How Accounting Software Increases Productivity

by Admin on April 7, 2013

accounting-softwareIf you haven’t yet implemented accounting software for your business, you might be wasting time and money. Accounting software reduces the need to employ number crunchers, as it does all the hard work for you. It also reduces human error, repetitive tasks, and accounts hold-ups. Here are some more reasons why accounting software creates a simplified, streamlined approach, and how it increases overall productivity for your business.

It saves time

According to Dandb.com, accounting software improves overall efficiency, as the whole process is automated. There’s obviously a reduction in labour, as there’s no need for a team of accountants, although you may still need a bookkeeper. Repetitive tasks are also done away with, and the software isn’t liable to human error (unless, of course, the incorrect data is punched in). In order to minimise error and maximise efficiency, it’s advisable to do a quick online course if you’re not familiar with the software, for example, a basic bookkeeping course using MYOB. Many of these courses can be done in a day or two, and they’re usually easy to understand and hands on.

It’s convenient

Most accounting software employs cloud technology. According to Blog.Accountants.Intuit.com, this allows for information to be accessed anywhere and at any time; all that is needed is a net connection. Also, no hold-ups are necessary, as multiple people can access the same data which eliminates the need for business owners having to wait for important accounts information. Everything is accessible at the click of a mouse, and cloud technology allows for greater simplicity, faster calculations, and increased accuracy. Also, because data is stored virtually on the cloud, you can throw out your old, dusty filing cabinets and reduce your paper wastage.

Social media capabilities, an efficient add-on

According to FSN.co.uk, some applications allow for the integration of social media and accounting software. This may sound like a strange combination, but it can remove barriers to communication (as no one needs to be chased up for payments or information), it reduces push reporting (which often deprioritises important tasks) and it minimises costly mistakes (as the exchange of information is greatly improved). Furthermore, the use of streams to deliver user-defined alerts also increases productivity by creating a centralised, streamlined process.

It’s clear that accounting software can benefit your business: it’s convenient, timesaving, and money saving. In order to maximise productivity, social media add-ons can also be combined, as can undertaking a short, simple online course. If you’re still hanging onto your team of accountant or bookkeepers, now’s the time to make a change, and make your accounts – and business – as efficient as possible.

About The Author

Ang Lloyd writes for Now Learning, which promotes tertiary courses, like MYOB short courses, in Australia.

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