When it comes to running a successful business, you’re going to find yourself taking on many roles. Some of those roles you may not have a clue where to begin understanding how it is supposed to work.
One of the most common trouble areas for small business owners is the financial or bookkeeping duties. Accounting is boring, there’s no doubt about it. And it can often seem like entirely foreign language.
Luckily with the advancement of technology, small business owners can choose to invest automated bookkeeping software. Keep reading to learn about the benefits of automated bookkeeping for your business today!
Manual Accounting Downfalls
Chances are while running your small business you’ve probably been handling all of your accounting needs manually. That is either you yourself are handling them or you’ve hired an accountant. Either way, a person is in total control of the bookkeeping and accounting.
There are a few causes for concern with this from human error, security, and cost-effectiveness. While at one point these may seem to be the way of the world with no alternative, today we know better.
Try as hard as we might, no matter what we do, we as humans are flawed. We are prone to mistakes and when given the opportunity we make them. It’s a fact of life and nature.
Some of us are better at others on being on point, but even they will make a mistake eventually. Unfortunately, when it comes to bookkeeping and accounting, especially for a small business, even a tiny mistake can mean ruin.
Most small businesses can’t afford to have mistaken in their bookkeeping, accounting, or taxes. Business accounts and financials are regulated differently than personal ones. Mistakes made in business financials can lead to very costly and time-consuming consequences.
Lack of Security
When it comes to manual accounting it’s nearly impossible to maintain the security of your financial records. This is because typically records are kept on paper ledgers or basic computer programs. This can leave your financial records wide open to be stolen or be vulnerable to a cyber-attack.
Even hiring an internal accountant won’t help with this. After all, accountants are not IT personnel and will not be able to write security code to protect your electronic files.
Manual accounting isn’t very cost effective. If you aren’t handling your own accounting, then you’re outsourcing it. This can be costly depending upon how much the accountant or bookkeeper is charging you.
Depending upon your needs and available options in your local area you may not have much of a choice when it comes to accountants and pricing.
Automated bookkeeping can help streamline your business in ways you never thought possible. But automating your bookkeeping needs you can eliminate human error, security concerns, and overspending.
Automated bookkeeping removes the human error element by automating all accounts receivables and payables for easy recording and tracking. The software will monitor all account credits and debits, tracking running balances and offering insight into spending habits.
Automated bookkeeping software also comes with top of the line security features to ensure your information and data is protected against cyber-attacks. It also removes the need for hard paper copies as well.
And, most importantly, automated bookkeeping is cost effective. Instead of paying for a professional accountant, you’ll be paying a smaller monthly fee or in some cases even a one-time fee for the use of the software.
Examples of Automated Bookkeeping
There are a variety of providers to choose from when it comes to automated bookkeeping and accounting. So, it’s important to do your research and know what your business accounting needs are and your budget as well.
Some providers will be more geared towards larger corporations while some, like botkeeper, are more for startups and small businesses. With companies like botkeeper you’ll be able to scale your bookkeeping and accounting with your company. From startup to Fortune 500.
Automated Bookkeeping and Your Business
When it comes to accounting and bookkeeping, there are far fewer things as important or as boring and dull in business. However, there are truly important and worth taking extra care on.
Automated bookkeeping software can help streamline your business by removing the need for an accounting department, automating much of your bookkeeping processes, and saving the company money.
Don’t let your company suffer, streamline your accounting with automated bookkeeping software today!