Codestone

Category: Accounting & Financial Software

Accounting software has been highlighted as a key investment for small business owners that are looking to make it easier to manage their finances.

US accountancy expert Mark Kohler told Entrepreneur magazine that purchasing the right financial software is one of the basic steps firms can take to avoid bookkeeping becoming a "burdensome task".

After investing in the technology, he noted that it is essential to gain expertise in creating reports, inputting transactions and reconciling bank accounts, or to hire a professional capable of doing so.

Mr Kohler also highlighted the importance of adopting a paperless approach to finance management, as storing tax documents and receipts for long periods of time can be a troublesome process.

He advised that vital paperwork should be scanned and stored electronically, possibly in an off-site or online location to maximise data security.

Last month, Matthew Liao-Troth of the J Whitney Bunting College of Business at Georgia College & State University told the Macon Telegraph that companies can use the reports generated by accounting software to understand at a glance what state their business is in.

Posted by Jack Gilbert