Advantages of Using an Accountancy Software
If you are a new business owner or work with an accountant for many years, you most likely want to know how you can benefit from replacing your accountant with an accountancy software. An accountant has, after all, all the necessary knowledge to keep your books in good shape, do the taxes for you and offer you advice on all accountancy-related issues.
Accountancy software offers several advantages over an accountant including:
Lower cost. An accountant is not inexpensive and for many new and small businesses, a professional accountant is a major financial burden. Accountancy software eliminates the need for a professional accountant which in turn enables you to cut your accountancy expenses. Accountancy software of course does not come for free either but it will cost you only a fraction of what an accountant would charge you.
Ease of use. Accountancy is not an easy task. On the contrary, it is a time consuming and complicated work but with the right accountancy software, you can do it yourself in no time like a pro. The thing is that accountancy software is not designed for professional accountants but for business owners who want to control their financial affairs on their own but do not have the time or energy to learn the accounting standards. As a result, accountancy software is easy to use even if you do not have any prior knowledge and experience in accountancy. At the same time, it typically comes with 24/7 customer support, offering advice and guidance on the use of the software and often also on accountancy itself.
A variety of extra features. A professional accountant will do only what he/she is being paid to do. Any additional work, sometimes even a phone call is charged extra. Accountancy software, on the other hand, offers much more than just the basic accounting functions. Depending on the software you choose, you may also be able to analyse your finances, keep an inventory, track incomes and expenses, make deposits, write and void checks, print invoices, issue reports, etc. for no additional cost. This enables you to establish a full control over your finances and boost your business performance.
Improved information security. There is no need to worry about your accountant to reveal confidential information to anyone if you are working with a professional. But we live in a world of cut-throat competition and the more people have an access to your business information, the higher the risk of your business performance, strategy and other sensitive information ending in the hands of your competition. An accountancy software reduces that risk to the minimum.
Accuracy. Accountancy software eliminates the risk of human error which is of crucial importance if you want to make the right business decisions and make sure that you comply to all the legal requirements. The software does not only give you an instant access to the vital information but it also helps you stay up-to-date with the ever changing accounting standards and company law.