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How to Utilize the Accounting Software in Your Small Business

How to Utilize the Accounting Software in Your Small Business 1000x935

How to Utilize the Accounting Software in your Small Business

Bank reconciliation made simple. You don’t miss deductions when you reconcile your bank account on computerized accounting software. The account won’t balance if you don’t post the bank charges or the missing receipt for that debit card transaction at the office supply store.

Easy input.

If you don’t like keyboarding in your transactions, most banks will allow for a direct download of your bank account data. With a few keystrokes, you can enter an entire month’s worth of transactions. Tracking credit cards used in the business can be simple and you will remember to post the finance charges. Reconciling the credit card balance in the same way you reconcile the bank balance to the statement will ensure that all transactions are accounted for.

Formalized financial statements.

A computerized accounting software program can provide profit and loss statements and balance sheets that are necessary to evaluate your business’ progress. If you are seeking financing for your business, you must present investors with financial statements.

History of the business.

There is nothing more educational and satisfying then bringing down a comparative income statement to compare your current year activity with prior year(s). A spreadsheet program can give you this as well, but the data entry is clumsy and more prone to inaccuracies. Speaking of spreadsheets, you can always dump your data from the software to your spreadsheet program in the event you want to play with the numbers and do projections.

Customer history and aging.

Using a software’s invoicing feature allows you to track your customers’ purchasing history and payment habits. Aging reports can be generated to facilitate collection efforts. In fact, you can note collection attempts in a special “Notes” box on the customer profile screen.

Vendor history and aging.

Rather than simply cutting checks when bills are due, you can use the accounts payable system to track bills as they arrive and plan for cash flow. Using software will also provide you with reports for each vendor. It makes it easy to locate prior payments and invoices.

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3 Basic Steps To Use Accounting Software

Ever wonder how to kick start using a computerised accounting software instead of using manually?

  1. You can start off by having basic knowledge of accounting knowledge such as: google online to gain basic terms of accounting knowledge (e.g what are the accounting software terms used in acounting? Examples of transactions in accounting software)
  2. Install a trial accounting software or request demo of accounting software from accounting software seller and try input some transactions
  3. Create of chart of account and input some transaction to test and immediately view instant real time reporting from accounting software.

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