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Modern Accounting Tools and Techniques for Small Businesses

Accounting tasks used to be so time-consuming and complex. But with the help of modern tools and techniques, small businesses can now complete accounting activities quickly and without much difficulty. Increase productivity, generate more accurate reports and enhance data analysis of your small business today with these modern business solutions.

Modern Accounting Tools and Techniques for Small Businesses

Spreadsheets

The spreadsheet is one of the most common and essential tools in both business and accounting. Spreadsheets help organize and categorize data into a logical format. It can also serve as storage for the customer, supplier, and product data, which may then be exported for use in other tools. Its built-in formula and functions make calculations quick and accurate.

This tool is also helpful in budgeting, forecasting, and taxation tasks. If decision-makers require more visual reports, users can create customizable graphs and dashboards and tailor them to the desired presentation. Functions like conditional formatting, pivot tables, VLOOKUP, and hyperlinks helps users complete various processes without much effort.

Invoicing Software

Invoicing software allows small enterprises to keep track of sold products and services and their corresponding values. On the customers’ end, they receive invoices digitally along with the relevant details of availed goods or services.

With invoice maker software, the billing task is automated, thereby reducing time and effort. This translates into higher productivity and cost savings. Meanwhile, it lessens the risk of error, redundancy, and omission.

Another advantage of invoicing software is that it keeps track of the customer payment status. This allows the company to see overdue invoices and follow them up promptly. Some invoicing software allows linking to the company bank account, automatically updating records when payments are made via banks or other facilities.

Financial Calendar

Handling a business entails a lot of work. Fortunately, business owners can now better track meetings, billing due dates, tax filing, and other important activities using a financial calendar. Having a financial calendar is also helpful in estimating how much money moves in the business every period, then comparing and verifying this information with the budget and cash flows report.

Modern financial calendars today are connected to the cloud, which means entrepreneurs can update or look them up anytime using mobile phones. They can also set up notifications or alarms to avoid delays in payments to loans, invoices, and taxes, saving costs on interests or penalties.

Invoicing Software

Accounting Software

Accounting software assists small businesses owners in completing accounting tasks. It simplifies the bookkeeping processes and reports generation, especially for those who only possess basic accounting knowledge.

The best feature some of the modern accounting tools offers is cloud connectivity. Online bookkeeping allows users to access company books even outside the business premises. It also has multiple users feature that gives authorized individuals access to view and update records without data redundancy. Additionally, the cloud capability also gives entrepreneurs more power and resources via add-ons and integrations.

Simplify Accounting Activities With KIPPIN

KIPPIN, from the phrase “Keeping it simple”, aims to make people’s lives easier by providing simple solutions to business tasks. Our products – accounting software, invoice tool, and merchant application – provide small and medium businesses automated capabilities for a more efficient and time-saving operation. With our tools, entrepreneurs employ the best bookkeeping and retail practices without them being complicated and stressful.

Experience KIPPIN’s easy-to-navigate interface by registering an account. Or you may contact us today at 1-905-581-9362 or [email protected] to learn more about our products and services.

References:

https://smallbusiness.chron.com/accounting-tools-business-460.html

https://smallbusiness.chron.com/purpose-using-spreadsheet-54262.html