We all love to save money, and small business owners are no different. Every penny saved can be reinvested back into the business to help it grow and prosper. But if you’ve got some money to invest back into your enterprise, what should you spend it on? Well, we recommend that you take a look at a good accounting software package, such as Sage, QuickBooks, or other systems. So why should you put your money into accounting software, rather than the 1001 other things that a growing business needs?
#1 – It’s easier to stay on top of your accounts
Buying a good account software package will cost you around C$100 and could just be one of the best business investments you ever make. It offers you a good halfway point between the cheapest option – struggling with doing your own accounts and coping with spreadsheets, boxes of paper receipts, and invoices that don’t match – and the expensive option: hiring an accountant to do it for you.
#2 – It makes it easier to comply with your tax obligations
Not only does accounting software make it easier to balance the books, but it also offers you a host of other options. Tax software will let you compile reports detailing, for example, how much tax you’ve paid over a certain amount of time. This means that full compliance with GST/HST returns allows you to focus on other aspects of the business knowing that your taxes are taken care of. In fact, some systems now allow you to re-submit GST/HST returns, making it even easier to ensure you pay the right amount and on time too.
#3 – It lets you analyze your business
A system such as QuickBooks comes with a plethora of add-ons and analysis tools. It’s like having your own personal financial advisor and gives you a wealth of easy-to-understand information at your fingertips. You can produce everything from balance sheet summaries to reports that detail which customers are behind on payments so that you can adapt your business strategy to cope with the fluid nature of the business.
#4 – It centralizes everything
If you look at your desktop icons now, how organized are they? Would you know exactly where to find a balance sheet for August last year? Or where that invoice for customer XYZ for June is located? The advantage of using an accounting software package is that everything is collated together, centralizing all your financial data in one place. If you then take advantage of cloud computing you can access that data even when you’re away from the office. Account software brings everything – payroll, accounts, invoicing, tax returns, and even customer and business management – together and gets it working in harmony; which can only be a benefit to your business.
#5 – It eliminates the possibility of mistakes
As long as you put the right figures in to start with, accounting software can eliminate the possibility of errors, as it carries out all the calculations for you. So your financial data is more accurate and, when it comes to submitting end-of-year tax returns to the Revenue Agency, you’re less likely to be financially penalized for inaccurate returns.
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