In the previous article of our blog series on Choosing the Right Accounting Package for Your Company we covered Questions to ask before choosing the package – Part 1. Today we will consider the question: Why use an accounting package.
Unless your business processes fewer than 10-20 transactions a month, accounting software will benefit your business and save you time and money, for the following reasons:
a) Accounting packages automate many tasks like the posting of sales orders in such a way that, both your stock records, customer records and sales invoices get raised as part of the one transaction
b) It can automate the bank process by supporting online banking and online filing of tax returns
c) It can give management real-time reports such as sales levels in the month, GP margins on product lines and analysis of actual performance versus budgeted performance
d) Accounting software can make it easier to prepare annual accounts for audit and provide a definitive audit trail
e) Accounting packages can identify your best and worst customer in terms of sales volume and frequency of payment
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