1. Time is money
Accounting software is attractive to business owners because it helps them save time and money
. For busy CEOs, technology can return valuable time by streamlining processes. Just as consumer technology has helped people better manage their lives through mobile apps like maps, banking and email, business technology enables organizations to reduce redundancies and access tools that support operations.
Accounting technology can unlock time and money by:
• Making it easier to track and pay bills
• Coordinating with niche platforms and apps
• Autofilling budgets and financial statements based on historical data
• Automating certain tasks that previously required manual labor
• Performing basic calculations to deliver reports
For small businesses, it’s often the CEOs who find themselves chasing invoices, manually tracking inventory and piecing together financial reports even if they aren’t well-versed in financial accounting. By using accounting software, executives can stop wasting time on manual tasks that can be automated and easily delegate the maintenance of financial obligations to professionals who know the technology well.
2. Ease of financial reporting
As CEO, you keep busy with high-level duties such as networking and strategizing that keep your business healthy and flourishing. As onerous as it may sometimes seem, financial reports must be created
. Financial reporting helps companies update stakeholders with vital financial data, organize records for tax filings, create and manage budgets, prepare for fundraising and identify areas of improvement/strategize for the future. Financial technology eases the financial reporting process by:
• Performing basic calculations on spreadsheets
• Saving and reusing applicable historical data
Providing templates for many different reports
• Allowing for customization in financial reporting
• Pulling in data from third-party platforms
Accounting software can lessen the burden of preparation by auto-filling line items and conducting calculations that in the past might have required knowledge of spreadsheets and formulas. Software such as QuickBooks and Sage Intacct have templates for the most widely used financial statements, including profit and loss, balance sheet, income statement and cash flow. They also allow businesses to create custom reports, where data can be organized by product, vendor or customer.
3. Financial planning
Once accounting software has been deployed and operations have shifted to the cloud, CEOs can use the time they’ve gained back to conduct broader strategic planning. Technology empowers C-Level executives to jump off the financial hamster wheel and begin using financial data to strategize about how to grow their businesses.
Accounting software can transform businesses
by providing tools that enable business owners to easily access a snapshot of their organization’s financial health. With so much data at their fingerprints, CEOs can work with their team and partners to capitalize on areas of growth and find solutions to problems.
Finance is the lifeblood of every business, no matter the industry. By creating processes that nurture financial management, business owners will have the transparency and flexibility they need to drive business growth.