{"id":2607,"date":"2023-11-06T09:15:22","date_gmt":"2023-11-05T20:15:22","guid":{"rendered":"https:\/\/marketingwebsite.afirmo.com\/nz\/?p=2607"},"modified":"2023-11-24T13:30:14","modified_gmt":"2023-11-24T00:30:14","slug":"why-every-small-business-owner-needs-accounting-software","status":"publish","type":"post","link":"https:\/\/www.afirmo.com\/nz\/resources\/why-every-small-business-owner-needs-accounting-software\/","title":{"rendered":"Why every small business owner needs accounting software"},"content":{"rendered":"<h3>What is accounting software?<\/h3>\n<p>Accounting software is a digital tool that helps businesses manage their financial transactions and records. It is designed to automate bookkeeping, tax, invoicing, inventory management, financial reporting, and other important financial tasks.<\/p>\n<p>Accounting software can also generate management accounts, financial statements, and GST returns, which are essential for business compliance and decision-making.<\/p>\n<p>The main modules of accounting software generally include:<\/p>\n<ul>\n<li><strong>General ledger<\/strong> \u2013 where all the data is stored against categories relating to revenue, expenses, assets and liabilities.<\/li>\n<li><strong>Sales ledger<\/strong> \u2013 keeps track of sales invoices and receipts made against them.<\/li>\n<li><strong>Purchase ledger<\/strong> \u2013 keeps track of purchase invoices and payments made against them.<\/li>\n<li><strong>Fixed asset register<\/strong> \u2013 keeps track of all assets and depreciation charges.<\/li>\n<li><strong>GST return <\/strong>\u2013 calculates your business\u2019s GST liability based on the data from the above modules.<\/li>\n<\/ul>\n<h3>What to look out for when choosing accounting software:<\/h3>\n<p>When choosing accounting software, it is important to consider the following factors:<\/p>\n<ol>\n<li><strong>Functionality<\/strong> \u2013 Look for software that provides features that are specific to your business needs. It needs to do the job, regardless of what the marketing campaigns may suggest!<\/li>\n<li><strong>User Interface<\/strong> \u2013 The software should be easy to use and navigate, ensuring that important financial transactions are not lost in translation.<\/li>\n<li><strong>Compatibility<\/strong> \u2013 Ensure that the software is compatible with your business systems and other business tools.<\/li>\n<li><strong>Security<\/strong> \u2013 The software must be secure to ensure the protection of confidential financial records. This can normally be guaranteed with reputable software providers.<\/li>\n<\/ol>\n<h3>How accounting software helps small businesses:<\/h3>\n<p>Accounting software helps small businesses in several ways:<\/p>\n<ol>\n<li><strong>Saves time<\/strong> \u2013 The software automation can reduce the time spent on manual bookkeeping and repetitive financial tasks such as invoicing and processing expense claims.<\/li>\n<li><strong>Accurate financial records<\/strong> \u2013 Automation reduces the likelihood of error and ensures that financial records are accurate and up to date.<\/li>\n<li><strong>Better decision making<\/strong> \u2013 The software\u2019s financial reporting functions can provide insights into business performance, identifying areas where resources should be invested or cut off.<\/li>\n<\/ol>\n<h3>What does accounting software cost?<\/h3>\n<p>The cost of accounting software varies depending on the features, the size and complexity of the business, and the desired functionality \u2013 and the software provider. Typically, accounting software providers require a monthly or annual subscription fee. Generally, accounting software costs range from $20 to $500 per month, depending on the features required and the size of your business.<\/p>\n<h3>Why you should choose Afirmo as your accounting software platform:<\/h3>\n<p>Afirmo is a cloud-based accounting software designed specifically for small to medium sized sole traders, partnerships and limited liability companies. It offers a comprehensive suite of features that include sales quotes and invoices, expense tracking, fixed assets, bank reconciliations and financial reporting.<\/p>\n<p>Afirmo also includes software to help you set up your business and automatically calculates your GST (if any) and income tax calculations. This is unique to Afirmo and will save your business money in accounting fees.<\/p>\n<p>Afirmo offers secure transaction processing, clear data management, and very competitive pricing. The Afirmo interface is easy for small business owners to navigate and can be accessed from any device.<\/p>\n<p>Most importantly, Afirmo takes care of the financial needs of your business and offers you the flexibility to choose the features that are specific to your business requirements.<\/p>\n<h3>Conclusion:<\/h3>\n<p>Accounting software is an essential tool for small business owners who want to automate financial management tasks and reduce the time spent on bookkeeping.<\/p>\n<p>When choosing the right software, it is important to consider functionality, compatibility, user interface, security and price. Afirmo offers a comprehensive suite of features that are designed to meet the needs of small businesses.<\/p>\n<p>It is designed to be made easy to use for all people, regardless of technical and financial skills. It also offers many other features that most other accounting tools don\u2019t have including an income tax calculation tool, that shows you what your income tax liability is, based on your sales, expense and bank data.<\/p>\n<h3>More on Small Business Accounting<\/h3>\n<ul>\n<li><a class=\"row-title\" href=\"https:\/\/www.afirmo.com\/nz\/resources\/your-guide-to-small-business-accounting-in-new-zealand\/\" aria-label=\"\u201cYour Guide to Small Business Accounting in New Zealand\u201d (Edit)\">Your Guide to Small Business Accounting in New Zealand<\/a><\/li>\n<li><a class=\"row-title\" href=\"https:\/\/www.afirmo.com\/nz\/resources\/setting-up-your-small-business-accounting-system\/\" aria-label=\"\u201cSetting up your Small Business Accounting System\u201d (Edit)\">Setting up your Small Business Accounting System<\/a><\/li>\n<li><a class=\"row-title\" href=\"https:\/\/www.afirmo.com\/nz\/resources\/essential-accounting-tasks-for-new-zealand-small-businesses\/\" aria-label=\"\u201cEssential Accounting Tasks for New Zealand Small Businesses\u201d (Edit)\">Essential Accounting Tasks for New Zealand Small Businesses<\/a><\/li>\n<li><a class=\"row-title\" href=\"https:\/\/www.afirmo.com\/nz\/resources\/types-of-financial-statements\/\" aria-label=\"\u201cTypes of Financial Statements\u201d (Edit)\">Types of Financial Statements<\/a><\/li>\n<li><a class=\"row-title\" href=\"https:\/\/www.afirmo.com\/nz\/resources\/why-every-small-business-owner-needs-accounting-software\/\" aria-label=\"\u201cWhy every small business owner needs accounting software\u201d (Edit)\">Why every small business owner needs accounting software<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>What is accounting software? Accounting software is a digital tool<\/p>\n","protected":false},"author":3,"featured_media":1909,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[7],"tags":[],"class_list":["post-2607","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-money-and-tax"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.1.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Why every small business owner needs accounting software | Afirmo NZ<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/marketingwebsite.afirmo.com\/nz\/resources\/why-every-small-business-owner-needs-accounting-software\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why every small business owner needs accounting software | Afirmo NZ\" \/>\n<meta property=\"og:description\" content=\"What is accounting software? 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