Do I need an accounting software?
This is a frequently asked question by most start-up, small and medium-sized companies. The quick answer is usually No! (But maybe: Yes!).
It’s pretty common for small business owners to put themselves in charge of everything for their small business, including keeping the books, because they sometimes assume that book-keeping is basically to fire up the system, open an excel sheet, then keep records of petty cash, amount spent, and income received.
How fast can your Excel spread sheet answer this question?
- How many items did you sell last month?
- How many are left in inventory?
- What was your profit or loss from last quarter?
- Whom do you buy items from?
- What are your credit terms?
- How many debtors to you have?
If it takes you a long time to answer, then it is high time you started thinking of implementing an accounting software. Because it looks as if your business really needs it.
An accounting software is more than recording transactions, it provides you the ease and flexibility to create and generate records that can influence your business growth
Accounting software Like MAT Accounting can highlight your biggest customers and their buying trends. Knowing who your best customers are, your biggest selling products and how much each customer spends can impact your business decisions – not to mention help you fine tune your sales strategies?
You can learn a lot about your business, just from using an accounting software:
- Determine what services or products you should increase or decrease, based on Inventory Statistics Report
- Keep to your budget and predict when you will be able to afford large expenses while monitoring Cash Flow.
- Send invoices and get reminders when they are not paid on time.
- With detailed reporting, you can accurately see how financially stable (or not) your company is by looking at the Balance Sheet.
- Maintain an updated customer/supplier database. Track payments, accounts payable and outstanding balances at a glance.
- Show potential investors how viable your business is, as an investment.
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