Accounting Software Is Important For Business!!

I don’t care if you are a Company, small business owner, part-time freelancer, a side-hustler or a blogger making RM100 or more per month – you NEED an accounting system. And no, I don’t count a pen and paper as an accounting system.

Well, what is an accounting system then? I am talking about a software tool that keeps track and manages all the ins and outs of your business. The system can also be called “bookkeeping system” or “financial management tool”. However, there are different types of accounting software for small business with different features. Owners need to choose the software that contains required features to maintain their daily records. Here’s a list of a few popular ones suitable and affordable accounting system for business owners in Malaysia.

1. SQL Accounting Software (Recommended)

2. AutoCount Accounting Software (Recommended)

3. Sage UBS Accounting Software

4. MYOB Accounting Software

So, you probably track with me on why it’s important for a Company or small business owner to keep an accounting system or “books” for their business. I’d like to present a few ways that an accounting system can help you be more successful in any business venture:

1. Provides Clarity The process of setting one up makes you realize the important financial numbers and accounts that you have associated to your business. When you set up one of these systems, you need to link your bank account and list any assets and debts your business may have. Accumulating these things in one place where you can see the numbers visually is helpful for understanding the financial strength or weakness of your business. Even if you see problems, the first step is KNOWING that there’s a problem!

2. Creates Mental and Physical Separation By setting up a system, you are taking a clear step towards thinking of your business as a separate entity. When you keep your books separate from personal finances, you are saying to yourself. “This is real. This is important. And I need to treat this with care!”

3. Saves Time It’s WAY easier to manage an accounting system than it is to keep track with paper or even a spreadsheet. I’m telling you these systems have been simplified SO much, that you will be kicking yourself for not doing it earlier. Setting up takes a little bit of effort, but it’s well worth it!

4. Saves Money You will save money by accurately capturing your business expenses. Now, if you don’t have a business bank account (Current Account), I want you to make sure you do that first. However, if you already have a business account, you still may get caught where you buy something on a personal debit or credit card. These types of transactions are still deductible for tax purposes, but if you aren’t tracking expenses in a system, you will likely miss out on that deduction because…WE ALL FORGET! It happens. A system helps you minimize that risk. The system will also allow you to easily review your expenses and see if you are spending too much in any one category. You can use prior history to develop future budgets to help you rein in spending.

5. Provides Insight When your numbers are captured into one system over time, you will be able to create accurate reports that will help you have better insight into the operations of your business. Here are some questions you might want to know the answer to as you are running your business:

i. How much money did I spend last month? Last year?

ii. How much cash do I need to have to cover monthly expenses?

iii. Has my income grown from this year compared to last year?

iv. Are there any income trends (i.e. seasonality) I need to be aware of and plan for?

v. How much did my expenses increase in proportion to my revenue growth?

These questions can all be easily answered with a few clicks when you have an accounting system in place. Doesn’t that sound empowering??

Taking control over your business finances with an accounting system will make a big difference in your business. You will be more confident in your decision making, be able to rest easier at night, and ultimately, your business has a better chance at long-term success.

What’s the next step for you?

Are you ready to gain control and clarity in your business finances? Ready to take the next step to maximize profits and make confident financial decisions? We’d love to talk with you about your financial needs and help you make a path to your goals. Let’s talk.

For further inquiry do contact or WhatsApp at 019-4776788 or email to accbiz.ams@gmail.com