Computerized accounting systems are a highly popular option for businesses as they are a very convenient way of storing, analyzing and reporting financial information. Automated accounting brings with it a number of advantages that manual accounting processes otherwise do not bring to the table. If you run a business of your own and are looking to switch over to automated accounting, this is the article for you.
Today we have a look at the benefits of automated accounting software, so read on to find out more.
1. Great Improvements In Accuracy
One of the biggest benefits of switching over to automated accounting is how much more accuracy you will be able to achieve with your calculations. Even a 0.05% error rate in your manual invoices can garner you a substantial loss in money. With you use automated accounting software in the UK, you can be sure that all data entered is calculated precisely. Systems are programmed to be accurate to the minutest detail, so you won’t have to spend precious time checking through digits to spot any human error. Save your business a wealth of time and money by switching to automated accounting.
2. Keep Up With Company Growth
As your business expands and grows in size, the amount of necessary accounting tasks also grows. Not only does your accounting needs widen, but the accuracy levels become far more complex. The benefits of accounting software in a growing business are the fact that things are kept straight forward, and sifting through data on software is infinitely easier than rummaging through piles of paperwork or manual accounts. It's especially helpful to use a program like LeaseAccelerator to keep track of a growing number of leases.
3. Save Yourself Copious Amounts Of Time
We all know how much time manual accounting asks of us, and oftentimes, with so many other facets of the business to handle, time is a limited resource. This is where accounting software really comes into play. Automated accounting saves you copious amounts of time, as everything is calculated using the software, and you’ll also be able to generate reports instantly at the click of a button. You needn’t wait days or even weeks for reports or financial statements, as all this information will be available to you instantly. This reduces the time employees or your accountant has to spend on the accounting process, and as we all know, time is money.
4. Automated Invoices
Accounting software offers you the option of automated invoicing, crediting and receipting processes, which save you and your employees a whole load of time having to do these things manually. The great thing about automated invoicing and crediting is that you only need to enter your client details once, and your accounting system will handle the rest of it for you on a monthly or weekly basis, depending on how often you need your invoices generated. Certain accounting systems even send out chasers when invoices haven’t been paid, a highly valuable tool for small businesses that may not have the adequate resources necessary for debt recovery.
5. Increased Security
Last but not least, one of the benefits of automated accounting is the increased levels of security you are offered when it comes to protecting your financial information. Data can be saved and stored in offsite locations so that all your accounting information is kept safe from incidents such as fires, earthquakes, robbery or floods. Systems can be quickly restored in the case of an emergency, giving you instant access to your accounting details regardless of what computer or device you are using.
1. Great Improvements In Accuracy
One of the biggest benefits of switching over to automated accounting is how much more accuracy you will be able to achieve with your calculations. Even a 0.05% error rate in your manual invoices can garner you a substantial loss in money. With you use automated accounting software in the UK, you can be sure that all data entered is calculated precisely. Systems are programmed to be accurate to the minutest detail, so you won’t have to spend precious time checking through digits to spot any human error. Save your business a wealth of time and money by switching to automated accounting.
2. Keep Up With Company Growth
As your business expands and grows in size, the amount of necessary accounting tasks also grows. Not only does your accounting needs widen, but the accuracy levels become far more complex. The benefits of accounting software in a growing business are the fact that things are kept straight forward, and sifting through data on software is infinitely easier than rummaging through piles of paperwork or manual accounts. It's especially helpful to use a program like LeaseAccelerator to keep track of a growing number of leases.
3. Save Yourself Copious Amounts Of Time
We all know how much time manual accounting asks of us, and oftentimes, with so many other facets of the business to handle, time is a limited resource. This is where accounting software really comes into play. Automated accounting saves you copious amounts of time, as everything is calculated using the software, and you’ll also be able to generate reports instantly at the click of a button. You needn’t wait days or even weeks for reports or financial statements, as all this information will be available to you instantly. This reduces the time employees or your accountant has to spend on the accounting process, and as we all know, time is money.
4. Automated Invoices
Accounting software offers you the option of automated invoicing, crediting and receipting processes, which save you and your employees a whole load of time having to do these things manually. The great thing about automated invoicing and crediting is that you only need to enter your client details once, and your accounting system will handle the rest of it for you on a monthly or weekly basis, depending on how often you need your invoices generated. Certain accounting systems even send out chasers when invoices haven’t been paid, a highly valuable tool for small businesses that may not have the adequate resources necessary for debt recovery.
5. Increased Security
Last but not least, one of the benefits of automated accounting is the increased levels of security you are offered when it comes to protecting your financial information. Data can be saved and stored in offsite locations so that all your accounting information is kept safe from incidents such as fires, earthquakes, robbery or floods. Systems can be quickly restored in the case of an emergency, giving you instant access to your accounting details regardless of what computer or device you are using.
Another critical part of security is an audit trail. This is a digital log of accounting activity. It allows managers to see what changes were made, and who made them. It adds another layer of protection and accountability to your data. Programs like A-Systems have an audit trail built right into the software.
Stay Accountable With Automated Accounting Software
We hope that this article has given you some useful insight into the benefits of automated accounting in today's financial world. We believe that every business stands to benefit from the use of automated accounting.
Stay Accountable With Automated Accounting Software
We hope that this article has given you some useful insight into the benefits of automated accounting in today's financial world. We believe that every business stands to benefit from the use of automated accounting.
