When you’re running a business there’s always a lot going on. And many people find that you end up doing just as much administration work on the business as you do actual work.
And there are so many bookkeeping software options on the market. They all have their pros and cons and they are all different costs. If you don’t know which software is right for your business, you’re not alone.
Do I Need Bookkeeping Software?
There aren’t any hard and fast rules about who is going to benefit from using bookkeeping software, and who isn’t. If you’re a small, one person operation and you’re not planning on employing anyone in the near future, then you’ll probably get on just fine without using bookkeeping software.
If you’re a business with at least 3 staff members, external suppliers, regular invoicing to clients, then you can save yourself a lot of hours by using a dedicated bookkeeping software solution.
How Can Bookkeeping Software Help My Business?
Bookkeeping software can help you to free up time in so many ways – from automating calculations, payments and invoicing – to ensuring all calculations are correct and keep you from ending up on the ATO audit list.
Bookkeeping software can help you:
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- Save you time & money
If you find you spend hours inputting numbers into spreadsheets and you’re never 100% sure your formulas are correct, then it might be time to ditch them!
- Save you time & money
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- Track your sales
Are you ever curious about how your sales are going for the week, month or year? When this information is put into a bookkeeping software you can easily see it all in one place without having to whip out the calculator.
- Track your sales
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- Handle payroll
Never pay your team late again, and save hours every fortnight moving money around.
- Handle payroll
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- Complete your business tax reporting
Many options available will collect this data as the year goes by through what you’re entering into the system. So when it’s time for BAS and GST reporting, it will auto-populate for you!
- Complete your business tax reporting
How To Choose the Right Bookkeeping Software
If you do a quick Google search you’ll find hundreds of options for your business. And after you click on a few options you can get yourself even more confused. All of these software options have so many features, it can be hard to know which ones you need, and which ones you’ll be paying for and not using.
The following questions can help you to narrow down what you need, and what you don’t.
1. Does it fit your business plan?
If you want to continue to grow and expand your business, you should look for something that can be quite flexible. If you only have a small staff, you may not need a payroll module – but if you plan on hiring a bigger team, then you want to make sure this is something that you can add later on.
If you’re happy with your business size and product, then you may not need to worry about upgrading your software as much.
2. Is it an online or offline solution?
Believe it or not, there are still bookkeeping programs out there that aren’t available on the cloud or able to be connected to your other software.
Online bookkeeping software is by far the more convenient choice – you can use it anywhere and extend access if and when you need.
3. Is it customisable?
While all the extra bells and whistles may sound exciting when you’re getting something new, it doesn’t mean that you’re going to need them. And you don’t want to end up paying for features that you’ll simply never need.
Generally, the more features, the more you pay. So if you only need half the features that a bookkeeping software is offering and you have to get all or nothing, then it might be best to keep shopping around.
Ask Your Bookkeeper!
The team at Integral Bookkeeping Solutions are experienced and qualified to help you find the right bookkeeping software for your business. We can help you navigate the options that are suitable for you and within your price range.
Stay tuned for Part 2 of this article when we compare three of the most popular bookkeeping software tools on the market today.
If you’re ready to set your small business up with bookkeeping software, or not sure if what you’re currently using is quite right, call us today on 1300 803 134 or get in touch online for a confidential and completely free chat about your business.
