Let’s start with a simple definition of what accounting software actually is? Accounting software is used to record and monitor the flow of a company’s money and can be used to get deeper insights into your business’ financial condition. Think about it – expense tracking, online payments, timesheets, reports – no worries! It’s all managed in one place.

To name a couple of advantages, it minimises the risk of bookkeeping mistakes, and it makes your accounting efficient. So, when is it time to implement this software into your business? Here are just a few tell-tale signs that you may need it…

1. Your business is growing (yay!)
With great power comes great responsibility, right? When your business is booming it can often complicate things on the accounting side. More numbers, more spreadsheets, more data – it can feel overwhelming. You may find, at this point, that accounting software features become a bit of a godsend.

2. Data-collecting is becoming a bit tedious
The better business is, the more data there is to traipse through on the daily. Getting information quickly and making decisions doesn’t seem as easy when there are countless pieces of information in front of you. Everything takes a bit more time, and more often than not, it’s time that you may not have. Accounting software speeds up the process and can help you make important decisions quickly. There are many tools available, including analytics and detailed summaries of your cash flow.

3. Manual errors are appearing more frequently

You may find that there are errors and miscalculations popping up in your accounting books. We’re only human, and we all make mistakes now and again, but as your business grows, these mistakes can become more serious. Accounting software is reliable, and it can assure you that there will be no inaccurate statements or lost tax credits, for example.

4. You’re not very confident in your accounting skills
It’s okay to admit if bookkeeping isn’t your forte. A lack of financial literacy doesn’t make you a bad small business owner in the slightest, but it does mean that you should consider where you can fill in the gaps. With accounting software, you will be able to learn more about your cash flow with comprehensive finance reports, financial reviews, and personalised consultations – you don’t have to be an expert, but you will sure feel like one.

So, there are some of the signs that you may need to think about getting accounting software. But why? What difference can it make to your business and your daily processes?

The truth is, pen and paper or spreadsheets can only get you so far. They give no insight – insight is an incredible thing when aiming for business success. With software, all of your financial data is in one location. No need for stress or panic because it’s all there. Customised reports mean that your business’ financial performance can be viewed in full view, in real-time.

Additionally, for a successful business, you need clients. You need those clients to pay on time, right? Automated invoicing is an incredible perk of accounting software – you can easily create recurring invoices, send reminders, and you can also track unpaid invoices, and keep your early-paying clients happy with a special offer. Yep, you can set that all up too!

Oh, and maybe you hate tax season…we don’t blame you for that. It can be really difficult for small businesses to maintain the correct compliance. Most accounting software programs will help you to calculate sales tax alongside your business, and even prepare tax forms for you.

It all might sound a bit too good to be true – but that’s what the software is there for. To help you, to support you, and to make life easier for you. There’s no harm in having a look into it – after all, it may change your business for the better.