In the past, bookkeeping and stock administration required hiring expensive professionals and executing piles of paperwork. Thankfully, advances in technology have streamlined this process and made it far more cost effective with new accounting software. However, these systems can become outdated if they’re not properly maintained. This could mean missing out on optimising your financial processes even more as new updates are released.

It’s important to keep your programme current as new functionalities emerge. But don’t just take our word for it; here are three irrefutable advantages to having an up-to-date system.

  1. Administrate Your Stock More Efficiently

By using a comprehensive accounting software package, you can monitor and maintain your whole inventory. A system with a built-in income tracker gives you up-to-the-minute reports on whether your company is making a profit or loss. This allows you to adjust stock prices and observe which item is making you the most money.

It also means that you can order the products you need and eliminate costly, space-wasting items. As an added benefit, certain programmes allow you to add individual prices instead of having a set percentage across the board. These features give you more control over your stock and cash flow.

  1. Easily Manage Your Growing Enterprise

Having multiple branches can be a headache for management. The right software should have a solution to this problem by making it easy to effectively oversee different offices or stores. A multi-user interface enables up to five different people to work on one system.

This makes communicating, as well as managing different stock levels, incomes and losses, across various locations a whole lot easier. In addition, you can also convert leads into regular customers in the database, quickly and effortlessly keeping track of your sales funnel.

  1. Tame the Filing Cabinet

Incomplete and unorganised paperwork is one of the biggest problems for growing businesses. A comprehensive accounting software package that improves your filing system, while minimising paper and admin, is critical for your profitability and your sanity.

Certain programmes enable you to create your own statements, comment on reports and send these via email or fax. Furthermore, you should also be able to turn sales requests into invoices, quotations and purchase orders with ease. Last but not least, you should have easy access to all of your documentation, customer data and account histories from a document management centre.

If you’re feeling like this technology might be confusing and complicated, and wonder if doing everything manually might be easier, we have a solution for you. Now you can find a programme with a simple interface that lets you manage your business’ finances the way you want to.

Balancing the books shouldn’t make you want to pull your hair out. Having the right software can be highly beneficial for your company, saving you money, time and frustration in the long run with effective processes and precise filing. Take a look at the QuickBooks product page to see which new accounting software is best suited to your business.