Solving your payroll and HR issues with insights, answers, and action.

  • Startup
  • Payroll/Taxes
  • Human Resources
  • Employee Benefits
  • Business Insurance
  • Compliance
  • Marketing
  • Funding
  • Accounting
  • Management
  • Finance
  • Payment Processing
  • Taxes
  • Overtime
  • Outsourcing
  • Time & Attendance
  • Analytics
  • PEO
  • Outsourcing
  • HCM
  • Hiring
  • Onboarding
  • Recruiting
  • Retirement
  • Group Health
  • Individual Insurance
  • Health Care
  • Employment Law
  • Tax Reform
Thumbnail

How Small Business Accounting Software Can Help Your Business

Accounting
Article
10/28/2016

Hiring a full time employee to take over accounting and payroll tasks for a small business may not always the best option. Consider looking into accounting software to help take this often stressful burden off your hands.

Accounting Software Frees Your Staff

In many small businesses, employees may take on multiple job responsibilities. Whenever there's an opportunity to cost-effectively outsource a task, it allows your full-time staff to focus their time on important matters that typically can’t be addressed by outsourcing. Cloud-based accounting software can help accomplish that goal.

Keep Your Information Secure

If you chose reputable accounting software, you're likely also signing up for increased security. Sensitive client information may be safely saved through accounting software that performs automatic backups, updates and security checks in the cloud. Software updates are often needed to help improve security. By using accounting software based in the cloud, those updates are made behind the scenes, so you don’t have to worry about manually updating the software and potentially missing an update.

Sensitive client information may be safely saved through accounting software that  performs automatic backups, updates and security checks in the cloud.

Small Businesses Should be Cost Efficient

Accounting software may cost less than hiring a full-time employee, and it can help your current employees stay productive. But additional costs that can result from common errors may not be as obvious. Here are some examples of common errors that may be addressed by using accounting software:

  • Discrepancies between timecards can easily be addressed without spending unnecessary time
  • The reports generated by the accounting software can help you more accurately forecast the financial health of your business
  • Debts and credits may be monitored with more certainty, helping lead to a better view of overall business health

Software Makes Complex Tasks Easier

Accounting is more than number crunching and checks and balances. There are laws to adhere to and prescribed practices to follow. Accounting software may make it easier for you to tackle finances in a user-friendly way, without needing to learn technical accounting practices that can distract you from running your business.

Accounting is more than number crunching and checks and balances. There are laws to adhere to and prescribed practices to follow.

Let Technology be your Organizational Framework

If you've selected the right accounting software for your business, finances should be easily managed quickly and efficiently. Employee information should also be easily accessible without backtracking in order to find an answer. With the right accounting software in place, small businesses like yours can digitally track:

  • Employee time
  • Paying employees
  • Delivering pay stubs
  • Payroll reports
  • W-2s/1099s

Before you hire, or assign accounting and payroll tasks to an employee with existing responsibilities, make sure you research small business accounting software. It could help your business operate cost-effectively and reduce the avoidable mistakes that could introduce costly errors into your financial reporting.

 

This website contains articles posted for informational and educational value. Paychex is not responsible for information contained within any of these materials. Any opinions expressed within materials are not necessarily the opinion of, or supported by, Paychex. The information in these materials should not be considered legal or accounting advice, and it should not substitute for legal, accounting, and other professional advice where the facts and circumstances warrant.
View More in AccountingView All Categories