Introduction
Well, the idea of using accounting software may haunt you, but here we are to help you with all pros & cons of using accounting software. Anything technical when you adopt in your business has some pros & cons which you need to address well in time. You see, in business, small errors can lead to major disadvantages. So, without wasting any more time, let us move straight towards the pros & cons of accounting software and we will also discuss a few accounting software advantages. The idea here's to help you get that more accurate and informed perspective so that you transform your investment into profits.
Let’s discuss the pros and cons of accounting software
#1 Pro: Errorfree Financials
Error-free financials is what you can be assured of if using accounting software. It’s a simple calculation here, in any process where the manual intervention is least chances of errors are also minimal. Hence you get 100% error-free books reconciled automatically. Even the complex tax compliances are taken care of, so you don’t have to worry at all.
#1 Con: Can be complex to use
Depending on the software you choose, you may or may not find difficulties using it. Some accounting software like Marg ERP is designed in a way to cater to those without much tech-savvy or desire to learn. Others may be difficult to use and adapt for non-technical people.
#2 Pro: Time-Saver
Once you get a hand on the software, you'll find lots of extra time on your plate thanks to its ability to crunch numbers, automate every complex process, present all data-driven insights with a click, etc. Budgeting and forecasting are the two examples of using best accounting software to its full advantage.
#2 Con: May have hidden charges
Well, you don’t get anything exclusive free of cost. Isn’t it right? And well, when your investment is yielding higher profits for you it’s worth it. While popular service provider like Marg ERP has Zero hidden charges. They offer all elite services at a very affordable cost. Other providers may claim their software is free but the hidden charges are going to eat out budget.
#3 Pro: Automation
Wow, accounting software really sails your accounting experiences. Kick start the game of automation to the next level of your biz to achieve maximum profits. Profits! Isn’t it what you are looking for? Well, once you streamline your business accounts, debit/credit cards, inventory, supplier list, it's smooth sailing from that point. All it takes is curating the specific sets of data you want to focus on.
#3 Con: Maintenance is a must
In the technical world, you can’t avoid glitches & bugs. That’s true, but hold on don’t worry. Most of the good service providers, over time, tends to grow and evolve their software. Expect occasional downtime, updates, hot fixes, annual maintenance charges etc. But hey your business is safe. Way more than it is via manual methods.
#4 Pro: Cheaper than an accountant
Humans have emotions, problems, issues, and the list may go on and on. Whether when you are using technology you can curb out all these issues, moreover your monthly salary payable to the accountant is also saved. You only have to pay once to implement the accounting software & the rest of everything is taken care of. Unlike accountants, your accounting software is always at your service 24X7.
#4 Con: Loaded with features
If you are unaware of your software needs, you may bombard yourself with the new software features. Accounting software is loaded with modern features that might be not necessary for your business, depending on business requirements you should select the software with appropriate features. To help this situation, you first need to jot down your list of requirements, then cross-check with the software features. And you are done. This way you can pick the right service package & save yourself from the monster platform. Remember to think & select.
#5 Pro: Higher productivity
It has been observed in the long run when a company integrates accounting software that syncs well with their business requirements they see a pretty decent uptick in productivity. The reasons for this growth are obvious: automation, less waste, more resources, etc. Reducing the repetitive work leaves out maximum time for focussing on the business decisions. Informed timely business decisions are better than delays. Accounting software depreciating the risks helps you achieve enhanced productivity.
#5 Con: Dependant on Internet connectivity
To access everything online through a desktop version or a Saas based software you will need to have fine internet connectivity. Although software like Marg ERP provides you security during power outages & slow internet connections. But the speed mainly depends on the internet connectivity.
#6 Pro: Easier invoicing
One of the major accounting software advantages, whether you own a retail shop or a manufacturing firm, invoicing is essential because it's how you get paid. Manual invoicing can be tiresome and slow leading to increasing customer waiting time at the counter. And imagine for filing GST you have to reconcile all invoices in the GST portal, this can be a big headache. If you want customizable invoices which you can send in a click, automatically GST compliant, with many more benefits using accounting software would be appropriate.
#6 Con: Data Threat
Technically, there is no difference between online banking & accounting. If you work with online or cloud-based accounting software then there are chances your data could be compromised. It happens to companies who try to reuse your data in multiple forms. Therefore it is highly advisable to choose software that assures 100% data security. And there is no point in not using any software just for this reason because paper can be just as vulnerable.
Looking for a Software?
So as we discussed some of the accounting software advantages, let's say you are convinced that Marg ERP- accounting software is the right direction for your business. You can try a free demo before moving forward.
360Quadrants has released a quadrant on the best accounting software help businesses make quicker and more informed decisions for their business.
Ranking Quadrants are generated post analysis of companies (product portfolios and business strategies) and will be updated every three months based on market and regional analyses and developments in the accounting software space.
It also helps clients choose the most appropriate vendor for their requirements.What are the major benefits of using Accounting Solutions?Simplification – Accounting software put control of funds in the hands of a non-accounting crowd, aimed at giving significance to statistics while executing electronic computations.
They also raise printing and storage prices and store confidential data is safe and controlled locations.Total financial disclosure – The key advantage of effective accounting processes for an accountant or an auditor is that they avoid expensive and repeated human mistakes.
Calculating incorrect quantities or failing to disclose results on time will potentially contribute to a business problem and this is when it is most helpful to optimize calculations.Read a Press Release: https://www.360quadrants.com/press-release/360quadrants-releases-best-accounting-software-companies-of-2020Best Accounting SoftwareWhat are the most important features in an Accounting System?Best accounting software can help businesses in managing their accounting tasks in many different ways, based on the key features and goals.
Accounting systems offer all sorts of bonuses, from simpler invoicing to complicated tax reporting, that is not even likely without a precise framework.
Accounting mistakes can be incredibly expensive to a company.
You don't want to mess up your numbers so it will keep your company from rising.
Owing to the absence of appropriate accounting practices, Small business owners sometimes make errors in their early years.It is crucial for small and medium-sized enterprises (SMEs) to manage their finances efficiently.
Because resources like finances have the potential to build your business or break it.
Many small-scale business owners handle their finances on their own by hiring a bookkeeper or an accountant.Small business owners have a great potential to significantly grow their business.
The best accounting software which understands your business needs will help manage your finances efficiently, and play a significant role in your business growth.Moreover, many business owners handle tasks like accounts payable, receivable, invoicing, and pay salaries manually.
Accounting software can manage the businesses in several different ways, based on the key characteristics and goals.
Simplification - Accounting software put control of funds in the hands of a non-accounting crowd, aimed at giving significance to statistics while executing electronic computations.
Total financial disclosure - The key advantage of effective accounting processes for an accountant or an auditor is that they avoid expensive and repeated human mistakes.
Calculating incorrect quantities or failing to disclose results on time will potentially contribute to a business problem and this is when it is most helpful to optimize calculations.
Precise forecasting - This is one of the major advantages of the best accounting software.
Capable of understanding the financial results patterns and developments in depth is something that will take years to achieve without a strong framework.
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