As a small business owner, you are the marketer, the human resource manager, the IT officer, and even you are the secretary of your establishment. All these may be important for your small business to grow but they do not compare to what keeps your business breathing, accounting. You are probably thinking about the headache accounting gives you right now especially if you are not good with numbers.
There is a different category of people. Some are experts in accounting and some are not. Many business owners face the common challenge of balancing money management with operating their businesses. For people not comfortable with numbers, accounting is a big headache.
Here is a solution for small business owners. Accounting software is a great solution for all your headache. You don’t have to write things down anymore, because accounting software has all the features you need. Even though you have accounting software, choosing the best among them is more important.
You can solve all your accounting issues without a need for a professional accountant. With online accounting software, financial management becomes the most straightforward task to do.
How accounting helps your small business?
Accounting is an integral part of your business. It not only allows you to understand the financial health of your business but also allows you to plan your business strategy and make smarter business decisions. However, essential accounting concepts like balance sheets, assets, liabilities, and income statements are strange gibberish to most entrepreneurs. As a result, many would prefer to have someone do the tedious accounting work and give them an overview of their business finance.
Why online accounting software?
However, with cloud accounting software, you save the money of hiring a professional. The online accounting software allows you access to your account and check your income statement within seconds, compare your yearly profits and know what your working capital is for the period. You also get a free regular update while managing your cash flow.
Keeping proper records allows you to track the profit you earn (income), the money you spend (expenses), account payables, and account receivables. This, however, can be difficult if you have to stack many papers in a cabinet. There is a possibility of theft, burning, or even misplacement of essential data. Online software not only provides you with the right security for your financial record, but it also gives you easy access to your financial data at any time. You can access your business’ financial standing anytime with either your phone, tablet, or PC.
How to pick your accounting software as a non-accountant?
The accounting software you choose can have a huge effect on your business’s either success or failure. It is more considerable and important to make a good choice of your accounting software. Here follows the tips to pick your small business accounting software as a non-accountant.
1. Determine your business requirement
Remember, you are a small business owner. Make sure to choose accounting software that matches your small business. There is accounting software made for large enterprises. That software has complicated for your business. Pick the accounting software for your small business that is easy to use.
2. Estimate your business budget
Every accounting software plan has a range from basic to premium. This plan differs based on their included features in the accounting software. They also have their subscription plan. Read more about all those included features and get a clear picture of the features before you make a purchase.
3. Research for your accounting software
Choose the accounting software which includes all your necessary basic accounting features including invoices, income, and expense tracking. Some of the accounting software has some extra features which could not be on other accounting software. Pick the right solution.
4. Choose your user-friendly accounting software
Since you are a non-accountant, your chosen accounting software should be user-friendly and less complicate to use. Try to pick the simple interface accounting software.
Accounting software for ease and accuracy
Precision and accuracy can make or mar your business. Cloud accounting software gives you real-time information about your finance. It serves as a payment reminder and generates an accurate financial report. The automation feature of myBooks accounting software gives you an updated statement of your balance sheet, your profit and loss account, and your sales tax returns. Inaccurate data may lead to a significant loss, constant information update with online accounting software keeps your business afloat.
The ease at which you carry out activities on online accounting software makes it all the more suitable for small business owners to use without any prior training in accounting. The software is tailored to be used by non-accountants and as a result, does all your accounting works for you without breaking a sweat. It is also important not to overlook its affordability, myBooks online accounting software allows you to choose flexible payment options while completely eradicating the cost of a software update.
The Bottom Line
The growth and survival of your business are in your hands especially if you are a small business owner. To reach the goals you set for your business, you would need to make some on-the-spot decisions, and you can only make that with information that is up-to-date. As long as there is an internet connection, accounting is the simplest of tasks.