Accounting Software for Cash Flow

Cash flow, which lies at the heart of any small business, represents one of the most common reasons for early business failure. So how can a small business keep an extremely close eye on daily credits and debits? How can the business stop spending more cash than it receives and ensure that there is always sufficient cash in the bank? The answer lies in cash flow forecasting.

Cash flow Forecasting

Finding the right accounting software to make this task easier for the small business and to help increase the positive earnings can sometimes be overwhelming. One criterion for choosing good accounting software is to assess the kind of features, the accounting software provides for cash flow forecasting.

Good accounting software should have the ability to accurately, record the flow of money into the business, from the sales or services. Compare this with the money, which flows out through periodic spend, such as monthly expenses. Cash flow forecasting essentially allows you, to plan the future cash requirements of the business. It is an estimate of what cash goes into the bank account, of the business and what cash, goes out of the bank account. The result of the forecast, being the bank balance at the end of each period.

When looking for the right accounting software, one secret is to compare which accounting software is best at managing the gap. The lag between money, that comes into your small business and when, bills are due to be paid. In some cases, the gap could be small like weeks, which helps to improve the business earnings, while in other cases it could be months, which represents a bad position. The key here is to focus on accounting software, which has proactive features.

Some business owners spend valuable time preparing forecasts on spreadsheets, setting up basic templates and entering in figures. This serves to perfect a suitable level of information, without considering whether there is a better way. Creating a cash flow forecast for various purposes can prove tricky, which can sometimes mean cash is just a balancing figure act. A further consideration, is weighing the time spent creating the spreadsheet, with the cost of purchase.

Another consideration, when it comes it comes to functionality of accounting software, is the ability to produce consolidated cash forecasts for multiple departments. Time is often of the essence for many small business owners, so an easy -to-use accounting software, which is flexible and enables the business to quickly get together a cash forecast should be at the top of your agenda. This makes the process of performing a cash flow analysis easier.

Cash Flow Analysis

Accounting software can help a small business owner, better analyse and identify revenue problems using your cash flow statement. Performing a cash flow analysis is probably one of the most important functions for any small business.

The statement identifies where the money, is coming into your business and where you are spending money. It represents the primary source of information for use in the analysis to determine the value of a business. The cash flow statement is also very significant for a small business because it does not include credit accounts, in contrast to the other financial statements.

The right accounting software should comprise of features, which can be used to measure and standardize expenses on a periodic basis, in order to help the business, better identify which areas need more control.

The small business can use accounting software to provide a proper cash analysis, which improves the performance of the business and forms the basis for success. Accounting software can be effective for the cash flow analysis, within three key areas, that form the foundation of the business; core operations, investments and financing. Choosing the right accounting software, which provides an effective model to manage these areas, helps analyse your cash flow better and improve the health of your business.

The accounting software also needs to be able to take into consideration, factors such as inventory position, as well as receivables and payables in order to predict accurate cash flow. When choosing the right accounting software, for the business, to perform cash flow analysis, quick, efficient accounting software makes it cost effective to improving the cash flow of your small business.

Improving Cash Flow

Generating a good cash flow analysis using the right accounting software, enables the small business owner to assess whether the cash going into the business is healthy. Good accounting software enables the small business owner, to easily, generate financial statements help the small business management forecast future financial activities.

The accounting software should have functionality, which will enable the business owner to monitor useful factors, which affect the earnings of the small business. An instance would include monitoring whether there is an excess of products on the inventory or monitoring the business to ensure invoices sent to customers and paid on time.

Another aspect to consider would be the patterns in customer payments and quickly identify potential shortfalls. These aspects may appear small, but overlooked can have a big impact on the earnings of the business. The small business owner needs accounting software, which enables the business to have all the important information required for efficient business planning to hand.

Helpful Tips

The Small Business Software Guide offers the following tips on how to improve cash flow with 3 productive steps the small business can take today by choosing the right accounting software, to make changes for a better future.

Payment Control

This is the first and most important factor when considering cash flow improvements in the small business, invoicing on time and to be paid on time. Look through the list of your existing customers and isolate the slow payers. Contact them to assess the reason for slow payments, their reason could be genuine and will help the business understand, how best to deal with them in the future. Revise the method of payment to make it easier for the customers with different profiles. Another area would be to focus on devising strategies for increasing sales in cash payment areas and increasing prices for slow payers.

Inventory Control

The effective management of the inventory is one of the biggest challenges for a small business, which puts a heavy drain on the cash flow. The inventory represents the cash of the small business, which is tied up and cannot be used until sold. Reducing the inventory leads to an increase in cash available to run the small business. This can be achieved by using accounting software, which works with demand driven functionality.

Purchasing Control

It is important to ensure that the business has established the purchasing terms at the start of the business relationship. Review the purchasing arrangements, where necessary and supplier relationships, to evaluate alternative payment terms. Renegotiate terms where necessary for more flexible terms and take advantage of any offers, which identify potential areas for savings.

Finally, always inform your suppliers and bank at an early stage when “warning signs” start to show.

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Why Computer Accounting Software is Important to You

The universe of mainstream financial management has been completely transformed by the addition of computer accounting software. The greatest benefits of computer accounting software is that these applications bring about a much higher degree of accuracy and speed than was ever seen before. Combine this with the new capability to watch where a company stands and their production, all in real time, and computer accounting software is unsurpassed.

Even the most old school accountants have been very easily swayed towards these new methods once they’ve interacted with computer accounting softwares, never returning to the pen and paper methods that they’d been using all of their lives.

Usually, a computer accounting software system includes a few basic things:

– A sales ledger which automatically updates customer accounts

– Sales invoices which can be generated and printed form an on-screen display

– Automatic generation of payroll

– Easy, complete integration between your existing database and the accounting software

– Automatic updating of your general ledger

– Capture of bank receipts

– Automatic updating of the purchase ledger to reflect suppliers accounts

A majority of computer accounting softwares will also be enabled to send faxes and mail relevant documents (such as invoices and receipts), all natively within the software. These programs also allow you to instantly have access to edit management reports, adjusting information like:

– Analysis of payroll

– Budget analysis and variance analysis

– Reports of stock valuation

– Accounts for loss and trading, and balance sheets

– A display of overdue amounts on the accounts of your clients

Modern computer accounting software will also be easy to use and ergonomic, and include features like a clear and easy to understand input screen. These computer accounting software systems also have the benefit of enabling you to enter your transactions only once into the system, as opposed to multiple entries in multiple locations – which pen and paper systems often require.

The following is a list of how computer accounting software can benefit you.

– Automatic creation of documents: This includes payroll, purchase orders, printing statements, credit notes and invoices.

– Information in real time: You can see customer accounts and accounting records as they change and are updated.

– Quick retrieval of information: The accounting software will have fast access to all of the data that you need, and can share this data with users in multiple locations.

– Efficient management of information: It should be easy to generate reports with accounting software, so you can effectively manage and monitor your business.

Ultimately, you should switch to a computer accountings software as soon as possible if you find your business still operating with a pen and paper accounting system.

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List Of Top Accounting Software For Your Business

Simply put, accounting is the lifeline of a business. Accounting deals with summarizing, analyzing and reporting the financial data and information about a business. An accounting software records and processes the accounting transactions of a business within its functional modules. Financial statements consisting of the balance sheet, profit and loss account, and statement of changes in financial position can be easily prepared with an accounting software.

An accounting software is all about the various functional modules that it has. Some of them are- General ledger which takes care of the company’s financial dealings; Accounts Payable where the company enters its bills and pays the money it owes; Accounts Receivable where money received is entered.

The different categories or types of accounting software are as follows:

a) Small business/personal accounting software which are mainly meant for home users. They are simple and inexpensive with simple functioning such as management of budgets.

b) Low end accounting software are for small business markets that are capable of serving a single national market. Such software are characterized by ‘single entry’ products.

c) Mid market accounting software are for companies with large businesses. These software are capable of serving the needs of multiple national accountancy standards and facilitate accounting in multiple currencies.

d) High end accounting software are complex and expensive business accounting software that are also known as Enterprise Resource Planning or ERP software.

However, you have to keep certain things in mind before buying an accounting software, like the prices of the software, its different features, its after-sales support and alike. Most of the accounting software include all the important accounting modules. The more specialized features a software has, the more expensive it becomes. Your software features must be compatible with your business. Also, the after-sales support is important like FAQ package, local service center and others.

There are a lot of top accounting software available in every category. So, it is not easy to select the best ones. Below are top five accounting software in every category.

A. Small business/personal accounting software:

1.ePeachtree (Best Software)

2.MYOB Plus for Windows (MYOB Software)

3.Peachtree Complete Accounting (Best Software)

4.QuickBooks Online (Intuit)

5.Small Business Manager (Microsoft)

B. Low-End Accounting Software:

1.BusinessVision 32 (Best Software)

2.MAS 90 & MAS 200 (Best Software)

3.QuickBooks Pro 2003 (Intuit)

4.ACCPAC Pro Series (ACCPAC International)

5.Vision Point 2000 (Best Software)

C. Middle-Market Accounting Software:

1.ACCPAC Advantage Series Corporate Edition (Best Software)

2.Great Plains (Microsoft) MAS 90 & MAS 200 (Best Software)

3.Navision (Microsoft)

4.SouthWare Excellence Series (SouthWare)

5.SYSPRO (SysproUSA)

D. High-end accounting ERP Market:

1.Axapta (Microsoft Software)

2.e-Business Suite (Oracle)

3.MAS 500 (Best Software)

4.Solomon (Microsoft)

5.ACCPAC Advantage Series Enterprise Edition (Best Software)

In compiling the above list, a variety of factors such as feedbacks from customers, scalability of the software, and after-sales support are used. Also, the different attributes for different categories have been considered like for ERP software, attributes such as manufacturing solution, supply chain solution and database solution. The above compilation may not be all inclusive and some people might choose to differ with it but it is almost near to perfect list.

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Why Shift To Accounting Software?

Before tackling the question as to why should you switch to accounting software, here are a few lines about accounting first.

Accounting in business helps in proper management of revenues and expenditures that ultimately decide whether a business is heading towards failure or success. It is a process of collecting, summarizing and analyzing the financial data of an organization.

To manage all these, you can either hire an accountant or invest in a good accounting software. And the growing popularity of accounting software suggests that the latter option is a better investment. So, do not be discouraged if you do not have any knowledge about accounting. Just invest in a good accounting software which in turn will take care of your accounts.

In fact, it is becoming a norm to purchase an accounting software application before starting a business. You can find accounting software for both small as well as large businesses. You can choose from a basket of multiple accounting software programs. Depending on the type of business you have and how you run it, you have to choose the software package that compliments your business, instead of being a limiting force.

Simply put, the main advantages of switching over to accounting software are that it saves time as well as money. No doubt, your accountant(s) may be the best in business, but the following points will make it clear why an accounting software scores over any of them:

To remain competitive in this age, your business needs all the information quickly. You can not wait for the paper works to get finished. You must be aware of what is happening in your company. Accounting software can do all these things for you.

Modern businesses are all about managing time. To smoothly run your business, all you should look for is time management.

Accuracy is another thing where you can not let your guard down. While human beings can never be error free all the time, you will find that accounting software can be 100 percent correct at almost all the times.

Another advantage of accounting software is that it will keep you updated. It works great when applied to tracking tax codes changes.

All the current accounting software are easy to use, set up and navigate. And with the advancement of technology, they are becoming more specialized, catering to the needs of specialized businesses.

Last but not the least, an accounting software helps you save money as it is a one time purchase. Also, it can grow with your business thus minimizing your future cost.

All the above mentioned points are reasons enough to make you shift to an accounting software. An accounting software will make your business management better, more efficient and easier. But, choosing the best software is the most critical thing. By looking at the websites, reading reviews and talking to former users, you can apprise yourself about different accounting software. In fact, the accounting software market is full of different types of accounting software with many different features. You just need to calculate your needs and zero down on the product that suits you the best.

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Using Accounting Software Does Not Require an Accounting Background

A number of growing companies are hesitant to purchase and implement new accounting software because they are afraid that they will need to learn a whole new set of skills to effectively use the software. They often feel that their understanding of accounting principles will not be enough to allow them to use the software properly.

Thankfully, this assumption is not entirely correct. It is certainly helpful to understand accounting principles when using the software, but it is not necessary. Any business, small or large, can benefit from implementing a dedication accounting software system, regardless of the users’ understanding of accounting principles.

Granted, an accountant will have a much more thorough understanding of what the software is doing and the reports that it creates, but the actual use and input of data requires no specialized accounting background.

Most accounting software will do the “nitty gritty” work that you would need special accounting training in anyway, so it is safe to say that accounting knowledge is not necessary to begin using accounting software. That is not to say that a company should blindly begin using a new financial software package – of course they should make an effort to understand the principles to allow themselves to get the most from their software.

For example, if you operate a retail company, the average user of your accounting software will need to know the following:

How to input an invoice

How to make changes to an invoice once it is paid

How to print and/or email receipts, invoices, etc.

None of these tasks require a background in accounting. Any person with a general idea of how to use software can probably figure these things out and can most certainly be trained. While people with accounting backgrounds will be able to see these changes reflected on the general ledger and know what they mean, the bottom line is that for the end user in this case that information is neither necessary nor relevant for their job.

Anyone who has experience using or has even seen the interface of a typical accounting software package will quickly realize that minimal accounting knowledge is required to use the system. In fact, that is the beauty of these programs – their user-friendliness. Just like you do not necessarily need to understand how an engine works to drive a car, so too do you not necessarily need to know how accounting software works to make it useful.

Accounting software reviews often focus more on the usability and efficiency of a software package than the specific accounting tasks that the software performs. This is because most users do not understand the advanced accounting tasks that the software does automatically and the truth is that they do not need to, so long as they put the data in properly.

The bottom line is that most accounting software is designed exactly for people who have minimal accounting knowledge as they are the ones that benefit the most from it.

In fact, software that was designed only for accounting professionals would have a hard time staying on the market. As a result, more and more software is brought to market with a target market of the “average user” that is simple, yet effective.

However, do not get caught thinking that since you have good software that is easy to use that you should avoid learning about accounting. The more you know, the better use you will be able to make of your software. The key is to balance your time and effort between learning about accounting and thus being able to use the software more effectively while remaining focused on the activities that you have more time to work on as a result of the improved efficiency that the software gives you.

You don’t need to be a professional race car driver to be on the highway, but it would certainly make you a more efficient driver. In the same manner, you don’t need special accounting knowledge to use accounting software, it simply makes your job easier.

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Accounting Software – Do You Need an Accountant?

The traditional role of an accountant is changing. In previous years a small business would class a good accountant as one of the fundamental requirements when starting a business. Their support and guidance towards all matters connected with the set up and launch of a business was perceived as essential in order for a small business to be ultimately successful. The perceived importance of the role accountants play with small business has been increasingly bought into question as the internet has grown and developed. The advice that accountants used to charge for regarding company formation, company structure and VAT registration is now largely available for free on the internet. Furthermore, the rise in online accounting software has made it easier than ever for a small business to keep their company books in good shape. We wanted to explore why more and more small businesses are choosing to use online accounting software and how this has impacted the traditional role of the accountant.

Why are business owners using online accounting software?

Cost – When the accounting and bookkeeping world was inaccessible to owners of small business the large cost burden of having a professional accountant was seen as simply a core running cost of the business. The cost structures of accountants differ widely from per hour, fixed fees for defined work and some even charge by the minute for telephone calls. Whatever the cost structure having an accountant look after all of you small business financial affairs will be a significant burden to your cost and business profits. Basic software for accounting can be available from as little as 5 a month.

Time Schedules – A piece of software can continue working 24 hours a day whereas an accountant has set schedules and opening times. As a small business you will very rarely be working to a 9-5 schedule and therefore having the rigid nature of accountant opening hours can be frustrating. Even more so if a deadline is required that requires an accountants help and you are charged overtime for an accountant working out of hours.

Information security – Despite the likelihood of you signing confidentiality agreements with your chosen accountant the fact remains that you are disclosing private information regarding your business strategy and performance to a 3rd party. Whilst there can be advantages to this is the form of gaining 2nd opinion on company performance there is also a risk that this information get into the public domain. Software for accounting allows you to keep all of your confidential information inside the business.

Ease of use – Software for accounting has become very user friendly with many products available that do not require the user to have any accounting knowledge at all. This allows tradesman and sole traders to be able to easily to control of their financial affairs.

Improved business Performance – There can be real business performance advantages of taking control of the company finances as opposed to outsourcing them.

o Accountability – An obvious advantage of taking control of you financial affair is that there becomes greater accountability to deliver. Software for accounting allows small business owners to be much closer to the financial affairs than when they are outsourced.

o Collaboration – one of the risks out outsourcing all financial management to an accountant is that it stifles people from within the business talking and engaging about disciplined financial management. Taking control of financial affairs internally within the business increases engagement and collaboration across the business to improve the company’s financial performance.

If more businesses are using online accounting software is there a role for traditional accountants?

In short, yes, but in a different capacity to how they have traditionally been deployed. Accountants need to focus less on the bookkeeping and daily accounting of small businesses and focus more on the provision of advice that optimises business performance. SME’s are becoming well versed in the many advantages that exist within doing your own accounting via an easy to use, cost effective software package. That said, many small business owners still have a requirement to discuss future business optimisation with a financial planning expert.

Software cannot possibly understand a business’s objectives and work with the owners to produce a strategy to optimise performance. Nor can a software package proactively restructure the company books to save tax as the company grows and develops. Once a small business is established they would benefit from advice from an ‘auditor’ regarding business structures, financial efficiency and tax planning. This annual audit ensures that the business is on the right track for sustainable growth and success.

Software allows small business to complete their day to day accounting enabling the owners to stay close to their financial affairs at a fraction of the price of an accountant. However, a good accountant can engage with the owner about optimising the business to ensure that the right plan for growth exists. This type of engagement with an accountant can be done as a cost effective fixed fee arrangement which can be easily planned and budgeted for within the company accounts. The answer to whether a small business should have an accountant or accounting software is – they should have both but deployed for different purposes.

How do you find the right accounting software for your business?

It is critically important that a software product is bought to match the specific requirements of the business. There are many software packages available on the market all aiming at different segments of the SME market. Owners should think about their specific business requirements and then use a tool such as Compare Software for Business to compare the industries suitable software for a product that meets these requirements.

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10 Reasons Why You Should Be Using Cloud Accounting Software Before Your Competitors Do

With cloud accounting software the sky is the limit for small business. As a small business owner you have enough to do without spending time and effort keeping track of your expenses or working out who owes you what. Nearly all small business owners (if they are being honest) will also agree that cash flow can be erratic at times, and to do simple tasks like produce invoices, track bank and PayPal transactions, or keep on top of VAT, you really need a cost efficient system. And that is where cloud accounting packages really earn their keep.

So what are 10 reasons to use online accounting software?

1. Easy to use

Unlike the old PC systems, which were only loaded on the bookkeeper or accountant’s computer, online accounting software is designed to be easy to use by non-accountants. This means features like automatic bank feed and intelligent reconciliations can be mastered in minutes. With numerous ‘how to’ videos available, online accounting software really is easy to use.

2. Economies of scale

Cloud accounting software is essentially a pooled resource, which means you can enjoy the benefits of automatic updates and storage on a large server that is maintained and backed up by a third party as part of your monthly payment.

3. Safe and secure

At last you are freed from doing backups of your online accounting software. Never again will you have to press ‘restore’ and hope that it restores to the right place! All the main players in the online accounting software market will give you a cast iron guarantee that your data is safe and secure.

4. Flexibility in the way you work

Imagine on a sunny day you no longer need to be stuck in the office! You can do your accounts from any location that has an internet connection. Not only that, within your office you don’t have to decide who will have the software loaded on their computer. It is password protected and available on any laptop, PC, or via an app for iPad or iPhone.

5. You only pay for what you use

There is no upfront cost to install the software and you stop paying when you no longer need it. Simple! This encourages the software companies to be innovative, in order to keep their customers, which means you benefit from a product which is always improving.

6. Competition lowers prices

You only have to type ‘online accounting software’ into Google and you will see a whole list of names appear. As in any highly competitive market, you benefit from a keenly priced product.

7. Easy to use interface

The players in the online accounting software market have thrown away the old rule book when it comes to what you see on the screen. With a cloud accounting dashboard you can see everything you need to know about your business. How much is in your bank, and how much you owe and are owed. Not just for today, but next month too. A new revolution is upon us!

8. Single user interface

What does this mean? Your accountant or business advisor has the same information that you do. Not just for last year, but right now. So they can help you set up cash flow forecasts, or drill down on your sales figures or expenses and give you the information you need to make your business better. They can also help you plan so that you minimise your tax bill which will save you money!

9. Organised knowledge is power

Xero software are pioneers in setting up a User Community. This means that if you are you no longer have to type a question in ‘Help’ and wait for the answer. The chances are someone else will have had exactly the same problem, and it has been solved for them on the Community Forum. If not, the likelihood is that someone more knowledgeable than you is on the Community Forum right now, and you can find the answer instantaneously.

10. Increase productivity

With the innovations available on cloud accounting software you can produce a quicker and more efficient result with less input. By using the accurate up to date business information that you now have at your fingertips, you can boost productivity, expand into new markets, make services more accessible, hire more sales staff or just make more profit.

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8 Reasons to Consider Cloud Accounting Software

Cloud computing is becoming more and more mainstream, you can now store all of your documents safely online using a service like Dropbox or Google Drive. Accounting software is now very much in the cloud too, leaving behind the days of desktop based software to embrace new technology.

Here are eight reasons why you should move your accounting to the cloud:

Despite what some people may tell you having your accounts in the cloud is actually safer than having them stored on a computer at your business premises. The top cloud software providers have to comply with stringent security guidelines, much like online banking and all of your data is automatically backed up for you. Get a virus on your own server or computer and you could lose a lot of data if you have not been backing up regularly, cloud software removes this threat.

The software is constantly updated free of charge. Yes you be essentially renting the software, as you pay a monthly fee to use it but you will always be running the most up to date version and you will never have to fork out for software updates, unlike with desktop solutions.

You can get access to your accounts 24/7 from wherever you are, as long as you have access to the internet. This gives business owners the ability to be much more in tune with where their business is financially, in real-time.

Automated Bank Feed. A lot of the top cloud accounting apps have automated bank feeds which will automatically update your transactions negating the need for manual entry. Check if the software you are choosing offers this option for the bank you use.

Cloud Accounting is more scalable as a business grows, mainly cloud apps have a range of 3rd party applications that sync with the software to offer increased functionality.

Cloud accounting software is built to be extremely user-friendly and intuitive, offering detailed accounts data at the touch of a button. This flexibility and ease of use gives the business owner much more control over their current financial situation.

Save on accountancy fees. We don’t mean by getting rid of your accountant as you will still need an accountant whether you have accounting software or not but by having your financial records in cloud accounting software that they can access, and are used to using, you can reduce the amount of time they need to complete your company accounts.

By moving your accounts online you remove the requirement for a costly desktop solution, hardware to support the software, IT support for when things inevitably go wrong etc.

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Accounting Software Choices For Home And Business Use

The requirement of compiling error-free accounts was once left to the capabilities of accountants who could rely only on themselves. Thanks to computers and brilliant software engineers, we now have programs capable of doing just that. Despite needing the skill of experienced accountants, recording, tabulating and reporting have become far more accurate.

There are programs for all classes of consumers from people who require them for home use, small businesses and multinational companies. Price range is an indicator of what level of requirement the software can meet along with what modules are featured.

Personal accounting software

Programs designed for home use fall under the personal accounting software category. They have basic modules for managing household budgets, expenses, downloading bank statements, allowing wealth monitoring and bookkeeping.

The software is cheap, very easy to use and quite in demand by homeowners who’ve realized how they can better plan financial management with the use of accounting software.

Low-end software for small businesses

A notch above personal accounting but still nowhere near what high-end programs offer is low-end accounting software. Small businesses or people working out of home are the primary consumers. There are no specific modules but the general features do permit users to handle payrolls, generate invoices and reports, and reconcile accounts.

Mid-market software for medium to large businesses

Established or expanding businesses can benefit from mid-market software which offers more specific modules to cover several processes. Aside from the usual budget, expense, payroll and invoice generation, features such as multiple currency accounting are provided. This is because large businesses trade in different currencies and the programs can help manage aspects of finance efficiently.

A key feature of mid-market software is that it allows for networking although not in the scale of high-end programs. Still, it’s sufficient enough for accountants and financial heads to access the information contained from anywhere.

The cost of such programs is high and can only be afforded by established and large companies.

Enterprise resource planning (ERP)

Also called high-end market accounting software, ERP is used both by mid-market program consumers and multinational corporations witnessing transactions amounting to millions of dollars. Extremely flexible with an extensive list of modules the software can take months to implement, sometimes more than 6 months, and training programs generally have to be held for users.

Core modules of ERP include but are not limited to inventory management, production and order processing. The software offers a real-time view of business processes so that every department is integrated into the system.

Vertical market and custom software

Certain businesses and industries need accounting programs with features specific to their line of work that even ERP cannot offer. Primary customers include construction, medical and banking industries.

Industry-specific or custom software are the choices available and which to select from the two will depend on several factors. For instance, vertical market software has reduced implementation costs and more support availability while custom programs can include modules specific to the business’s needs but may have higher implementation costs.

As demand for accounting software rises, programmers are looking toward more advanced technology to offer higher-end software at lower costs. Businesses that grow from fledgling companies to multinational corporations need programs that are flexible enough to accommodate this growth. As such, it’s important that programmers come up with solutions to manage change without consumers having to switch over to new software every few years or so.

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Should You Move From Spreadsheets to Accounting Software?

I am often asked when businesses are new or fairly new, if they should do their bookkeeping in a spreadsheet and probably not sure why using accounting software like Xero could actually be beneficial.

Yes doing a spreadsheet may save you a bit in not having any software costs. But isn’t the time you spend on developing a spreadsheet that does what you need also a cost. After all you are probably reinventing accounting software in your spreadsheet and probably not doing as good a job as the accounting software companies who spend thousands or even millions every year on developing and maintaining such software.

A spreadsheet may take less time for your accountant to process into a tax return and even lead to a lower tax preparation fee. But on the flip side it may mean you are making more errors too. Not many spreadsheets reconcile back to your bank account for starters, so you may be leaving out some deductions or lack the proper framework to capture all expenditure missing some value tax benefits.

Other positives in Xero accounting software

• Easy to send your invoices, allocate payments to them, send scheduled invoices, send statements, send reminder to pay messages, link to payment processors to accept more forms of payment. I love the regular invoices you can set up great for say a regular monthly service fee to a client, it can all be automated rather than you doing it manually in a spreadsheet.

• Doing your GST becomes more of a breeze, easier to check your BAS before processing, easier to code the relevant GST codes also.

• Setting up a bank feed means your transactions appear in your software complete with populated amounts and dates. All you need to do is point them to the right account or allocate the payments.
Furthermore, the software remembers and learns how you have coded the same transaction in the past and suggests your coding. The bank feed really means you must still keep bank statements and invoices, but not get your hands dirty with them as much. Updating your daily transactions should take less time than a cup of coffee. Something no one ever says about using a spreadsheet.

• Being internet based your accountant can easily check in on your accounting, make a suggestion, collaborate with you or even keep you informed on how your tax position is looking this year. Of course there is no need to bring or even email your accountants your file at the end of the year, they can simply hop in once you give them access by email.

• There is no updating the software, it is all done for you. you simply can log in anywhere in the world with internet.

• There is no need to back up either. Let someone else worry about keeping your valuable data stored professionally and save some of your network or computer space too.

• Great reports. This is where your spreadsheets really struggle to even do a Balance Sheet. But Xero can give you so much from regular monthly management reports, to GST reporting, Payroll reporting, and finally fully formal interim reports which can go direct to interested parties like banks.

• Bank reconciliations are all taken care of ensuring less mistakes and omissions.

• Manage your cashflow at a glance on your dashboard page see what money is coming in and out.

• Integrated payroll. No need to keep separate records as it all works within the same software.

• Manage more than one entity accounting from the same login.

• Allow as many users as you wish to have access as delegated, from accountant role to read only access.

• Fairly simple to establish and setup the software, ease into an established and tested software, rather than evolving your spreadsheet.

• Your Xero is becoming so sophisticated it can mean one click away from Bas return, tax return and loan approval are what accountants properly using their software can offer. They can more efficiently and therefore more affordably offer your these services or give you more added value consulting elsewhere.

• Make your accounting a hell of a lot more fun. It makes it a breeze to keep it up to date, save you lots of time and actually look forward to your monthly reports. So as I always say a good business keeps a live scoreboard and knows how well they are doing – like the footy game knows the score and adjusts their game, so too a business should use accounting to grow their business.

What does Xero cost?

It depends on what features or subscription you need but the most common one is $50 per month. A typical cost is $110 per month software and support package which includes implementation, training, monthly reports and coding your transactions.

So if you are tired of evolving your spreadsheet, wish you had better reports or beginning to see that chugging up the time on your bookkeeping spreadsheet is costing you too much time and money…

Get advice is making the seamless transition to a better accounting software, saving you time and money so you can spend time on more value adding activity.

Article Source: http://EzineArticles.com/9405356

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