Is your business at risk due to human error?
A ubiquitous turn of phrase, yes, but one that can have a significant impact on your business’ finances. As accounting is a field based in specificity, a misplaced invoice or inaccurately typed piece of data can have longstanding ramifications when left unnoticed. That’s why, since the first widely-accessible personal computers made their way onto the market in the mid-1980s, businesses have slowly transitioned from traditional accounting methods into a streamlined, digitally-oriented approach.
With that said, many businesses are still utilising outdated accounting methods to manage their financials, leading to a plethora of unnecessary issues that could easily be avoided with the use of automated accounting software. Here are a few ways that manual bookkeeping can give your business more than it bargained for.
The Gamble of Growth
As a small business managing a limited number of accounts and clients, the ease of setting up traditional accounting systems can make it appear a more viable option. However, as your business grows, so too does the need to stay on top of your financial obligations.
Even an experienced accounting professional is likely to make mistakes when faced with rapid expansion of their workload, especially when working under time constraints. While these issues may be negligible on their own, they can quickly build up and inhibit potential growth over time.
Utilising automated bookkeeping software allows you to constantly adapt your accounting to the needs of your business, streamlining the accounting of various accounts, faculties and clients into a simple, easily accessible system.
Taking Your Time
Manually inputting information over a wide array of accounts and divisions takes time and dedication that, especially in larger companies, may not necessarily be viable for a single accountant. While hiring additional accounting specialists can alleviate this issue to an extent, the cost of these employees or partners will likely negate many of the benefits that a more robust accounting team provides.
By using automated bookkeeping, you are able to shift time spent performing unnecessary data input into more important areas, such as growing your business.
An issue with most accounting methods is that, while you may be able to observe information while building a report, that information becomes outdated the moment that report is completed. This is especially true for retailers and eCommerce business owners who are constantly taking orders and shipping out products, as this opens the door for a wide variety of sudden changes and inefficiencies that can be quickly dealt with using Always-Up-To-Date accounting software.
Through working with Next Level Accountants, you are provided the ability to gather insights into your accounting data when and where you need them; ensuring that you are never left in the dark when it comes to changes in your bookkeeping. So, if you’re ready to take your accounting to the next level, call us today on 1300 360 137, or fill out this simple form to book a free 15-minute consultation.