How Does Accounting Software Help Your Small Business Bookkeeping Brisbane?
Gone are the days when bookkeepers had to manually track and organise all your financial records. Fast forward to today, we seek help from accounting software to make the job easier and a lot faster. There are several options available in the market too, so it’s best to ask your bookkeeper what they’re used to working with and see if it matches that of your business. But apart from the obvious, what are the benefits of having accounting software? Is it a need or just a necessity? Lastly, how do you choose the best accounting software to go with your small business bookkeeping Brisbane?
How Accounting Software Boosts Productivity
No matter how great you are at bookkeeping, it’s always nice to have some extra help. Here are some ways accounting software helps us and benefits your small business:
It Automatically Tracks Income and Expenses
Accounting software is a type of cloud-based software. Meaning, switching to one means no manual entry of your business’s transactions. It automatically imports your financial information, like your PayPal, credit cards, bank accounts, etc., to give updated information when you need it.
It helps eliminate any human error that comes with the process, too. We can easily check your expenses and run profit and loss reports to see where your finances go each month.
It Quickly Manages Inventory
Tracking your inventory is a crucial part of any small business bookkeeping Brisbane service. With accounting software, you don’t have to individually run through your goods since it can track products and even remind you if you’re low on stock.
It also lets you check inventory quantities against orders and vendor information so you always stay ahead!
It Generates Invoices and Sends Payment Reminders
Accounting software lets you customise templates to create unique invoices with your business’s logo and colour. It tracks the status of your invoice too, so it also helps you get paid on time and check if a customer has paid or not.
It Provides Quick Payment Options
Using accounting software helps our small business bookkeeping Brisbane services by giving your customers multiple payment options with the invoice. Your business can accept payment from several channels with a link in your invoice to help streamline the entire process.
This means less work for the both of you and you’ll also get your money sooner!
It Maximises Tax Deductions
Accounting software can automatically categorise your income and expenses and therefore, makes tax season a breeze. By setting custom rules, we can teach it to learn your preferences and sort your transactions into the correct tax categories. With this automatic calculation, we can quickly know your sales tax even without using a calculator!
How to Choose Accounting Software for Your Small Business Bookkeeping Brisbane
Using accounting software helps your small business a lot to keep you stay on top. Here are tips to consider when choosing the right one for your business:
Look for Specific Features
Identify what particular small business bookkeeping services your company requires. Here are some features most accounting software include:
- Sales tracking
- Inventory management
- Business tax reporting
Some accounting software is specifically designed for industries like wholesale, construction, and manufacturing. We suggest asking colleagues in the same line of work which software they use to help with the selection process.
Determine if It’s a Good Fit
After narrowing software choices for your small business bookkeeping Brisbane, ask the following questions to see if it’s a good fit for your business:
- Does it grow with you? – can you add modules, such as payroll accounting? If not, does it allow you to upgrade to a more capable version or do you have to switch to a new software altogether?
- Does it come with a free trial? – it’s always nice to try something out before buying it. Maybe you can ask your bookkeeper to download the free version first to see if it meets your needs.
- Does your bank support it? – being able to download bank transactions can save a lot of time. Check with your bank first if it supports the software to help with your small business bookkeeping Brisbane.
- Can you assign specific restrictions? – having full access to all the functions isn’t an issue if only one person is using the software. But if not, make sure the software allows you to limit access to specific people.
Consider Support Costs
Some accounting software provides fee-based support once you start using the software, while some offer free support for a set period before incurring charges. Factor this in to help minimise your expenses.
Consult With Your Accountant
Having accounting software won’t replace an accountant. But having one means they won’t have to spend time creating financial reports—thus, more money saved. Ask your accountant what reports they need and make sure you can create them with the software you’re considering.
Why Choose Our Small Business Bookkeeping Brisbane Services?
We at Edge Small Business Consulting provide all bookkeeping services your business needs to help it stay on top—and we’re certified Xero experts, too! If you’re looking for an affordable yet professional bookkeeping team, please don’t hesitate to drop us a line right now.