Is your business still balancing the books on paper or in spreadsheets? You could quickly be overwhelmed with all your financial data and unable to make smart business decisions based on it. If that’s the case, it could be time to switch to accounting software. Here are five key signs that it’s time to invest. Your business is growing When your business started out, you could probably keep track of your finances on a couple of spreadsheets. As your business grows, however, it will become more and more difficult to keep on top of your bookkeeping this way.
If you're dealing with larger and larger quantities of financial data, it’s time to switch from spreadsheets to accountancy software. With this software, you’ll be able to manage all of your data in one place.
You Need To Access Your Financial Data Quickly
As the amount of business data you’re dealing with increases, you’ll find it harder to quickly access reports, numbers, and other financial information you need - especially if your current accounts are spread over paperwork and spreadsheets that aren’t accessible online and aren’t being constantly updated.
Not being able to access your financial data at short notice will make it more difficult to make business decisions, find problems in your accounts, or show accurate financial snapshots to colleagues, partners, or stakeholders. This is where accounting software is useful. This software can create accurate, up-to-date summaries of your financial data in a few seconds.
You Are Spending Time On Repetitive Accounting Tasks
If you run a business, you’ll have many tasks on a daily basis. One of the more time-consuming and boring tasks is the many repetitive accounting tasks business owners must do, like inputting information and running spreadsheet formulae. Not only are these tasks mundane, but they also take time away from you that could be spent on more important tasks that increase revenue.
If you’re wasting time doing repetitive accounting tasks, it’s time to invest in accounting software. You’ll be able to automate accounting tasks with the right software and free up your time for focusing on other parts of your business.
Your Accounts Are Suffering From Manual Errors
Research suggests that almost 90% of spreadsheets contain errors, so chances are that some of yours will have errors too. Manual errors in your bookkeeping are not only frustrating, but they can also be disastrous for a business. You could generate inaccurate statements, lose tax credits, and even risk submitting incorrect information to HMRC.
Accounting software significantly reduces the chance of error, since many of the data being used is automatically generated rather than manually inputted by a user. If errors in your bookkeeping are causing problems for your business, it’s time to switch to accounting software.
You Don’t Have Accounting Skills
The success of any business requires a strong understanding of financial matters and accounting, but most of us aren’t trained accountants. That doesn’t mean you can’t run a successful business, but it does mean that accounting tasks may need to be handed over to an accountant or to an accounting system that will simplify the process. If you need help with your accounting, the right software will streamline the process, make it easier for you to view your finances, and offer lots of features and benefits to suit your accounting needs.
