Are you a Business Owner still relying on manual ledgers/ spreadsheets to keep track of all your accounting? If yes,
Here’s why your Business needs an Accounting Software
– Accounting Software makes Book Keeping Job Easier:
Small business accounting is time-consuming, tedious, and complicated. Some unlucky soul in your team is managing that (if not you) or you’re outsourcing it to an accountant. Nothing can make accounting fun, but there are Business Accounting Apps that at least make it less painful.
The point is this: Whoever handles the accounting, a good accounting software (Like Vyapar) is going to make their job a whole lot easier. Right from invoicing to generating reports, things can happen quickly with much less effort.
– Proper Finance Records gives you a good grip on your Business
Did you know? 33% of all businesses will fail in the first 2 years. Even businesses with strong growth can fail. Due to the reason that growing a business can eat cash fast. The longer you neglect your business finances the harder it is to put things right.
The point is this: Only with proper records, sound decision-making is possible. Knowing where your company stands financially in terms of income and expenses will help you better understand what you need to do in the future. This surely needs an Accounting Software.
– Fewer instances of Losing Money:
If you’re a sole member business, you do everything- including Invoicing. And when business is good, remembering all of the instances in which you’re supposed to get paid can get real hard, real fast. Impossible, you say? It’s not. And it’s not as if your customers are going to voluntarily come to you asking, “Hey! Here’s your payment, take it”. Business can lead to slow leaks and small leaks can sink a huge ship, Beware!!
The point is this: Accounting also helps you track who owes you what, what you owe to who, manage payroll records, track loan and interest repayments, attract potential investors, maintain a budget.
– Tax Time will be a very Hard Time
Tax preparation under GST without proper records is a torture. Moreover, it’ll be lot time-consuming. Either you’re tracking down a year’s worth of records on your own (have fun with that) or you’re paying an accountant to do the work. (Side note: Accountants don’t work for free.).
The point is this: An Accounting Software most importantly sets you up for the financial data you need when it comes time to file and pay your company’s taxes.
– The best defence when inquiring parties come calling
When the accounting is done properly, the exposure to risks is significantly minimized. And if the government ever conduct an audit of your company, your accounting history is going to be your best friend.
The point is this: Accounting Software sets you up with proper financial data which is going to help you at the times when you’re questioned by the Govt.
– Lack of financial records will make things difficult for Business Expansion
If your business gets to the stage where it’s time to expand, open a new location or build out a team, a lack of financial records will make things difficult. Would you give a loan to someone with no evidence of responsible financial practices?
The point is this: Accounting software creates a history of your business which is very crucial in many cases. You can grow your business in a way that can be measured and predicted.
So… are we in agreement that accounting software—is a must-have for all small business owners?
But, does learning an Accounting software makes you an accountant rather than a businessman? Are you spending time on learning Accounting rather than spending the time to grow your business? It’s time to re-think. The choice is yours as you have limited time at hand. Learning accounts will give you satisfaction but is it the right use of your time?
Here’s why a businessman should not learn Accounting rather he should focus on the Business
More importantly, most ambitious business owners would rather be out looking for leads and opportunities than spend time in learning accounting and accounting software. Outsource your administration with offline accounting software like Vyapar Accounting App– with its user-friendly interface you can easily get a handle on your accounts right from your mobile phone.Vyapar helps you manage the business without prior accounting knowledge.Consequently, you can focus more on business. Moreover, because it meets with practical Business requirements and is GST compliant, you won’t need to worry when your that time of the month/year to pay taxes.
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