting software options they have available to them when they are first getting up and running. Let’s take a look at some of the reasons a start-up needs to have accounting software.
Starting On The Right Foot
The work you do when you’re first setting up your company will stay with you for years to come. This will be the perfect time to start picking up good habits, though it can also be a time when businesses will pick up bad ones. While accounting may not feel that important at this stage, the correct recording of your business figures from the very beginning will make it much easier to continue into the future, and accounting software makes it nice and easy.
All Of Your Money In Once Place
In the past, accounting software used to be little more than advanced spreadsheets that you would have to largely manage for yourself. Nowadays, though, this has changed, with the software options from companies like Xero giving you access to invoicing, bookkeeping, and a host of other accounting services that are essential to your business. This makes it easy to keep all of your money management in one place, saving you from the confusion of sifting through files and trying to find the information you need.
Speed & Ease
Alongside putting all of your money into one place, tools like Xero can also make your money management much faster. You will be able to add transactions in a heartbeat, request instant reports that tell you about how your business is performing. The speed and ease of this software will make the process of handling your finances much simpler and more informative.
Law & Compliance
There are a lot of laws surrounding money, and it can be all too easy to make mistakes when you don’t know what you’re doing. As long as you keep it up to date, software like Xero can ensure that you’re always acting compliantly with your money, providing you with everything your Accountant will need to keep your business’ accounting up to date. Here at Oakes Accounting, we’ve had the opportunity to see the impact that accounting software can have on small businesses time and time again. As such, we’re happy to announce that we will be including a free accounting software option called Pandle with our new packages. This will give you everything you need to successfully manage your finances without the stress of learning to be an Accountant.