Can Accounting Software Help Reduce Costs?

I always say that I don’t know anyone who went into business to do bookkeeping. Creating and sending invoices, recording payments, and reconciling your revenue and expenses with your bank statements all take time, and as a business owner, you have enough on your plate without having to deal with all those repetitive tasks. The good news is accounting software can absolutely take a lot of those tasks off your hands, and as a result, save you both time and money.

Automation
The first way in which a good accounting software can help reduce costs is by automating a lot of your bookkeeping tasks, so you don’t have to spend time every month recreating the same invoices and recording the same expenses. If you have invoices you send out to the same clients for the same amount every month, you can set that up as a recurring invoice in your accounting software so you (or your bookkeeper) don’t have to waste time putting in the same information every month.
The same goes for your expenses. If you have expenses that get paid on the same date and for the same amount every month, such as subscription services, you can create recurring expenses in your accounting software, so you don’t have to waste time performing the same tasks over and over again. Whether you’re doing your own accounting, or you have a bookkeeper to handle those tasks for you, the automation options in your accounting software can end up saving you a significant amount of time so you (or your bookkeeper) can spend that time on other tasks that require more focus and attention.

Enabling Better Business Decisions
Accounting software can automatically generate various financial reports so you don’t have to spend hours comparing different data sets on various spreadsheets. Instead, all you have to do is tell your accounting software to create a report and you’ll be able to tell at a glance which employees are generating the most revenue relative to their salary, as well as which customers are the most profitable and which are the least profitable. Having all this information at your fingertips allows you to quickly make better business decisions regarding everything from which employees deserve a raise to which customers deserve the lion’s share of your time and attention.

All Your Financial Information in One Place
As your business grows, you’ll have more members of your staff who need to either record and/or access financial information for your business, and if you’re still relying on Excel spreadsheets, not only will you need to compare different spreadsheets when analyzing different data sets, but sharing documents back and forth is both time consuming and confusing. Tracking down the latest version of any given document and reconciling it with other spreadsheets is a hassle and no one has that kind of time.
By contrast, if everyone has access to your accounting software, they can just log in, record, or access the transactions they need to access, and your accounting software takes care of the rest.

Need a Bookkeeping Doctor?
Whether you just need help with the day-to-day management of your business’ financial information, or you need someone to analyze the numbers to help you make better business decisions moving forward (or both), I can help. Just fill out this short form to get your FREE consultation.