The benefits of a computerized accounting package – one less thing
Long gone are the days of ledgers with green columns and pencils. Today’s businesses, large and small, have an easier time keeping the books thanks to the benefits of a computerized bookkeeping package or software. Instead of juggling multiple ledgers and hand-writing double entries, transactions can be entered into the program in one place and automatically credited or debited to the appropriate accounts. Computerized accounting has to be the single best time-saving advancement for small business owners since the automobile replaced horse-drawn carriages.
The benefits of a computerized bookkeeping package go far beyond simply making data entry easier. Many software packages allow you to easily create reports and financial statements to give you an immediate, real-time view of your business’s financial health. Reports can be customized to show sales trends to specific customers or market segments, or to compare marketing spend with changes in sales patterns. Almost any report you might need can be generated with the click of a few keys. These reports can then be emailed to partners or employees, with many programs providing the capabilities from within the program itself.
Banking activities, such as reconciling bank statements, can be done automatically by linking record keeping software with online banking services. Updating bank balances to include ATM or debit card transactions can be done with the click of a mouse. In addition, payments for expenses such as utilities and suppliers can be entered into the system. Some packages even offer the ability to create a printed check for the payment without having to enter any additional information. Just click a button and the check is printed, the payment is credited and the capital account is debited. As you can see, the benefits of a computerized accounting package keep account activities more accurate while saving time.
The benefits of a computerized bookkeeping package are numerous and vary with each program and each business. However, with many features and time-saving options available, these packages help business owners have one less thing to struggle with or do. Accounting, receivables, accounts payable and payroll transactions no longer have to cause grief and gray hair for the small business owner. No need to study hours of accounting procedures or hire expensive accounting staff. A simple computer program can do more in five minutes than a human can do in twenty. In business, time is money, so any time saved counts.
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