3 Reasons Why Start-Ups Need Accounting Software

Crunching numbers doesn\’t have to be complicated. With accounting software, you can figure out your taxes and do your payroll, without the need for an expensive professional. These services are invaluable if you have a small business, as they save you both time and money. Here are three more reasons why your start up can’t be without accounting software.

1)     You don’t need a CPA

Keeping track of expenses and payroll can be a major pain if you’re not qualified to do it. Of course, you can hire an accountant, but they don’t come cheap. If you’re just starting out with your business, expenses need to be kept at a minimum (unless you’re making huge profits, of course). Using accounting software eases this whole headache, as it’s easy to set up and use. According to PrecisionPays.com, software such as MYOB eliminates the need to outsource your accounting. It even offers support services from certified consultants if you get stuck.

It saves time

Business administration can take up huge amounts of time if it’s not approached properly. You’re looking for trouble with the taxman if you don’t have a professional bookkeeper or a flawless paperwork system. If you’re running your own business, administration often gets relegated to the bottom of the ‘to do’ list, as there are usually more pressing needs, such as marketing, and, obviously, making money. With an accounting software solution, however, administration is practically eliminated. According to CompareSoftwareforBusiness.co.uk, electronic calculations (for example, taxation and insurance contributions) are done with the click of a mouse, and complex tasks like year-end reporting is automated.

It allows for planning

According to CompareSoftwareforBusiness.co.uk, accounting software allows a business to make predictions when it comes to costs and budgets. It also allows for detailed financial breakdowns and is able to forecast trends. You don’t need an actuary to help you because the software does it all, and helps you to plan for almost any ‘what if’ situation.

If you own a small business and you’d like to use accounting software, but are not sure where to start, then various training options are available. You can learn the fundamentals of a package like MYOB via online courses; just make sure you choose fully accredited trainers. Even if you already know how to use the software, you can take an advanced course or a skills update. Enrol in an MYOB training course today, and take your business to the next level: minus the accountant, and the paperwork!

Written by Ang Lloyd on behalf of Now Learning, an education portal that promotes tertiary education opportunities in Australia, including MYOB short courses and accounting degrees.