Accounting software is used to collect, record, categorize, manage, access and share accounting data and other financial information from a single platform. It saves companies time and money by automating manual functions, such as creating journal entries, generating financial statements, updating key reports, managing payroll and expenses, and syncing data across different departments.
Saves time and automation
Any good accounting software can automate invoicing by delivering invoice and payment reminders that include links for the appropriate online payment methods. Automation can also help accounts payable, by scheduling bank payments and direct deposits; tax payments, by entering data into the most common tax forms and electronically filing them and payroll, by calculating hours and taxes, processing wages and paying payroll taxes. This elimination of manual processes saves time and improves accounting accuracy.
It gives detailed insights
If your chart of accounts is set up properly, you can use accounting software to track your transactions by departments, projects, locations, or classes. This gives you a clear picture of what your income is attributable to and your areas of expense, helping you generate more specific reports and make strategic decisions.
It reduces inventory errors
The Robisearch accounting software includes basic inventory management tools that automatically update to show the number of each product you have on hand, what’s been sold, and when you need to restock. Accounting software is an easy way to get accurate, real-time information on your stock levels instead of relying on error-prone manual data entry.
More productive employees
By automating routine accounting processes, software can transform key employees from passive caretakers of financial data to proactive creators of business value. Accounting software’s core capabilities — increased accuracy, real-time data delivery, visibility and collaboration — help teams develop better business strategies and communicate across departmental silos, both of which facilitate better-informed decisions.
Remote access
Remote work caused by the pandemic has prompted many accounting departments to add cloud-based accounting systems that make real-time data and information accessible to authorised employees from any place, at any time and on any device. Those features improve efficiency, accuracy, collaboration and decision-making.
Lower cost
The system saves cost, time and resources. Since the software no longer resides on a business’s computers or network, the cloud-based system frees up valuable computing space and allows IT staff to focus on other tasks. Automatic software updates eliminate fees for new licenses, hardware, system maintenance and integration. Those benefits are especially important for businesses in volatile or dynamic markets.
Security and continuity
Accounting software uses encryption and other layers of security to protect data and authenticate users. This is especially important for cloud-based software, where the data resides on a remote server; crucial information is also protected in case of a lost or stolen mobile device or in the event of a fire or other disaster. And small businesses can obtain the same level of security as bigger companies.
No matter the size of a company, the accounting software can help it become more efficient and competitive by streamlining, automating and optimizing accounting and financial operations that were once done manually. Robisearch accounting software makes it easier to enter, manage, track, update and customize core processes, such as accounts, journal entries, transactions, and billing and invoicing, through its dynamic general ledger. Contact us 0n 0716413386 or 0780655987 for a customized accounting system for your business.