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  • It automates redundant tasks
  • Data entry is time-consuming. With any popular accounting system, automated payment plans allow you to only enter a customer’s information once. A customer’s payment habits and purchasing history are tracked for reference. When collecting payments is due, you’ll then receive payments without putting in extra work from your end. It also gives you vendor history and aging with reports for each member which makes locating and retrieving invoices and payments faster.

  • It helps with taxes
  • Using a good accounting system in place only requires you to record the amount of money you spend and receive in an organized way. This allows you to stay on top of your accounts when compiling and exporting documents and receipts to your accountant with ease. Properly compiled records also make your accountant’s job easier in taking care of your taxes.

  • It provides digital invoices
  • In a technology-driven world, paperwork is outdated. Many processes nowadays are empowered by technology. It’s even predicted that by 2022, 70% of software interactions of enterprises will happen in mobile devices which stresses the importance of getting ahead against your competitors.

  • It oversees cash flow
  • Managing a business entails a net amount of cash and cash equivalents that flow in and out of your financials. Overseeing all transactions to pay and get paid for may mean having to designate your productive hours in flicking through contact lists, files, and Excel sheets without an accounting program to streamline the task. The software helps you stay on top and keep track of incoming cash, invoices, and overdue payments, among others to ensure you won’t miss a crucial financial transaction.

  • It takes care of the math for you
  • Even if you’re excellent at math, accuracy is a crucial aspect of accounting processes. Despite having an access to all financial records in your organization, there’s still a potential for errors, edits, and lapses in calculations that can cost you time and money to correct. This is even more important as your business grows and you’ll soon have to handle more workers, taxes, bills, and payments with crucial deadlines.

  • It cuts costs
  • Automating your accounting tasks saves you money in the long run. It eliminates the need for hiring a bookkeeper or allotting extra hours of their shift to handle all books, invoices, and transactions. In business, time is equivalent to money and optimizing this process greatly reduces bookkeeping hours. Furthermore, the software has subscription-based pricing models with low costs to pay on a monthly or annual basis.

  • It enables wide accessibility
  • If your accounting system lives in the cloud, you can access it anywhere you are at any time when you need to. Matters regarding finances are hard to put off, hence, immediately solving any issue is critical. A cloud-based accounting solution doesn’t limit your access to your office or desktop.

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