Why the Right Financial Software Can Save You Money

Featured article by Calvin Page, IT Specialist

There are a lot of good reasons to invest in a good financial software package such as AccuReports today. While manual records and Excel spreadsheets may have worked well for you in the past, there are several ways in which only financial software can actually save you money.

Accurate Balances

You should never base your business decisions on how you’re feeling about something. Instead, you need to know the numbers so you’re sure what you’re doing is actually profitable. It’s equally as important to know exactly how much you’re paying for credit cards, loans, and vendor accounts. Knowing exactly what you’re owed and who you owe will give you a correct picture of your business so you are still around in the future.

Budgets and Planning

Financial software makes it easy to set up a budget for your business. This is one functionality Excel spreadsheets lack unless you want to fill out lengthy pivot tables. With financial software, you simply look at last year’s Profit and Loss then adjust the figures accordingly. Of course, you can also start from the beginning and enter a month’s worth of data then allow the software to plan out the rest of the year for you. Throughout the year you can then easily run reports to decide whether you’re staying within your budget.

Taxes and Tax Returns

Did you know that you’ll actually pay less to file your tax returns on April 15 if you use financial software for your business? This is because you’re running your bookkeeping all year as if it’s tax season. The software categorizes everything you enter into it, so your CPA won’t need to spend so many hours working on everything for your business.

Memorized Transactions

One of the best things about financial software is it already knows when you have money coming out each month. When the vendor provides you with an invoice at the beginning of the month the software will memorize it so it automatically takes it out every month in the future. All it takes is a few moments each month and you can spend the rest of your time making more money.

Reports

You need to check your Profit and Loss report every month so you know what changes you need to make and when you need to make them. Simply by looking at this report you will have all your answers to questions about meeting goals. You’ll also know what growth, advertising and sales opportunities to invest in, as well as how they work out for you. Of course, the best way to do this is to look at your Profit and Loss report alongside your Balance Sheet, but everything (assets, liabilities, equity) is right there for you to print either a summary or detailed listing of.

Now you can see how easy it is to save a lot of money simply by switching to the right financial software. So stop wasting money and start having more available to invest in the parts of your business where it really matters.