Should I use accounting software?

Should I Use Accounting Software?

David Andreoli

David Andreoli

Balanced Bookkeeping & Tax

Many business owners are still using manual methods such as cashbooks/excel spreadsheets to record their income and expenditure.  In some cases this would be enough, but as the business grows, moving to accounting software is well worth the investment.  Reliable accounting software can help to reduce the burden of financial reporting tasks and allow you to focus on your main job instead.  Many products can not only record the data for you, but they can also be used to pay bills, send customer invoices, manage payroll and run standard reports to assist with decision-making. 

The idea of making the move to accounting software can seem daunting as there is an investment of time upfront to set the software up and learn how to use it.  Once this is done, hours of work each week can be saved by handling time-consuming manual bookkeeping processes automatically.  Most accounting software can now upload your bank statements directly into the file, saving you time recording all this information manually.  Rules can also be set up to automate certain regular transactions (monthly bank fees, etc), saving even more time.

Accuracy is also a major benefit of accounting software.  GST and PAYG Withholding are automatically calculated preventing calculation errors and the need to use excel formulas.  Accounting software that is Single Touch Payroll compliant will also satisfy the ATO requirements for payroll reporting all in the one place. 

These are just a small number of the ways that accounting software can help to save business owners time and money whilst offering a valuable insight into your business.  If you would like to discuss options or would like further information please contact us at Balanced Bookkeeping & Tax on 0492 967 361 or click the button below.


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