7 advantages your business stands to gain from selecting the right accounting software

28 January 2021

We all know that time is precious and selecting the right accounting software can be an effective way to help you save more time by freeing you up to work on other areas of your business, while also helping to mitigate your compliance risks.

Many business owners assume accounting software is a ‘one size fits all’ decision and often base their purchase decision on price. However, with several software options available in market, your choice can be individually considered based on your business requirements and the functionality of the software. More precisely, consider how much time that piece of software can save you and how easy it is for you to use. Your experience of bookkeeping as a task could be completely changed with the right accounting software!

To help you get started, here are some of key advantages you stand to gain by using the right accounting software:

1. A greater understanding of your finances.

Most accounting software systems have a summary dashboard which provides a quick snapshot of your account balances and transactions.

2. Advantages in managing cashflow.

Most systems are connected to your bank, so transactions are live which enables timely planning. Accounting software also allows auto reminders for invoices to assist in timely debtor payments.

3. Access for multiple users.

Internet-based accounting packages can allow several users to have access which means you can access advice in a timely manner.

4. Reliability.

Internet based software is seen to be more reliable than desktop as the software provider manages all maintenance and you do not need to worry about performing backups and upgrades. It is also easy to use across all smart devices such as phones, tablets and laptops.

5. Time savings.

Time efficiencies are endless as most systems have direct connection to bank feeds, and in some cases you can setup automatic coding rules.

6. Improved security.

Data security issues are reduced with data stored in the cloud instead of the desktop.

7. Mitigate compliance risk.

Many systems allow you to file GST online and plan your profitability, which helps to enhance your tax compliance as well as increase your tax position. One example is payday filing for PAYE, which has resulted in more timely and accurate data to calculate payroll and information being sent directly to IRD.

Ideally, software should grow with you. So, it is important to consider what the best fit for your business is now, as well as into the future. Work with your accountant or business adviser as they will be able to provide valuable insight on your options and required functionality. Between the two of you, you’ll soon be able to map out a list of requirements and objectives so you can select a software solution that will help your business thrive.

If you’d like any assistance getting started with this process, please speak with your adviser or get in touch with the Findex Business Advisory team.

Findex NZ Limited, trading as Findex

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January 2021.