In today’s technology propelled business and commercial landscape, digitised processes have transform how we manage information — including our financial control and utilization for the better. In going digital across key business processes such as information keeping, sales, bookkeeping, accounting and financial reporting, we are able to streamline and make efficient such processes.
In going down the digitalization of the aforementioned key business aspects, technology is able to harmonise these processes for greater efficiency as the sum of these parts are all working in correlation whether adjacent or in a long dependent cycle of processes across recurring routines in business management.
Simply put, digitising these key aspects unlocks new value proposition in generating sequential reports from financial statements to bookkeeping entries.
In today’s accounting and bookkeeping landscape, software vendors of accounting platforms offer a paid, service platform where accounting firms and business owners are able to draw up innovation and the right to use licenses of these platforms to transform the business into a very productive digitised workplace.
Among other things, here are reasons why startups should get with the fashion of using accounting software from the start.
Efficiency and Time Savings
Automation: Routine tasks like invoicing, expense tracking, and payroll can be automated, saving time and reducing errors.
Speed: Financial data is processed quickly, allowing for real-time insights into your business’s performance.
Improved Accuracy
Error Reduction: Automated calculations and data entry minimize human error, ensuring accurate financial records.
Data Integrity: Information is stored securely and consistently, reducing the risk of data loss or corruption.
Better Financial Insights
Real-time Reporting: Access to up-to-date financial information helps you make informed decisions.
Performance Tracking: Monitor key metrics like revenue, expenses, and profitability to identify trends and areas for improvement.
Cash Flow Management: Effective cash flow management is crucial for startups, and accounting software provides tools to help you track and manage cash flow.
Scalability
Growth Accommodation: Most accounting software can adapt to your business’s growth, handling increased transaction volume and complexity.
Feature Expansion: As your business expands, you can add modules for inventory management, payroll, and other financial functions.
Compliance
Tax Preparation: Many accounting software programs integrate with tax preparation software, simplifying the tax filing process.
Audit Readiness: Organized financial records make it easier to prepare for audits and comply with regulatory requirements.
Collaboration
Team Access: Multiple users can access the software, facilitating collaboration and shared financial responsibility.
Remote Access: Cloud-based accounting software allows you to access financial information from anywhere with an internet connection.
In Australia, the most employed software accounting or accounting software as a service are the following:
Xero: Known for its cloud-based platform and user-friendly interface, Xero is a popular choice for small to medium-sized businesses.
MYOB: A long-standing player in the Australian market, MYOB offers both cloud-based and desktop solutions, catering to a broad range of businesses.
QuickBooks: Backed by Intuit, QuickBooks is a global brand with a strong presence in Australia, providing cloud-based accounting solutions.
Reckon: Another Australian-based company, Reckon offers a range of accounting software, including cloud-based and desktop options.
Sage: A global accounting software provider with a presence in Australia.
Saasu: An Australian-based cloud accounting software with a focus on small businesses.
NOAC Consultants utilise a number of these accounting software platforms under its accounting services offered to its clients as its team of seasoned veterans of accountants, bookkeepers and financial specialists are well-versed on a number of these softwares in order to stage innovation and accounting transformation for its clients.
