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Can Small Business Accounting Software Help Reduce Costs? (See Reasons Why)

By Blessing Obiora

Can Small Business Accounting Software Help Reduce Costs? (See Reasons Why) - in Nigeria Ghana South Africa Kenya USA Canada Morocco Egypt Lagos Abuja

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Can accounting software help reduce costs? Yes! Whether as an accountant or a small business owner, minimizing cost, while getting premium value is at the top of your list of business management.

What is the need for any service, if it does not in any way reduce cost for the business? You must be thinking! 

To help clarify and answer these questions, here are key points to watch out for;

  1. Choosing The Right Accounting Software.

  2. How Accounting Software Can Help  Reduce Costs.

  3. Take Charge Of Your Accounting Needs With Tyms Book.

  4. Bottom Line.

Choosing The Right Accounting Software

If your accounting software will help you reduce costs, it boils down to the choice of software. Using accounting software that has you still outsourcing things like financial statements, and taxing. Two software at a time, because one is not meeting the complete business financial management need, may not help you reduce cost.

Small businesses have a variety of options to choose from in the accounting software market. This might prove difficult in determining which one is the right option.

However, this confusion can be avoided by putting the following into consideration in your selection: 

  • Ease of use

  • An all-in-one 

  • Ability to integrate other operational systems for your finances.

  • Cost of software.

  • Longevity 

Hence, in answering this question of reducing costs, you should also ask yourself if the accounting software you are using is an all-in-one solution.

The right software will go beyond bookkeeping and accounting to even HR tasks.

How Accounting Software Can Help Reduce Cost

Reduced Cost Of Hiring An Accountant

On average, an on-staff accountant makes anywhere from $54,000 to $83,000 per year. This is a whole lot of money when compared to the average of $6 per month subscription with accounting software

The choice of using accounting software is a reduced cost for any small business looking to enjoy accounting services without hiring an accountant. 

Whether you run a small or medium enterprise, using accounting software proves to be a necessary investment for your business's financial management at a minimal cost.

Reduced Cost Of Management Of Business Records

Single accounting software provides an automated system for creating recurring customized receipts for customers. At the same time, handles a professional and customized invoicing system. This same system covers contacts of vendors, cash receivables, cash inflows and outflows.

Handling the day-to-day record of a small business and staying up-to-date with every single transaction, can be a daunting task. Even without having the needed hands in staff to carry out these various tasks, a self-employed entrepreneur or a firm  can still maintain accurate business records while using accounting software.

Reduced Time

Unarguably, a firm using accounting software will maximize more time in running their business financial management than a firm that does everything manually. 

The automation system involved allows the entrepreneur or the finance team to focus on fewer activities, while the bulk of work is done by the system. Hence you buy time performing other activities that only humans can handle.

Improved Invoicing

A poor invoicing system could become the reason your revenue is not coming in as it should. 

Accounting software enables you to conveniently create a personalized invoice for each customer. At the same time track every pending receivables and have your system send reminders to such customers, alongside online payment gateways.

Reduced Errors

One thing to be sure of in the use of accounting software is reduced errors in business records. 

The rule of thumb here is that you are required to however supply accurate data, and leave the accurate delivery to the system. Humans are prone to mistakes especially when trying to deliver within a short deadline. 

On the contrary, accounting software is not affected by such limitations. At whatever time required, you can retrieve any information you need, given it is within the services it offers. Improved accurate information is a guarantee. 

Saves Time With Automation

One key advantage of accounting software is its automated system. This gives it the ability to perform certain tasks even without the assistance of a human. 

From scheduling bank payments, sending reminders to clients for payments, preparing cash statements, profit and loss, balance sheets and tax filing.

This helps a business save time. You will have you and your team focusing on other important aspects of your business, like decision-making.

Benefits Of An Accounting Software

 A recent study by the U.S. analyzed why small businesses fail within the first five years of inception. In their study, they found that 82% of the time, poor cash flow management or poor understanding of cash contributes to this failure.

Tyms Book, with its automated system, checks the possibilities of this failure by providing its users with a clear picture of how their money is moving—cash flow management.

Below is a breakdown of the benefits of accounting software with special focus on Tyms Book.

Customized Invoicing

Tyms book affords you the privilege of tracking your receivables easily with our customized invoicing system. Stay updated with your cash inflow and know when each cash receivable is due.

Seamless Online Payment

We understand that SMEs and startups operate with multiple payment gateways, Tyms book allows you to integrate all these options. This way you enjoy seamless online payment and have all your business financial records in one place.

Inventory Management Made Easy

Take your inventory management a notch higher with our barcode-capturing feature. Keep track of your stock and expected returns on sales in a secure system.

Financial Reports In One Click

To be updated with your business health, easily access your financial reports in one click. From Cash Statements to Profit &  Loss statements to Balance Sheets. Readily access all the financial reports of your business from our automated software. This way business decisions become easier and faster.

Zero Headache With Tax Filing

Which better way can you as a small business owner bid goodbye to the anxiety that comes with tax season than to have your books in order ahead of time? Our software ensures you have everything in place from bills to receipts, to invoices, stay ahead and have your bookkeeping needs met.

Track Expenses and Manage Bills

Knowing where your money is going as an SME or startup is essential to your growth. Keep track of your expenses and manage your bills with our software. This way, you can capture your vendors and know what takes up your business resources the most.

Take Your Business Global With Our Multi Currency Feature

There is no limitation with using Tyms book, our software allows you to bank and carry out transactions beyond the borders of your country. This way you can trade and do business across the globe.

API Integration For E-commerce

If as an SME, you have a digital platform, you can easily sync your online sales and inventory with Tyms Book. With the API, third-party online platform activities can be recorded on Tyms Book.

Manage Expenses With Corporate Cards

Our corporate cards allow us to automate payables for businesses. With virtual corporate cards generated, business owners can link the cards to their bills or any of their expenses. Tyms Book tracks card transactions and keeps the automatic expense

Take Charge Of Your Accounting Software Needs.

With a comprehensive understanding of the peculiarities of small businesses, our core solution at Tyms Africa is simplifying business financial management. Whether you require accounting software as a self-employed entrepreneur or an accountant, 

Tyms Book is the perfect solution. 

It is your simplified, all-in-one solution that provides a seamless system for your business records.

You can safely keep track of and manage all your business data, transactions and even contact. 

Inventory management is easier with Tyms Book, as you can capture and print barcodes. With the automated system, you can also calculate sales and forecast profits.

Processes such as invoicing are also taken care of with our customized invoicing feature, which tracks your receivables, while easily sending reminders to debtors.

This software integrates your bank accounts and other payment gateways, so you can have your financials in one place. 

Also, authorized employees have access to your financial data from anywhere and on any device. Hereby improving efficiency, productivity and time management.

General financial accounting processes such as billing, journal entries, and financial reports like profits and loss statements, cash statements, and balance sheets are part of the features this solution covers.

Further Reading

tyms-book-easy-to-use-accounting-software-for-Sand start-ups-ups

Bottom Line

The essence of technology in any part of the business is to enhance efficiency, delivery and improve outcomes. With accounting software, your business will experience this and more. 

You stand a safer chance of retrieving any data stored on any software as it is backed up with cloud computing. As computers operate at a higher speed than humans, time is conserved with accounting software than the business of all entries.

Accounting software is a saviour for any small business entrepreneur who wants to keep his books tidied at a minimal cost.

Certainly, accounting software helps you reduce costs for your business if you make the right choice.

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