If your business regularly encounters difficulties with filing taxes or keeping track of profits and expenses, you might need some help with your accounting. The good news is that you don’t necessarily need to hire an accountant, because there are several accounting automation software options offered by us here at Webgility. By automating accounting and inventory management, you get to spend more time growing your business and performing key tasks. If you’re still on the fence, here are some obvious signs that it’s time to sort out your finances:
1. You make business choices based on your bank balance
If you lack insight from financial reports and tend to base your business decisions on how much money you have in the bank, it’s not a good path to go down. In order to make more informed choices, My Tech Decisions suggests buying accounting automation software that can produce sophisticated data reports to keep your business performance on the right track. Instead of dealing with headaches when you try to make profit and loss statements on your own, you’ll get it done for you swiftly and automatically.
2. You dread tax season
Marcus’ post on ‘Money Questions to Ask Yourself in April’ highlights two things you need to watch out for: 1) you receive a big refund, or 2) you owe a lot in back taxes, as these are obvious signs that you’re not managing your taxes correctly. Because tax season can be highly stressful, consider investing in ecommerce accounting software to get some peace of mind. It keeps all your financial information in one organized location and some systems can even automatically track and validate sales tax.
3. You have a huge pile of finance-related paperwork on your desk
If you’re usually on top of all your paperwork, except all the ones that are covered in numbers, maybe it’s time to make a change. By going paperless, “each accounting task, from purchase order processing to accounts payable and receivable management, has experienced sustainable boosts in efficiency and overall accuracy,” according to an article from Accountancy Today on digital transformations in accountancy.
4. You have a surplus of unsold stock
Due to the automation of accounting jobs in the future, it’s important to become more adept at identifying issues and opportunities that a small business owner might miss, suggests Financial Review in a feature on reinventing the role of accountants. For them, it’s important to say things like “OK, why do you have so much stock?” or “I have another client over here in a similar business that is doing it with a lot less stock than you are.” Accounting software can also help you out by identifying these choke points in your business.
5. You’re constantly trying to fix problems on QuickBooks
While QuickBooks can be a valuable cloud-based tool for many business owners, experiencing integration issues and being unsure of your financial status can rob you of a good night’s rest. If you’re a seller on Amazon, maybe investing in some Amazon accounting software is what you need, especially one that features Amazon QuickBooks integration that helps you seamlessly synchronize data between the two platforms. Alternatively, Webgility can also provide software that features Magento QuickBooks integration, to help cover all your e-commerce financial needs.
If you can relate to any of the points above, it’s finally time to start seeking some assistance with accounting, so what are you waiting for?
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Written by Ashley Harper