How can MSMEs benefit from accounting software?


Date: 27 Jul 2020

How can MSMEs benefit from accounting software?

As the name suggests, accounting software is a type of program that records and processes business transactions, creating digital ledgers. Most large-scale businesses have the resources to develop their own accounting software. But what about micro, small, and medium-scale businesses that don’t have the disposable income to develop customized software? No need to fret! The market is abundant with accounting software solutions that are designed for budding enterprises. 

Accounting software might seem like an unnecessary expense to your already tight budget, but they are worthy of investment. Let us tell you how their features could profit your growing business in the long run.

9 spectacular benefits of accounting software for Small Business

1. Can Manage Tons of Transactional Data
2. Makes Your Team More Productive
3. Effortlessly Integrates with Existing Software
4. Remote Access
5. Centralized Management
6. Streamlines Tax Compliance
7. Offers Tools for Analysis
Fortified with Security
9. Provides Competitive Rates

Can Manage Tons of Transactional Data

The primary advantage, without a doubt, is managing huge transactional data. Accounting software that can efficiently handle a constant flurry of business transactions, day or night such as BUSY Software. It considerably minimizes the risk of miscalculations which are quite common when information is manually entered. Moreover, massive amounts of receipts are arranged in an organized manner which helps you identify any discrepancies or budget issues more effectively. Such clarity can help you prevent any fiscal mishaps. 


Makes Your Team More Productive

Let’s face it! Paperwork can become incredibly boring. Your employees might be doing their best but, at some point handling colossal amounts of data could make them less productive. Investing in accounting software can help shrink their workload and encourage them to oversee priority-based financial tasks that demand human attentiveness. 


Effortlessly Integrates with Existing Software

If you already use software for project management and CRM, then adding accounting software like BUSY Software to the list will only do you good. The latest software can integrate with your other programs so that financial, customer, and administrative data can be seamlessly synced. Moreover, it can also be paired with various apps. For example, you can integrate your accounting software with UPI apps so that payments done using this medium can be automatically recorded and tracked. 


Remote Access

With cloud-based accounting software, remote access becomes possible. You or your teams can access your accounts from anywhere which adds work flexibility in case anyone is traveling or working from home. Furthermore, you can directly send invoices from your smartphone or view client or expense data. Since all the records are in the software, you don’t need manual transfer papers or electronic files to gain access. 


Centralized Management

Accounting software can centralize a number of aspects to ease the financial operations of your company. You will be able to control various tasks related to inventory management, payroll, invoicing, and even a few things about CRM using your accounting software. A consolidated platform like this can save a lot of time and money, and make operations effortless across departments.


Streamlines Tax Compliance

Accounting software such as BUSY Software shows how much tax is owed on every invoice. Besides that, it also enables you to create tax reports. For example, it gives you an analysis of how much tax your company has paid over a certain period. This makes it easier to collect data you require to fill tax forms and file for returns. There are some accounting software programs that even allow businesses to directly file returns. Makes things pretty simple, right! 


Offers Tools for Analysis 

Reliable accounting software is as good as having your very own financial advisor. Apart from its usual activities, it also features reporting tools that offer you an opportunity to examine different areas of your business. It whittles loads of data into valuable reports assisting you to make better financial choices.  For instance, customized reports can help you keep track of customers who owe money to your business or funds spent on every department in the last quarter or year.


Fortified with Security

Many SME owners like yourself might be worried about the fact that accounting software stores data online. However, cloud-based software is your best bet if you want your financial activities to be efficient, faster, and flexible. Thankfully, numerous accounting software companies are armed with sophisticated security measures that help in safeguarding all your sensitive data. Just ensure that you invest in software that is known for its quality and uncompromising accounting solutions such as BUSY Software.


Saves Your Cost

The cost might be another one of your concerns, however, you’ll be happy to know that most accounting software is available at affordable rates. In fact, it will cost you substantially more to hire multiple team members for an accounting department. Instead, you could just hire an accountant and give them the right accounting software to work with. Plus, if you aren’t sure about paying a large one-time fee, then you could also avail of a monthly subscription which cuts down costs instantly.


In the end, the choice is up to you. Before downloading accounting software make sure you read all the features carefully and choose according to your business requirements. If you are interested in BUSY Software, browse through our product and feast your eyes on the ultimate finance software for your business.