Published on January 8th, 2019
When it comes to mapping out the budget for the year ahead, everyone knows what they want. However, the more important question around this time is what you need, and what will give you the greatest value for the investment spent.
Online accounting software is a high priority for a lot of savvy businesses who recognise the intrinsic value of modern technology, and the ripple effects it has on an already high performing team. Here’s why online accounting software is worth the investment in 2019.
1. Expect Advanced Reporting
A business is only as good as the data in which it relies upon. How thorough is your reporting, and is there opportunity for you to improve upon it? The answer is usually always yes, but it comes down to the timing it takes for your team to pull this off.
The benefit of online accounting software is that it collates all your data and presents real-time reports that can be accessed by your team and key stakeholders.
This gives your team back those valuable hours that were spent manually producing reports, and the standard of presentation is much more visually impactful (especially for those who may not be directly involved in finance).
2. Expect Easy Payroll Processes
Payroll is one of those tasks that is both tediously mundane but very critical. The payment of your employees is naturally a high priority, but that doesn’t mean that it cannot be outsourced by a reliable provider.
Hand over the reins and start experiencing what life can be like without that fortnight or monthly anxiety of getting everything where it should be in preparation for payment.
Particularly with the introduction of single touch payroll in 2018, the process and regularity of reporting has increased and may be causing pressures to the greater team. Source the right outsourced payroll option that will take this task off your desk once and for all.
3. Expect Cost Savings
Cost savings. Those two words will turn the heads of any finance professional. Integrating online accounting software will allow you to review the structure of your team, so that you can determine whether you do need a new hire next year or whether those funds can be better used toward another function.
The cost comparison of one or more employees against a software alternative presents a desired investment opportunity – not to mention the savings of what you don’t need to fork out in leave, set up and employee materials.
4. Expect Accuracy
We all strive for absolute accuracy, but that is not always possible. Human error cannot be helped, but you can control how often you want that to occur. By adopting online accounting software, you can actually put a stop to human errors and rely on a higher standard of accuracy.
Enter discussions around budget spends and revenue forecasts with total peace of mind that you have the most accurate data available. If you are the leader of your team, then you are the leader of finance in your business – you therefore need the right numbers that 100% accurate.
Software and systems simply cannot make mistakes, they only process the information and provide real-time results and recommendations.
Some changes in the workplace are hard to measure, but investing in online accounting software is a return that you will see instantly.
Pledge to a higher quality of finance processes, and lead your team with the knowledge that the best practise and measures are being utilized toward the betterment of the business.