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How can small businesses benefit from using bespoke accounting software?

Automated finance software is growing in popularity amongst small and medium-sized enterprises (SMEs), but still many businesses are resisting the move. The fact is that a lot of organisations are simply not aware of the benefits that bespoke financial software can bring to them.

Businesses cannot assume that their financial software will expand and be applicable as they grow. There any many different elements to consider such as changes in tax, multiple authorisations, which could lead to issues if not thought through correctly. Financial software is an efficient way for businesses to contain and control their financial processes for the benefit of their company in the long-run.

Improved accuracy

Automated financial software will give greater accuracy within business processes. Invoicing manually, for example, leaves a huge margin for human error. Any paperwork completed must be accurate, or organisations can end up facing action from HM Revenue & Customs. Financial software that is automated ensures that no errors are made during the process of data input, and bank reconciliation and auditing can be built into the software.

Better resource management

The most valuable resource for any business is their staff. Implementing new financial software should be easy, with staff being trained to use it, therefore working more effectively and productively over time. This saves time and energy recruiting new staff, and most of the time it can be incorporated into your existing finance system during installation.

Working faster, not harder

Bespoke-designed financial software gives employees the ability to work more efficiently completing everyday tasks such as mundane and repetitive paperwork. Data collection is streamlined, giving staff the opportunity to focus their time on more business-critical tasks, instead of the routine processes which can be automated.

Transparent reporting

Automated financial software can give easy instant access to vital information for SMEs. In-system calculations such as cash flow forecasts or VAT make processes much simpler. Real-time reporting can be done in a shorter time frame, giving businesses complete financial transparency at all times.

Financial planning

Using financial software, SMEs are able to predict trends and plan ahead. With this type of software, they are able to forecast situations, assess risks, and calculate future potential.

Bespoke financial software for your business

Implementing financial software that is tailored specifically to your business requirements instead of an off-the-shelf package will significantly increase the effectiveness of using it. Standard packages will only cater to general needs, whereas yours may vary, and change as your business grows. Deploying bespoke accounting software will make your business more efficient.

To find out more about getting bespoke financial software for your business, get in touch with the Geeks today.