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One of the important things for business owners is to keep track of all the money that comes in and goes out.
Accounting has an important role for any business because it helps you keep a close eye on income and expenditures, so you have a clear picture of your financial position and can evaluate the performance of your business.
Besides that, it will ensure that liabilities such as taxes are properly addressed.
But unlike in the past, when manual and paper-based systems were the norm, many organizations now use accounting software in the Philippines.
There are plenty of benefits to making use of technology.
First, using accounting software will help your staff save time, so they can focus on other tasks. It also provides higher accuracy and reduces the chances of human error.
Accounting software can provide one place for all financial tasks, so various financial information can be tracked and monitored from the same platform.
With numerous accounting software available in the market, it becomes difficult to choose the right one.
Here are some tips on how to choose the right application for your business:
Not all accounting software is the same, so it’s important to know what your business needs.
Think long and hard about what you need the software to do.
For instance, do you need something that integrates sales, inventory, and accounting?
Or perhaps you might benefit from an application that can be used on multiple branches.
If you have international transactions and use different currencies, you also need to consider if the software supports it.
Do your research because the accounting software you choose will impact your management of financial activities.
While accounting software is designed to make keeping books easier, you still need to have a certain level of financial literacy to use it.
Those who will use the software should know how to use it properly.
With that being said, something too complicated might do more harm than good.
Aside from accountants who would be using the application, business owners should also be able to log in and browse for financial information.
The application should be easy to learn and use because a long period of training might incur additional costs.
On top of that, it would also eat up too much valuable time.
Your accountant is the best person to ask for educated advice regarding the best accounting software for your business.
It would be wise to consult with an expert before you make a decision because they know what kind of business you have and what you would need.
It would also be beneficial to consult your IT department too because they know your hardware situation best.
You need to consider storage space, the age of your system, backup procedures, etc.
This brings us to the next point, which is going cloud-based.
Going cloud-based has plenty of benefits, and they also apply to accounting software.
Cloud applications can be accessed from any location, anytime, as long as you have a strong internet connection.
When you choose cloud-based software, you don’t have to worry about powering on-premise servers or maintaining their environment.
You don’t need servers to run them because the cloud service provider will be doing it for you.
Upgrades and patches are also done on the server end, so your IT staff don’t have to worry about them.
Lastly, your data is often safer in the cloud because service providers can afford to employ advanced security measures.
Compared to that, there is a danger of data loss with on-premise servers, especially if a fire or disaster occurs.
It’s important to take a trial before purchasing your chosen accounting software.
Some software providers will provide a demo or a free trial for a number of days, so you can get a feel for the application.
Take advantage of these, so you can see if the software truly matches your needs.
It’s also a good way to test if it’s easy to use, too.
Keeping track of your business’s financial status is no easy task, and that’s why you use accounting software to make the job easier!
Before making a decision, make sure to consider your needs and understand which features can be beneficial to your business.
Don’t forget ease of use and make sure that it’s not too complicated or difficult to use.
Your accountant can help you make informed choices.
Other than that, consider the benefits of going cloud-based.
If you’re looking for accounting software in the Philippines, you might want to consider EasyFS!
It is a software-as-a-service (SAAS) solution designed for micro, small, and medium enterprises (MSME).
EasyFS is a sales, inventory, and accounting system that can help you manage your business in real-time, monitor your sales, check your inventory, and more.
And it is BIR-CAS ready! If you’re interested, there’s a 30-day free trial.
For questions and inquiries, you can send us a message here!