Software’s evolution has transitioned from a data mining platform to marketing insights and as we are all familiar with – accounting software. These days, it has advanced to a more holistic solution for small business owners – vital for survival in an ever changing and competitive marketplace.
Small businesses must try and become more frictionless and efficient within their internal ways of working. Software programmers and brands now realise they need to deliver beyond software, providing more options to support small businesses as a whole, allowing employees to become more productive with less error.
The right software equals success
Empowering a small business to follow and chase their passion is good for business. When small businesses succeed, jobs are created, economies flourish and communities prosper.
The latest software improvements within progressive accounting software are next level and have changed the landscape and state of play for accounts finance departments – large or small, big time.
Core responsibilities from reputable accounting software brands include workflow basics such as invoicing, connecting directly through to banks, claiming business expenses, charging for a company’s/employees time and workflow management.
What does that actually mean?
The basics of quality accounting software enables you to gain immediate clarity over your net business. You can also keep track of receipts, payments and GST; watch your net position change in real-time; generate multiple reports enabling you to gain valuable insights such as comparing net results quarterly; reconcile bank transactions; forecast with confidence and of course you can share controlled files with your accountant, bookkeeper or accounts team as a whole.
Up to date accounting software also enables SME’s to send invoices from a phone, tablet or computer which then lets you track payments being received from those same devices too. Don’t stress – the invoices you can create look extremely professional as you can add company logos to popular templates with notes specifying payment instructions and you can even add personalised messages to invoices too. Want to add a discount for a certain client? No problem! Want to find an old invoice in jiffy – also easy peasy.
Automatically upload transactions from banks
Connect your business to major banks. You can even split payment amounts into separate accounts. Reputable accounting software brands also enable you to conduct bank reconciliation which is the process of comparing cash activity of financial records, identifying mistakes and monitoring cash flow.
Claim business expenses
The latest accounting software programs will inspire you to ensure you’re billing all your expenses as you’re making them as the programs are so, so easy versus keeping receipts in an envelope somewhere. You can also approve numerous employee expense claims in one go, making reimbursing effective, quick and seamless.
Time is money
Timesheets in contemporary accounting software programs integrate into invoices! This makes it a cinch to account and charge for billable hours, whilst knowing your unbillable ones simultaneously tracking your out of pocket expenses. This provides you with real clarity on what jobs and customers are costing you the most – and of course, showcases the clients and jobs you are profiting the most from. We like those clients.
Are you on board the software gravy train?
For over five years, Bloomberg has evaluated the business landscapes of countries globally. Each country is given a score based on seven categories of criteria.
The countries ranking at the top, are those embracing technology. Countries earning the highest marks aren’t just responsible for generating fresh tech innovations, they’re also seeing widespread acceptance of technological advancements and in particular – in software.
Technological advancements in software development is changing the landscape of how we do business, regardless of a company’s size. For your business to be remain successful – ensure you’re evolving with as many relevant software innovations as you can. After all, they’re being developed to make running a business wherever you are or however you like – easier.