Codestone

Category: Accounting & Financial Software

Users of accounting software have been advised to consider implementing a monthly financial reporting system in order to bolster the success of their companies.

Business and accountancy expert Nick Roberts told Business Blogs that monthly financial statements are not commonly used due to the misconception they are costly, complex or unnecessary to implement.

He refuted this perception, stating that the widespread availability of powerful accounting software has made monthly reporting much simpler.

Mr Roberts highlighted figures from a recent Australian study showing that firms which report their finances more frequently are more likely to survive, adding that there is "no excuse" not to adopt monthly reports.

"If there was a book of rules about how to run a successful business ... they would feature well up the list of key essentials," the expert said.

Earlier this month, Julian Smith of corporate technology firm MYOB told Dynamic Business that accounting software can make it easier for start-up companies to get off the ground.

Posted by Lara Ward