Five reasons why your startup can’t afford not to have online accounting software

By | 8th July 2015

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Spreadsheets, setting up quotes, preparing invoices and attending to other nitty-gritty money matters can be a time-suck and a daunting task for many small business owners. Unfortunately, there is a lot of obligatory financial admin that goes along with doing business, and more importantly, doing business right. A lot of new startups opt for a manual accounting system, drawing up spreadsheets and trying to create quotes and invoices with whatever knowledge is available to them. This is a prehistoric way of dealing with your finances and should stay fossilised in the pre-computer era. There is no reason why you should waste valuable time or money to ensure that your financials are in order. Here are the top five reasons why your small business can’t go without online accounting software:

1.    Simplify finance-related tasks so you can get back to growing your business.

No one can blame you for wanting to stick your head in the sand when it comes to dealing with finances, especially when you have little accounting knowledge. But, unfortunately, the operation of your small business is a never-ending cycle and every task is, in some way or another, linked back to numbers. Online accounting software can help eliminate a lot of your numerical nightmares by tending to the everyday financial management of your small business – like the setting up of invoices, quotes and financial statements for you. Simply enter the required information and the system does the rest.

2.    Online accounting software can help you cut costs and save time.

Most small business owners don’t have the budget to hire a full-time accountant. Using online accounting software means you don’t have to appoint someone to do the books or pay someone overtime to take care of it over and above their daily duties. Purchasing accounting software packages can be costly, and even though it might seem like a once-off expense, in most cases you’ll end up paying for additional support and upgrades. Subscribing to online accounting software means you pay a small monthly fee which frees up monthly cash flow. You also have access to additional services and support to help you improve the way you do online accounting.

3.    No more sleepless nights worrying about the accuracy of your calculations.

Mistakes, especially when it comes to your finances, can have dire consequences. Leaving out a zero on an invoice can have a knock-on effect on purchasing, not to mention the embarrassment of highlighting your mistake to a client. Human error is unavoidable – even for accountants – but online accounting software can greatly minimise the risk of things going pear-shaped. Calculations are made for you – all you have to do is enter the relevant information and it automatically fills in the fields of your financial documents.

4.    You know exactly where every cent in your business is going and what’s coming in.

Online accounting software enables you to enter financial info as it comes in, which means you’re up to date all of the time. Having a finger on the pulse of what money is available at any given time enables you to make crucial decisions regarding purchases, and even the expansion of your business and service offering.

5.    There is support available to help you through every process.

As a small business owner, support – no matter in what form it comes – is welcomed with open arms. Online accounting software not only simplifies daily financial tasks and reports, but also offers a great deal of support – both on the technical and business management side of things. Subscription-based accounting software gives you remote access to all of your financial documents along with a detailed guide on how to create and manage them. A system developed for entrepreneurs by entrepreneurs, SMEasy wants you to deal with your finances as easily and quickly as possible so you can get on with business. That’s why we offer all of our online accounting subscribers a comprehensive support system. You can get clued up by watching our videos, sending an email, reading online user manuals and live chatting to one of our gurus.

Startup Finance 101

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