Technology is a wonderful thing. For the last 100 years our world has moved at incredible speed and made some astonishing advances to help society involve. One of the things that technology is particular useful for is the management of business. There are many businesses in this day and age that are based predominantly online and technology is a huge help for many of the complex processes and procedures involved in running a venture. Let’s have a look at some of the benefits of technology.
1. Time saving
One of the most helpful aspects of technology in relation to accounting is the time it saves. As things such as card machines and automation have taken hold in payment, this has made the process of payments and recording of data much less time-consuming. Instead of having to write out every piece of information from an invoice yourself, you can often use online tools to extract the information for you and organise it.
2. Access from anywhere
As the world changes focus from office-based jobs to remote working, it has become important for people to be able to access their data anywhere at any time. Cloud computing has revolutionised the way people can access their files and data, and accounting software means that people can record and assess their budgets and accounts anywhere. This is a huge help for business owners and helps with the process of bookkeeping.
3. Generate reports
It is important when managing finances that we are able to report on the data we have and to provide an assessment on profits, identify areas of improvement, and forecast targets for the coming month. Creating reports for accounts can be complex and time-consuming, but when using helpful software they will be able to create reports for you automatically. Furthermore, with new legislation like GASB 87 coming into effect (see GASB 87 effective date if you’re unaware), it’s more important than ever to track and report on certain expenses.
4. Accurate taxes
Taxes are one of the most complex parts of accounting, and to an untrained and unknowledgeable business owner it can be a real point of contention. It is so important to calculate and manage taxes accurately and this is something that needs to be done soon into the start of a business. The beauty of using technology to handle accounts is that they will often also calculate taxes for you and this will ensure that you are never caught out spending more than you thought you would on your tax.
5. Cross currencies
As a small business, often the biggest limitation to success and growth is the inability to sell overseas. However, with technology that can help convert currency in real time, it can be a much more accessible prospect for those who want to sell internationally. The ability to sell overseas and grow as an international company can be a great chance for small businesses to thrive and technology is an integral factor in helping this happen.