Long gone are the days of green columned ledgers and pencils. Today’s businesses, large and small, have an easier time keeping the book thanks to the benefits of a computerized account record keeping package or software. Rather than juggling multiple books and handwriting double entries, transactions can be entered into the program in one place and automatically credited or debited to the appropriate accounts. Computerized accounting has to be the single best time saving advancement for small business owners since the automobile took over from horse drawn carriages.
The benefits of a computerized account record keeping package go so much further than just making data entry easier. Many software packages allow you to easily create reports and financial statements to give you an instant, real-time view of your business’s financial health. Reports can be customized to show trends in sales to specific customers or market segments, or to compare marketing expenses to changes in sales patterns. Just about any report you might need can be generated at the press of a few keys. Those reports can then be emailed to partners or employees, with many programs providing the capabilities from within the program itself.
Banking activities such as reconciling bank statements can be handled automatically by linking the record keeping software with online banking services. Updating bank balances to include ATM or debit card transactions can be handled with the click of a mouse. Additionally, payments for expenses like utilities and suppliers can be entered into the system. Some packages even offer the ability to create a printed check for the payment without the need to enter any additional information. Simply click a button and the check is printed, the payment is credited, and the capital account is debited. As you can see, the benefits of a computerized account record keeping package keep account activities more accurate while saving time.
The benefits of a computerized account record keeping package are numerous and vary according to each program and each business. However, with the many features and timesaving options available, these packages help business owners have one less thing to struggle with or do. Bookkeeping, accounts receivable, accounts payable, and payroll transactions no longer have to cause grief and gray hairs for the small business owner. There is no need for hours of studying accounting procedures, or to hire expensive bookkeeping staff. A simple computer program can do more in five minutes than a person could do in twenty. In business, time is money, so any time saved is beneficial.