5 Ways Modern Accounting Software Makes Your Old Bookkeeping Abandoned
Relationship experts say that you never truly get over a lost love until you meet someone new. That’s also relevant to cloud-based accounting because so many business owners we talk to used to be attached to a given piece of accounting software. They thought they’d never make a switch to a different way of managing their company’s money, at least until they saw…
1. That Automation Changes Everything
Memorizing transactions and categories is one thing, automating the process of data entry so you don’t have to spend time entering purchases, invoices, and expenses line by line is something else altogether. It’s hard to truly appreciate how much time you could save each and every week by switching to automated software until you give it a try. That’s because most entrepreneurs and business owners aren’t really aware of how much time they spend going through statements and receipts until they don’t have to.
For example, with cloud accounting, you can receive automatic reports via email or text messages or could set up the same for your customers based on any criteria you want (like paid invoices, shipped products, and so on). And, you can simply data entry through memorized payees and categories.
What would you do with the extra hours you used to spend digging through financial statements and reconciling transactions? Think of that answer, and you’ll understand why we don’t think we are overstating things one bit by telling you that automation changes everything.
2. That Life is Easier Without Stacks of Papers
Although this goes hand-in-hand with the time wasted spent digging through statements and receipts, you might be amazed at how much you won’t miss having stacks of papers and receipts sitting around your office after you’ve made the switch to cloud-based accounting software. Doesn’t it seem strange that, at a time when you can do virtually all of your banking and communications online, most business owners still have the equivalent of a small forest sitting around in their offices?
Imagine being able to scan and attach contracts directly through your accounting suite, or to expense clients from anywhere, automatically through email. Life gets a lot easier, from a stress and time management standpoint, when you go away with stacks of papers and start storing copies of digital files on the cloud.
3. That It’s Nice to Miss Your Bookkeeper
It’s hard to miss someone whom you speak to constantly, and we know of business owners who used to spend more time playing phone tag with their bookkeepers than they did with their spouses or their own children. Because cloud-based accounting apps let you flag transactions and add messages for following up with them from anywhere, and at a time, you won’t find yourself constantly trying to track down your accountant (or vice versa) to get the details of a transaction.
Spend enough time managing your books through a cloud app, and you might discover that you actually miss talking with your bookkeeper sometimes. Wouldn’t that make for a pleasant change?
4. That Mistakes Are Easier to Catch (and Correct) in Real Time
Although it’s the convenience we’ve already mentioned that brings most business owners around to cloud-based accounting software, when bookkeeping problems do occur (whether they’re small or serious) it’s much better to find out about it in real time (for instance with handy feature like Bill Approving). From minor issues like invoice adjustments to bigger red flags, such as the early warning signs of identity fraud, you’ll always stand to lose less – and get your money back faster – if you spot problems as they are happening.
With cloud-based accounting software, you can keep a closed eye on your accounts without having to dig through a cumbersome application or memorize dozens of reports. Just set your preferences, click to see custom indicators, and then get back to running your business!
5. Expand Your Business Without A Need To Hire Another Bookkeeper
Here comes the scenario when you don't want to miss your bookkeeper at all, but you don't feel like getting another one. After all, another bookkeeper, on average, costs $40,240/year in salary only. What about other expenses? It is estimated that an employee benefits, infrastructure and other costs equal to a salary. Not to mention learning curve which estimates that it is going to take 2-3 years to get him fully up the speed with efficiency and company knowledge to the level of your current bookkeeper.
And this is already a solid expenditure you don't have to make, especially given that in bookkeeping field often works Parkinson's law - the time is fixed, efficiency is flexible. Meaning that it is likely that when having two bookkeepers without full workload, the two will share tasks, working 60% efficiency for full salary.
Last, but not least, with more people with a view to your finances you undertake the additional risk of fraud behind your back.
Why Not To Give It a Try?
Are you overly attached to a popular piece of business accounting software for all the wrong reasons? If so, a 15-minute tour of ZarMoney might change your life… or at least give you a view on control over your company’s money in a fraction of the time you’re used to spending on your finances.
Try ZarMoney for FREE right now and see the difference for yourself - no credit card details required.