As a small business owner, you likely play numerous roles within your company on a day-to-day basis. Accounting can be one of the most tedious tasks a business owner is faced with, and it can incur a large chunk of your time and lead to unnecessary stress.
Thankfully, software exists to remedy this problem and make your life as a business owner much simpler. However, it is not always clear when your business should adopt an accounting software or POS (point of sale) system – some businesses may save a lot of time each month, while others, not at all.
Benefits of Accounting Software include:
- Saves a large amount of time
- Reduces errors in financial statements, which can prevent penalties, fines, and misrepresentation.
- Easily track invoices and payment records, ensures smooth cash flows
- Makes payroll and filing taxes effortless
- Gives you an accurate monetary history of your business
It May be Time to Adopt an Accounting or POS Software if:
- Accounting and financial math does not come naturally to you
- You are spending a large amount of time tracking your business’s finances
- Hiring a full-time accountant is too costly for your company
- Tracking cash flows and transactions proves too difficult
- You operate in an industry with a high amount of transactions, expenses, and invoices such as retail
- You are facing CRA audits or have had difficulty accurately filing taxes
One great feature of modern accounting software is that the settings are fully customizable for your business’s needs, and there are a wide variety of software firms with different pricing points so you can find the right product and price for your business. It’s a common misconception that accounting software is expensive – top accounting software for small-businesses, such as FreshBooks and Sage Cloud, are available for as little as $30 a month.
For this small fee, you are saving a lot of headaches in the long run by managing your business’s finances hands on, and most importantly, freeing your time to focus on your business’s operations.