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Thursday, December 5, 2013

Could using the right accounting software actually save you money?

By Kate Supino
The right accounting software can actually save you money when you take full advantage of certain integrated features. Explore the following list of what the best bookkeeping software has to offer your business.

Income and expense graphs

Keep your finger on the pulse of your business with visual aids like an income and expense graph. Quickly see how much revenue the company is bringing in during any customized time period using pre-filled pie charts or bar graphs. Review company assets, liabilities, and net worth in an instant by running a net worth graph report.

These quality graphs are useful for inclusion in board of directors' financial packets, bank loan applications, and angel investment reports as a way for third parties to gain, at a glance, an overview of the company's financial health.
Lower business costs by properly using accounting software

Accounting software gives you the tools to investigate all the details of your company's transactions.

Payroll services

Bookkeeping software like QuickBooks offer advanced payroll services that automate most of the tasks associated with paying your employees. For a small additional fee, accounting software allows you or your bookkeeper to easily generate paychecks, manage individual employee deductions, and calculate local, state, and federal payroll taxes. You can even offer an automatic deposit option to your employees.

Federal 941s and 940s are generated automatically and ready to be reviewed, edited if necessary, and submitted electronically, all through accounting software. This not only saves time, but it eliminates much of the chances for human error, which can lead to substantial fines.

Discount purchasing programs

In versions 2013 and above, QuickBooks offers discount purchasing programs. Called EasySaver, this is an opt-in feature that utilizes the power of all registered QuickBooks users to negotiate prices on supplies and equipment companies use most.

This feature, which is accessed from the Company Preferences tab, allows even small businesses to realize discounts in stores such as Staples and OfficeMax. EasySaver also keeps track of your company's past purchases, so you can compare prices and quickly reorder items your company frequently uses. EasySaver can be compared to a buying club. The cost savings are real and measurable.
Speed up bookkeeping using merchant services
Save yourself a ton of headaches by investing in quality accounting software.

Merchant services

Merchant services allow you to accept credit cards from your customers for products sold or services rendered. You can get paid faster when your customers use a credit card to complete their payment, versus waiting for the proverbial check to arrive in the mail. Cleared funds are automatically deposited into your company's checking account, eliminating the need for your bookkeeper to make multiple bank runs to deposit physical checks.

This feature can save you from possible overdraft fees, as well as making it less likely that a customer can claim they can't pay you for the service you provided.

Finding the right accounting software for your business is important for making sure it is saving you money rather than making things harder for you. Some of the features you should look for in accounting software are payroll services, customizable reports, the ability to view report results in different formats, and the availability of customer support.

Tip: Before investing in any accounting software, find out if there is a free trial available. Also, carefully review their return policy in case you find it doesn't suit your needs.

About the author: Kate Supino is a professional freelance writer and small business owner who writes extensively about best business practices.

Images: Author owned and licensed


  1. As a micro or small business owner, you must know that your accounting needs are different compared to your larger counterparts.There’s a vast difference between the needs of a medium-sized enterprise and that of a micro enterprise. Your software should be different too. If you only need a specific solution, look for a program designed for that singular task, such as payroll, check-writing, credit card processing, or CRM. Always get the Best Small Business Accounting Software to save your time and to maintain your business accounts with our online accounting software solutions.

  2. You really make it appear so easy together with your presentation however I in finding this topic to be actually one thing which I feel I might never understand. It kind of feels too complex and very huge for me. I'm taking a look forward for your next submit, I will attempt to get the cling of it!