If you are like most startup business owners, you are passionate about the work you do. You know that to grow, you will need to dedicate time and money to your company. Your peers and mentors have been suggesting accounting software. Why use accounting software? More than likely, you don’t want to pour resources into your accounting program, but there are ways that cloud accounting software can help you avoid wasting bankroll.
Have you been up against any of the startup problems below? Here are seven ways that online accounting software can help solve them:
Problem 1: Your financial records are disorganized
How many times have you dug through financial records to find one document? And, we all know the frustration of staring at a computer screen, trying to remember the name of a spreadsheet buried in our hard drive.
Solution: Cloud accounting software streamlines your books.
With online accounting software, you can organize your records in one place. You store your information in the cloud. You can access your accounting from anywhere with an Internet connection.
Problem 2: You are on a tight budget
If you are like most startups, you operate on a tight budget. You want to spend money on growing your business, not overhead costs like an accounting program.
Solution: Cloud accounting software is a low-cost accounting fix.
Online accounting software might be a good fit for new business owners that want to be responsible for tracking their finances without paying high prices.
You can find basic accounting software programs offered for low monthly subscriptions. Some packages include a free trial and no long-term contracts.
Doing your own accounting eliminates the need to hire an in-house bookkeeper and reduces the use of an outside accountant.
Problem 3: You are not good with numbers
How good are you with numbers? Handling your company’s finances with a calculator is not an ideal situation. People make mistakes, and mistakes in your accounting books can be costly.
Solution: Online accounting software computes figures.
Your chances of computing inaccurate figures are far less when you use accounting software. You simply enter your transaction information and the software program calculates figures for you.
Instead of spending hours calculating and checking your numbers, you can let accounting software take care of all the equations for you.
Problem 4: Cash flow keeps you up at night
The best way to project cash flow is to examine detailed, accurate records of your transactions. When your financial statements are mixed in with receipts, quotes, and your child’s school supplies list, you could spend a lot of extra time projecting cash flow.
Solution: Cloud accounting software tracks up-to-date information.
Cash flow helps you understand your income and expenses. Knowing all the moving parts of your accounting gives you a clear picture of your business’s finances.
Cloud accounting software lets you see the location of every penny your company has as each one comes and goes. Cloud accounting software can track unpaid invoices, 1099 payments, and bank transactions. All this information gives you the tools to project cash flow.
Problem 5: You are not an accounting expert
When you start a business, all the tasks of running a company fall on your shoulders. But, hiring extra help is not financially ideal to lighten the workload.
Solution: Get help from experts with cloud accounting software.
Many accounting software companies offer free customer service and support. Customer service representatives answer your questions about the software. You can contact customer service representatives through phone, email, or online chat.
Online software also makes it easier to share information with a financial professional. Accountants help you through difficult accounting practices, like filing taxes. Using cloud accounting software gives your accountant the flexibility to view your records and advise you from anywhere.
Problem 6: You don’t have time for accounting
Filling out paperwork and formatting business documents doesn’t make you money. These tasks can also be very time-consuming.
Solution: Cloud accounting software saves you time.
You can generate pre-set forms with accounting software. You just fill in the blanks. Some cloud accounting software allows you to create and print invoices and 1099s. Cloud accounting software helps you quickly create forms and get back to running your business.
Problem 7: Your records are not protected
Your financial records are too important to risk them being destroyed, lost, or stolen. Even with insurance, you might not be able to recover information from paper documents if something happens. If you store records on your hard drive and your computer gets damaged, your records are gone.
Solution: Cloud accounting software is safe and secure.
Online accounting software stores your information in the cloud. This means that no matter what happens to your computer, your financial information is safe. Software companies protect your accounting records with secure servers, passwords, and encrypted data.
Do you need a simple accounting solution for your startup or small business? We offer free setup and support with our cloud accounting solutions. Get a free trial today.