Business owners who have just started out usually start small with a lean manpower. The business owner is usually the person who does the sales, marketing, operations, customer support and sometimes even delivery. Then there will be another co- worker supporting the administrative works like Payroll, accounting, invoices, payment and even co- ordination matters.
Hence it is important to leverage on small business accounting to help simplify the manual paperwork. With a business accounting software, the quotations can be generated online, transferred to a sales order and issue the invoice. All these steps which were supposed to be done manually may take more than an hour added together can be completed in less than half the time needed.
It is with technology that we are able to save time and resources by selecting a software that meets the business requirement to automate the manual processes. This includes managing of finances, payroll, stock inventory and taxes.
Regardless of industries, from non- profit organization to small business set up and large corporate enterprises, a business accounting software is essential to document the invoices and accounts books.
Many small businesses track their accounts with the resources available within their reach. Spreadsheets and pre-defined formulas are the commonly used internal files before considering adopting software to automate processes. These are good for a start however as the business grows and more data is needed to input manually, more variable scenarios to different accounting purposes, a lot more time is spent doing the same process from doing an official quotation to issuing an invoice. While working on a daily task, transferring and entering the same information repetitively, the job gets boring and no longer challenging. Hence with a Small business accounting software, repetitive work can be replaced allowing workers to better put their time to more meaningful business processes.
With the right small business accounting software, businesses have better control over cash flow, stock inventory and at the same time, able to generate various financial reports for better analysis. Cash flow is important for any small business and invoicing plays a big part in getting the funds in. By issuing invoices, may not necessarily equates to getting paid on time. Businesses wait generally more than a month to be paid. By having a delayed payment means cash is stuck and not available for small business to pay for the necessary expenses and bills. Hence it is important to be able to generate invoices faster and view the debtor list regularly. In the event should the credit limit of the debtor has reached, business may immediately request for invoices to be settled prior to other orders being processed, this is one way of getting paid faster and ease the cash flow within the organization.
Organizations should be able to track the business on the move and be assured of the numbers shown within the software. With clear numbers, sales and invoicing figures, the company can better prepare the next move ahead whether to order extra stock, pay suppliers or maybe explore the idea of expansion or diversification of the business.
Small business accounting software also allows the stakeholders to be able to view the books and finances where necessary. Access control can be given to various users who are tasked to view or perform certain tasks allocated to them. With the given rights, they will feel empowered and can complete their tasks better as well. This increases the performance and ability of the user. The accounting software should allow individual to access, upload or download, even edit the data required any time. The limited access will be given and audit trial is also in place should there be any mistakes with or without intention.
Should sales team be required to check on the invoice that was sent to client or wants a copy of the invoice to be re- sent, they should be given the right to see only their client and not the entire company’s client database. Neither should the sales team be able to see the entire company’s financial nor invoicing records. This way, there will be limited disclosure of company’s information yet allowing individuals to perform their tasks effectively.
In order to move the business ahead, for workers to be more productive and efficient at work, the correct tool and software can be used appropriately and maximizing the job scope for each user.