Each week, you have a long list of accounting tasks that absolutely need to get done – tasks such as paying your staff, invoicing customers, and processing transactions. You also need to file and pay taxes, comply with regulations, keep track of outgoing payments, and more.
Doing these tasks manually is time-consuming and tedious. Fortunately, accounting software can replace most manual bookkeeping tasks. With the right accounting software like Sage 50, you don’t need to spend your weekends keeping the books in order or hiring an extra staff member to focus solely on accounts. The checklist below details how your business can save time and money by eliminating manual tasks and letting quality accounting software do the work for you.
Paying your staff
You can’t put this off as your employees expect – and deserve – to be paid on time. Manually organizing payroll each week is both repetitive and prone to errors (both when calculating tax and your employee wages). With Sage 50, you can easily pay your staff members anytime with up-to-date payroll tax calculations.
Writing invoices by hand is definitely a relic of the past. Rather than allowing orders to accumulate, un-invoiced and unpaid, until you have time to deal with invoicing, use accounting software. With mobile invoicing, your staff can invoice customers from anywhere, anytime – allowing your business to get paid quicker.
Sage has payment solutions to accept debit and credit cards securely and conveniently. You’ll be able to provide your customers with simple and safe ways to purchase your goods or services. You’ll also simplify your sales process – and get paid faster.
Track and manage inventory
With the right accounting software, you can manage your inventory in more than one location and track it using serial numbers. Avoid running out of stock by replenishing inventory automatically. Accounting automation systems will help your business to optimize your inventory levels.
Complying with government regulations
By switching from manual accounting methods to Sage 50, you can be confident that the software is fully compliant with the necessary regulations and standards. As regulations change, the software is updated automatically in the background.
Filing and paying HST/GST
As a business owner selling goods and services, you must charge and collect sales taxes – with rates and tax types varying from one province to the next. Make tax filing and payment easy by using the right software to file and pay what your business owes online. By incorporating accounting automation you’ll be able to reconcile your bank statements to accounting data, meaning less chance of errors creeping in.
Budgeting is vital, particularly if you’re just starting up a new business – and it’s difficult to do manually. Accounting software such as Sage 50 can help you build either a standard budget or an advanced budget (with monthly forecasts). Sage 50 doesn’t stop there, either. The software also allows you to compare how much you’ve actually spent against your original budget.
Tracking your best customers
Those who spend the most and pay promptly. It’s simple to track their payments and create receipts. Your business will be able to respond quickly to their orders while maintaining an organized record of purchases. Use reports to identify your best customers, up and coming customers, and customers whose orders may be falling off so that you can follow up as needed.
The Zen of a Connected Business
Want to make your sales and accounting teams more productive? You should move your financial information to the cloud. Get your free guide and find out how a change can lead to better business metrics, accurate sales info and more.
Avoid surprises when incoming bills roll in at the end of the month by staying on top of what you’re spending with suppliers. With Sage 50, you can create vendor records, and record and track purchase invoices.
Accessing your information – with Sage’s accounting solutions, you can retrieve your data from anywhere and at anytime. For example, if you need to work from home on pay day, you can still complete payroll without having to make a special trip to the office. Likewise, if a customer places an order with you directly when you’re on a sales call, you can immediately check inventory, generate an invoice, and process the payment from your smartphone or tablet.
While you could continue to perform these tasks manually, doing so is both time-consuming and costly. If you’d rather work more efficiently, get paid faster, and comply with a host of regulations – all while gaining additional benefits like gaining detailed insights that facilitate smarter decisions – you’ll want to look into automating these tasks with accounting software.