If you live in constant fear of having to do your accounts, you’re not alone – many small business owners don’t relish the thought of being locked in a room with nothing but a calculator, a pen and paper for company. But in these digital days there’s no need to be afraid of your accounts, and if you want to you can ditch the pen and paper, and even the calculator.
Accounting software is designed to make your life easier. Not only that, it is by its very nature 100% accurate in its calculations every time (provided you key in the right figures in the first place, of course). Perhaps the most alluring thing about accountancy software as far as SME owners are concerned is that it’s designed specifically with them in mind, rather than genius accountants or maths whizzes. This makes it a perfect solution for anyone who normally runs away in fear at the sight of a few numbers.
What accounting software can do for you
At the most basic level, accountancy software automates the process of filling in your sales, purchase and any other ledgers, and makes everything balance as it should. But it can also do so much more than that. In many cases it can handle invoice creation, payroll, stock control, tax returns, even online banking.
Many accounting packages will also enable you to generate in-depth and highly useful reports relating to your finances, without the need to have an ounce of mathematical or financial nouse in your head. This makes accountancy software a powerful tool for small business owners, particularly those who don’t have the resources to access professional financial advice on a regular basis.
What is online accounting software?
Some accountancy software doesn’t even need to be installed straight on to your computer. You can instead access it via the ‘cloud’. If you’re unfamiliar with the term, the cloud is the next big thing in IT, and refers generally to the second-generation system of the Internet. More specifically, it refers to the process of storing and using your computer applications online via somebody else’s remote server, rather than installing them on your own machines.
So what are the benefits of using online accounting software via the cloud? Firstly, online accounting software enables you to access your accounts and the functions of the software wherever you are in the world, from virtually any machine with Internet access. For any location-liberated ‘New Rich’ out there who are running their business from some far-flung tropical island this can be a powerful solution for managing your finances as if you were at home without actually being there.
On a more mundane level, online accounting software puts less of a burden on the operating systems and servers of small business, enabling them to essentially outsource computing power from elsewhere.
Conquer your fear of numbers and master your business’ finances
Whether you use online accounting software or software physically installed on your own machine, it can prove to be a revelation to your accounting processes and other financial tasks. And the time you save is time you can spend expanding your business to the next level.
For more information about software products for businesses, please visit Intuit online accounting software www.intuit.co.uk.
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