Putting forward a business case for accountancy software investment can be challenging. You, the Accounts teams, are the ones that are undertaking the calculations month in, month out and experience the daily frustrations knowing that it can be done more efficiently with the support of accounting software. However, the powers to be don’t want to outlay valuable capital when they see the job is being completed without the need for it, so you just have to keep battling on.
Investing in software is an expense, but the cost of the initial outlay and ongoing associated licence fees are nothing in comparison to the money that could be saved over the coming months and years. So, we have put together a list of what we believe are the five main reasons your company should invest in accounting software, which maybe you could use to strengthen your business case.
1) Improved Accuracy
No one is saying that you’re not doing an excellent job, but let’s face it no one is perfect. Ultimately accounting software reduces and eliminates human error, computers are virtually incapable of making mathematical calculation errors. Distractions can occur in a busy accounts’ office and before you know it you can’t remember which was the last figure you added into the calculator. Do you start again or take the risk and move on and hope it balances! A computer knows exactly where it is in the calculation process.
2) Increased Efficiency
Fact: computers can process figures faster than the human brain. Software can also automate Invoices keeping your cashflow and business growing, after all customers need to be invoiced on time if you want to be paid on time. It can track expenses such as receipts and mileage as well as reconciling Bank Statements using the software to connect your accounts system to your company bank accounts. There is also the added benefit of automation functionality that can automate payment chasers, getting it to do some of your Credit Control process for you or to work out your VAT figure for your VAT Return.
3) Greater Productivity
Do you sometimes feel that there is a quicker way of doing a task? There usually is, especially with the support of software. For all of the reasons aforementioned accountancy software frees up your accounts team enabling them to get more achieved in the same amount of time. This enables the company to be on top of their game and ahead of their competition.
4) Reports on Tap
Software enables timely and accurate information to be easily converted into useful reports. Need a cashflow report for a meeting in 30 minutes? No problem. At the touch of a button a report is created providing you with a clear overview of your company’s financial situation. No need to rely on the end of year financial statement, when you can have real-time figures.
5) Happier HMRC
Compiling your Tax and VAT Returns can be both complex and time-consuming, with the added pressure of hefty fines if they are not submitted on time. These processes can be integrated into your software systems to automate the relevant calculations and to submit the returns in the correct format to HMRC. It’s easier for you and it keeps the tax man off your back!
Managing your company’s finances can be challenging and frustrating, but accounting software helps you to keep a track of what money is coming in and going out of the business account. Accounting tasks such as paying suppliers, invoicing customers and credit control management is much easier and quicker and not only that there is a reduction in the manual data entry work to do. What more do you need!
Hopefully, these reasons are enough to convince your budget holder and if the benefits are realised then our team at Advantage Services would be happy to discuss the best accounting solution for your business. Simply call them on 0330 335 0011 or email firstname.lastname@example.org.