I have been using Excel to manage my accounts to date. What are the benefits of moving to a professional accounting software package?
If you’re a teeny tiny start-up business of one or two people, Excel may be a useful way of keeping track of your money, but don’t ever mistake it for an account management tool.
The scary fact is that about 80% of start-up businesses fail in their first two years, many as a result of poor processes and a lack of planning and information. Professional accounting software provides all that.
If you want to grow your business, it’s critical that you manage your finances in an ordered manner on reputable software that is used and recommended by your accountant or bookkeeper. Also, many banks will not grant SMEs finance unless they have sound financial systems in place and can produce proper records.
If you want accurate reporting, software that your accountant uses, access to lending and, ultimately, if you want to attract shareholders, you need to invest in a reputable accounting software package.