Performing accounting duties for your small business can turn into a complicated and time-consuming process swiftly. As your business expands, your accounting will also become more challenging. You will be required to create additional invoices and make new journal entries as well as financial statements. The list goes on.
In this modern era, most businesses utilise software such as MYOB accounting software to manage their accounting. It helps you automate most steps in the accounting cycle, allowing you to invest time and energy in what matters, such as business growth.
Access data from your accounts anytime, anywhere.
A top advantage of software such as MYOB accounting software over traditional accounting systems is that it allows you to access data whenever you want and from whatever device.
You can utilise all accounting software from your various gadgets, from your PC to your mobile phone. All that is required is a connection to the Internet and a browser.
Regardless of the business size, this ability has a ton of upsides. For one, you can create and send invoices on the go directly from your smartphone.
Also, it is possible to generate and download your financial statements and reports with just several clicks.
You don’t need to ask the assistance of your accountant to prepare everything. It is possible to log onto the platform and navigate everything and download what you need.
You might be remembering when you had to make changes to spreadsheets and save them on a USB drive and then disseminate them to your colleagues to have the most up-to-date version of the company’s financial statements.
You don’t have to go through hassles such as these.
With current software, one of the top advantages is everyone authorised gets access to up-to-date accounting and financial data. Every employee will only have to log into the platform and do what they are required.
There are zero bottlenecks and no time wasted. Multiple users can also interconnect over the same accounting data in real-time. Plus, accounting software allows you to provide different access levels to different users. It allows you to tailor-fit permissions based on functions that a user is carrying out.
A huge portion of the task of an accountant has to do with repetitive work. Examples are the following:
- They have to pay the invoice for every sale.
- Tracking transactions and writing journal entries.
- Late payment reminders to clients.
A majority of accounting can be fully automated. It is what accounting software does best.
It is possible to automate journal entries. You are only required to integrate your bank directly into your accounting software. In this manner, every time you make or receive payments, a journal entry is created and mapped to the correct account.
It is also possible to automate processes such as financial reporting, and you can even set up automated vendor payments.
However, it would help if you kept in mind that not every accounting software offers the same degree of automation.
Enhanced accounting security
One of the huge advantages of accounting software is that it allows your data to be safely secured on the cloud. Thus, your data is under the protection of numerous layers of top-notch encryption algorithms, making it a lot more secure than simply storing it on office shelves.
The most awesome part is every data is synced at all times. Not only is it additionally secure, but it is also up-to-date. With current accounting software available on the market, you will never have to be anxious about backing up your data. The system will be doing it for you.