Have you ever thought of doing your small business’ books on your own? Or, at least, in-house, taking professional assistance from an accountant? A freelancer? Yes! Well, you are not alone in wishing so. Now, think will you be able to do it if you are using well-designed accounting software for small business.
Why Small Business Need Accounting Software
Business’ Health & Statutory Obligations
It is a healthy exercise for Australian business owners to update records of the company’s financial transactions regularly. On the one hand, it fulfils the statutory obligations mandated by ATO. On the other, it gives them a deeper understanding of the financial state of the business.Get Firm Control Over Business Finances
If this year, you are thinking of preparing your Business Activity Statement (BAS) manually, it is going to take up your or your accountant’s valuable time. Yes, trying to do books manually is a thing of past. Think about using the best small business accounting software for Australia.
Automating your business’ accounting gives you more control over its finance. It helps you digitise business financial data and use it later on, to prepare various financial reports. It gives you the chance to identify & eliminate wasteful expenses and to judiciously allocate resources to future activities.
Prepare GST Compliant Invoices
An accounting system for small business is not something that you only use at the end of your financial year. You use it every day to serve your customers efficiently. With the best online accounting software Australia, you can generate GST compliant invoices effortlessly. It also enables you to be compliant by taking care of your business’ taxation needs promptly.
Email Invoices to Clients
If you want to get paid early, the simplest method is to provide your client with the invoice for the rendered services at its earliest. It kick-starts the process at their end.
You can access the online accounting software from anywhere at any time to prepare an invoice. After populating the required data fields, you can email the customised invoice to your clients right when you are sitting in front of them in their office. You can even ask them to open their inbox to check if the invoice is there.
Collaborate with Your Accountant
As a small business owner, accounting may seem nothing short of magic to you. If this is true, then who do you think will help you in getting out of tricky situations. Your accountant?
Today’s, online accounting software systems allow the business owners and accountants to access the software simultaneously from remote locations. They can access the same chunk of business’ financial data and take the appropriate steps.
24X7 Access to the Financial and Business Data
In today’s competitive world, owners and managers appreciate instant access to business’ data. It assists them in making data-driven decisions.
Suppose you are at your client’s office and want, at this instant, to confirm your current stock position?
With a paper filing system, it would take ages. You will need to call your office and ask someone to search the data for you. Right?
If you are using a desktop-based accounting system, you may get the answer a bit faster.
However, the best accounting systems for small business Australia puts the data at your finger-tips. You can use your smartphone to login into it and check whether the product is in your inventory or not. Same goes with your financial data. You can check the Dashboard for the real-time charts about the accounts payable, & accounts receivable.
Ensuring Data Security
To small businesses, data security means extra expenses. However, it is not so if they implement an online accounting software system. The business’ financial data remains hosted on the secure server and is only a few mouse-clicks away. It is well protected from viruses, Trojans, and ransomware using the latest security systems.
Some of the owners hesitate to let a third party manage their data. However, it means bearing the cost of a server to house the data, software for data protection, and equipment to keep the system online. Even after that, you may not be able to access the data if there is a calamity like a flood or fire.
How to Choose Best Software for Business
Know Your Business Needs and Challenges
Before upgrading or investing in accounting software for the first time, you need to make a checklist of your present business needs and challenges. You also need to pay attention to where your business is going to go in future.
Go to the Internet and Research
The first step in locating a reliable accounting software for your small business is to go on the internet and search high and low for it. Be patient and short-list those that seem to match your business’ needs. You may also like to ask for advice or suggestions in your circle of influence. However, it is more likely that a business friend may offer you the best advice.
Be focused on your business’ needs and challenges, as investing in something that will not work for you for next 7-8 or 10 years is not a good business solution. Remember, it is all about business’ financial data.
Today, in the era of globalisation, the sky is the limit. The entrepreneurs see opportunities everywhere, and it is common for them to own more than one company. If you are such an owner or are planning to register another one, it is obvious that you would like to streamline accounting of your businesses.
The best online accounting software Australia enables you to create unlimited companies. It does so based on the predefined company and industry types. It also creates necessary accounts based on the chosen company type.
Provide for Your Clients’ Foreign Transactions
As the owner of new business, “Can you imagine that the geographical location of your customers may influence your choice of accounting software?” Yes! It may prove to be the case. If your client is living abroad
Think, what kind of accounting system you will need to accommodate your foreign customers. Simply put, you need to search for a system that will enable you to set the Single currency or Multi-currency option.
It should also allow you to set default values of the taxes, currency, and users and most importantly, currency exchange rate as per your needs; daily, monthly, or yearly. Setting the base currency will enable you to see the value of transactions in the currency of your choice.
Ask Your Team for Suggestions
You can also ask your team members for their inputs on the type of accounting software your business can benefit from. Including your team in decision making is a vital step.
As users, they will surely be able to share key info for zeroing on the right accounting system. Pay attention to what they say about the interfaces, navigation, appearance, positioning of features of the software.
Download Trial Software
After zeroing on the best online accounting software in Australia, you could do yourself a favour by downloading its free copy. Almost all of the software manufacturers provide one. Use it for the trial period to see whether it is the software you are searching for.
Encourage your team to test it & understand its limits. By doing so, you will come to know if it needs any customisation to match your needs.
Contact Manufacturer for Customisation
No two businesses are the same. They, like individuals, have different needs. It is the reason why an off-the-shelf accounting software may not prove a perfect match for your business.
All you can hope for a system that closely matches your needs. Then, you can think of customising it for your use. If you find such software, you should discuss your needs with the manufacturer of the software and get it customised.
The other option is costly. It involves developing accounting software on your own or hiring someone to do it for you. It may take time, and by the time you are ready with it, the chances are that the technology has moved ahead, rendering your product absolute.
What is Most Popular Software in Australia?
When it comes to determining the popularity of best accounting software in Australia, we need to see it from the perspective and challenges of modern business owners like you. A software, new or old, cheap or expensive, is best for you if it satisfies your business needs.
It is no doubt that you are used to 24X7 internet access. You habitually use different apps on your tablets & smartphones. It is very much true if you are on the move for most of your business hours. Would you like to invest in desktop-based accounting software?
Naturally, the answer is, “No!”
What Is Best Software For Small Businesses?
Currently, the business owners in Australia have adopted online accounting software for small businesses. One Accounting Software is one such business software. Though, it is not as popular as some of the other top systems on the market.
However, it is an easy-to-use accounting system that comes with at par functionality and features as that of the popular accounting systems. It will, first of all, reduce your dependence on paper files and enable you to:
- Save time
- Save efforts
- Save money
- Reduce paperwork
- Loss or theft of data
- Reduce human errors
- Instantly access financial data
- Prepare financial statements and reports
- Accurate & prompt annual filing
Benefits of One Accounting Software
One Accounting software is a system that can lessen your workload by assisting you in tasks like:
- Trouble-free migration of business’ data
- Create unlimited companies
- Supports Multi-Currency transactions
- Multi User-Roles
- GST compliant & customised invoices
- Auto invoicing & auto mailing in PDF format
- Recurring Transactions
- Accounts reconciliation
- Graphical Dashboard for live charts
- Chart for Cash in/out
- Chart for the invoices’ owed to the company
- Chart for bills owed by the company
- Users’ Activity log on the system
- Budget analytic
- Business’ taxes like GST
- Inventory management
- Prepare financial reports for decision-making
Upgrading to the best small business accounting software Australia enables you to automate various of your accounting tasks. However, you cannot just go and buy any system that takes your fancy or leave the decision to someone else. You have to be a part of the process.
You need to invest in something that compliments your business’ challenges, needs, and your style of conducting business. Invest in the best online accounting software in Australia to be competitive.