Financial management software, especially one that’s linked to your bank account, can provide valuable insights into the economic health of your small business. Find out why it could be time to discard cumbersome Excel spreadsheets and start using accounting software.
Real-time Financial Insights
Imagine getting a real-time snapshot of your income, expenses, profits and losses. By linking your business bank account with financial management software such as QuickBooks Online, you can.
With QuickBooks Online, you can access all your essential financial data on your desktop or mobile device. Manage payroll, send customized invoices and safely and securely integrate your business bank accounts into your cash flow.
The software allows you to view profit and loss statements and prepare for tax season by documenting all expenses.
Manage Customer Interactions
Clients and customers are crucial to a business, so make it a priority to keep them satisfied. Accounting software can reduce administrative delays by creating estimates and invoices that you can email straight from the program. It can also automatically reconcile them as paid invoices. Effective FMS also allows you to automatically pull in data from your bank account, alleviating the need to spend hours inputting numbers.
Reduce the Potential for Errors
We’ve all been there. An extra zero, a misplaced decimal or a simple typo can throw your bookkeeping into chaos. Identifying mistakes and then fixing them can take time – hours that as a small business owner are better spent on business strategy and customer relations. When the bank feeds information from its system directly into your financial management software, mistakes are less likely to occur.
Sync Data, Download Transactions, Track Credit Cards
With QuickBooks Online, you can sync your business’s bank account data automatically and download transactions from both your bank and credit card accounts when you want it.
Many businesses provide credit cards to their employees, but this can also lead to a seemingly ceaseless paper chase as everyone tries to keep track of receipts. Connecting financial management software with a business credit card not only saves time, but it provides accurate and up-to-date records of all credit card transactions.
Tax Time Becomes a Breeze
Any small business owner will know how frustrating and laborious it is when it comes to lodging your annual tax return. Rifling through paper receipts, trying to reconcile your accounts and so on. But once you connect your business bank accounts to a financial management software such as QuickBooks Online, much of the accounting is done for you in real-time and throughout the entire year. Each time you work with your downloaded transactions, the program gets a new lesson in your business, and QuickBooks will start to recognize some of these transactions. It means that when tax time approaches, your transactions – including expenses and profits – will already be categorized, making the process faster and more accurate.
Connecting your bank account to financial management software provides small business owners with real-time visibility of the financial health of your business.