Did you know that you can save time and work more efficiently while tracking expenses, issuing invoices, and managing budgets by using cloud-based financial management software? These powerful tools are extremely helpful for small business owners, as they automate many time-consuming accounting tasks. There are at least four ways you can save time by using accounting software tools.
Accounting Software Tools for Easy Invoicing
No matter if you’re a small business owner or sole trader, you should make invoicing a top priority. When using software with invoice functionality, you may enjoy benefits such as:
- On-time, prompt payments
- Easy invoice tracking
- The ability to send payment reminders
- Automatic invoice sending, either individually or in batches
Some software sends out reminders and lets you add customized discounts and promotions to enhance customer loyalty. If you choose a cloud-based accounting solution, you’re able to use it on any device, wherever your busy schedule takes you. In today’s fast-paced world, this is an incredibly useful feature. There are many other benefits of cloud-based accounting, including superior cost savings and enhanced work efficiency.
Automated Accounting Software Makes Payroll Easy
An intuitive, simple, intelligent automated payroll process can help streamline staff payment and make both you and your employees happy. A financial management tool such as QuickBooks Payroll runs payroll, calculates taxes, and helps you complete an entire payroll batch in as little as five minutes. It also has the ability to integrate with QuickBooks Online for a more holistic accounting solution, which ensures you’re better prepared when tax time rolls around.
Manage Inventory With Bookkeeping Software
For retail businesses, it’s essential to effectively track, manage, and review your stock. Inventory management software can create and scan product barcodes, which simplifies the process and offers superior accuracy. These tools can track every invoice, sales order, and purchase order you create. This lets you easily see how many items are on hand and in the sales pipeline. By managing all inventory tasks within one software system, you’re able to save time. No matter which inventory software you choose, there are a few ways to help ensure successful inventory management. These include:
- Look into the first in, first out (FIFO) system of inventory management.
- Mark high-, medium-, and low-value goods for easier prioritization.
- Consistently audit your inventory to avoid discrepancies.
Time Accounting Software for Customer Relationship Management
By integrating a customer relationship management (CRM) system, you can free up more time to focus on building your business. If your business is juggling numerous client accounts, you want an easy method to keep track of communication. Automating CRM processes using sales lead management software can help you pounce on leads and opportunities quickly and accurately from one centralized location. It can also greatly improve customer satisfaction.
Many CRM tools allow you to set up alerts, reminders, and notifications for assigned tasks or approaching deadlines. Automating your CRM processes using a mobile-based solution encourages better collaboration in real-time, as you can track and update sales and opportunities while you’re on the go. By taking advantage of the wide range of time-saving management software, you can have more time to focus on business strategy, growth opportunities, and client relations.
There are many ways to save money during tax time, but it can be hard to keep up with the year-to-year changes. QuickBooks Online can help you maximize your tax deductions. Keep more of what you earn today.