How technology is shaping small business accounting

By | 25th August 2015

How technology is shaping small business accounting

Dealing with your small business accounting is a necessary evil. But you don’t have to get weak in the knees every time you think of sorting through your financial documents, dealing with payroll and ensuring that there’s enough cash flow to keep your small business afloat. As with most things in modern life, technology is the answer to your small business accounting frustrations. With easy-to-use online accounting solutions and smart applications, you can get your money matters in order without breaking a sweat.

Here’s how technology is simplifying and enhancing small business accounting:

Everything is online, even the taxman

One of the biggest small businesses accounting mistakes you can make is trying to deal with tax matters yourself. It is a complicated activity that relies heavily on compliance with tax regulations. So the smartest thing is to call in the services of a qualified accountant. However, you can make this process easier for both yourself and your accountant by ensuring that all your financial records and statements are in order.

Accounting software is the best way to capture all crucial financial data your accountant needs to do your taxes. SARS’ technological advances further simplify the way in which we do taxes. Their online eFiling system easily and accurately captures all relevant data and keeps track of your tax history so you don’t have to.

Automating the accounting process gives you more time to focus on your business strategy, sales and growth

The automation of small business accounting and HR tasks such as quotes, invoices, cash flow and payroll frees up a lot of time and hassle. This puts you in a position to focus on implementing new strategies and improving processes within your business. Being able to track all transactions in your business enables you to be proactive and make pertinent costing decisions like whether you should increase your staff compliment or even downsize your operation if need be.

Technology keeps everything current so you can focus on financial insights

The less time you have to spend on dealing with finances the more time you have to plan ahead for your business. Using accounting software means that all of your financial information is always up-to-date making it possible for you to analyse and forecast more accurately. You’ll also be able to pick up on areas of your business that are not performing optimally and where you are wasting money. For instance, you can determine whether you are overstocking supplies by simply going over your incoming and outgoing cash flow. If you’re financial records are optimally captured you can easily see when the numbers don’t add up and something is amiss.

SMEasy is the solution for all your small business accounting needs

You don’t have to be a financial expert to reap all the benefits of optimising your small business accounting. We are your one-stop-shop solution with our easy-to-use online accounting and business management software.

SMEasy helps you to easily and accurately capture all your financial information. Our system is online which means it’s not only secure, but also gives you access to all of your small business accounting information from anywhere at any time. You can also instantly generate financial statements for your accountant to do your taxes and deal with the books.

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Startup Finance 101

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