Why use Accounting Software for small-businesses?

[rayjevztech]

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During tax season, many business owners provide me their tax data in various ways: boxes of receipts, clumps of expenses stapled together with adding machine tape totaling each type of expense, or a listing of income and expenses in a spreadsheet format. When the information is fed to me by these means, I often wonder what expenses may have fallen through the cracks. I often have to ask after some deductions that appear to be missing such as bank charges and credit card interest.
But when a client sends over a computerized accounting file that has been kept up to date and includes cash and credit card purchases, I’m fairly confident that every eligible deduction will be included on the tax return.
I encourage all serious business owners to keep their books on computerized accounting software. Aside from completeness of data, there are other good reasons to track your business’s financial transactions using accounting software:
Bank reconciliation made simple. You don’t miss deductions when you reconcile your bank account on computerized software. The account won’t balance if you don’t post the bank charges or the missing receipt for that debit card transaction at the office supply store.
Easy input. If you don’t like keyboarding in your transactions, most banks will allow for a direct download of your bank account data. With a few keystrokes, you can enter an entire month’s worth of transactions. Tracking credit cards used in the business can be simple and you will remember to post the finance charges. Reconciling the credit card balance in the same way you reconcile the bank balance to the statement will ensure that all transactions are accounted for.
Formalized financial statements. A computerized accounting software program can provide profit and loss statements and balance sheets that are necessary to evaluate your business’ progress. If you are seeking financing for your business, you must present investors with financial statements.
History of the business. There is nothing more educational and satisfying then bringing down a comparative income statement to compare your current year activity with prior year(s). A spreadsheet program can give you this as well, but the data entry is clumsy and more prone to inaccuracies. Speaking of spreadsheets, you can always dump your data from the software to your spreadsheet program in the event you want to play with the numbers and do projections.
Customer history and aging. Using a software’s invoicing feature allows you to track your customers’ purchasing history and payment habits. Aging reports can be generated to facilitate collection efforts. In fact, you can note collection attempts in a special “Notes” box on the customer profile screen.
Vendor history and aging. Rather than simply cutting checks when bills are due, you can use the accounts payable system to track bills as they arrive and plan for cash flow. Using software will also provide you with reports for each vendor. It makes it easy to locate prior payments and invoices.

Source: 7 Reasons Your Small Business Should Use Accounting Software | Fox Small Business Center

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[allen_stewart]

Accounting software excels at analyzing your business practices and letting you quickly identify how money flows through your operation. When an application manages all your financial transactions, it has extensive data at its disposal to generate various reports. You can quickly see how your revenue is divided among different operating costs. You can calculate your bottom line more efficiently and track which parts of the country generate the most interest from customers.
The reporting options in a online bookkeeping services are virtually unlimited depending, on the type of software you use and the information you provide it. You will have all the data you need to run your business at your fingertips.

[Chrisbooker]

Business owners still using excels to this moment which is absolutely crazy I can't imagine using excel with all the software out plus resources like accounting business.

[officialakounto]

The benefits of having an online accounting software to manage finances and track your operations are numerous. Not only does it help account revenue, expenses etc., but also helps in generating accurate financial statements that can be used by prospective investors or lenders alike when making decisions about whether a startup is viable enough - or not

The top 3 most compelling reasons why accounting software could become essential for any business:

• Improved Accounting Accuracy
• Improves speed of Completion
• Reduced Overall Costs
• Provides Accurate Reports
• Saves time
• Instantly generates key financial reports
• Syncs all your financial data
• Promotes data accuracy
• Produces professional-looking financial statements
• Simplifies payroll
• Gives detailed insights
• Streamlines tax filing

Some best online accounting software:

• Invoicera
• Akounto
• QuickBooks Online
• Xero
• FreshBooks
• Wave

[sugipriharto]

You can use free accounting software like a Kledo.. You can check the full features through this page https://kledo.com/software-akuntansi-gratis/
Kledo is a free accounting software suitable for all types of businesses

[WillOnskel]

How are different industries using machine learning in the workings?

[jonny7]

Hello. Machine learning has many applications. So it really depends on what you call "interesting", which is subjective. Since different people have different interests, and since I have no idea what you are interested in, I will just list some typical applications.
One of the main use cases for machine learning in banking or finance is https://www.eliftech.com/insights/ml...dmap-eliftech/ . Machine learning is best for this use case because it can scan huge amounts of transactional data and determine if there is any unusual behavior.