The majority of online businesses tend to ignore things that smell of numbers because they are considered time-consuming, too confusing, or involve software that is difficult to use. The result, according to the Inc.com website, as many as 64% of businesses also have a less powerful accounting system.
Don’t let that happen to you. As a business owner, you have full control in determining the future fate of your business, especially for the accounting aspects. One way that can help the accounting system in your small business is to involve IT technology.
Move to Cloud System Immediately
For small businesses, moving accounting systems to the cloud makes it easy for users or employees to work from anywhere as long as there is an adequate internet connection. This is also often referred to as the cloud accounting system, which will allow you to work collaboratively with other employees so that work can be quickly completed. Moreover, cloud-based accounting software generally always backs up data automatically, so you don’t need to worry about missing data. If you are confused about choosing software, you can use Goalkeeper as a cloud accounting system service for your business.
Stop Doing Entries Manually
Many people spend a lot of time doing data entry into their business accounting, such as payments, purchases, invoices, and so forth. In fact, when you make a purchase, the proof will be directly printed on the company’s credit card or debit card statement. Similarly, when you make a payment, it will immediately be printed on your bank statement. All of this information is already present in digital form, so in fact you don’t need to manually enter the physical form worksheet. Choose accounting software that allows you to import data directly from bank account statements and credit cards.
Automation to Prevent Human Error
Running a small business requires you to track a large amount of data, so implementing an automation system will save you a lot of time. Do you still enter invoice data manually and use a physical spreadsheet to store information? This will only make you work harder. Well, digital software allows you to create invoices and automatically place income, tax and other details into the right location.
Save Tax Time
How much time and effort do you spend taking care of taxes every year? You can save time and energy by using a cloud accounting system. This technology will collect all your transaction data, then you can collaborate with company accountants to tidy up the data. When tax time comes, you don’t need to worry because there are no accounting data that need to be questioned. Everything is neatly organized in the cloud system that you use in corporate accounting.
Track Accounting Details
As a business owner, it’s hard for you to always make sure all the details of your business are running properly even if you really want to do it. There are many responsibilities that must be assumed, and while “jumping” from one aspect to another, sometimes there are small but important things that are missed. Intuitive accounting tools will help you keep an eye on such things, such as deadline bills, customer invoices that never pay, or real-time reports. The accounting system in small businesses is too important to ignore, but fortunately it does not require too much time to manage it. Cloud-based software can be used easily and will simplify your business.
That’s five ways that IT can do to facilitate the accounting system for your small business.