The importance of investing in an accounting software for small businesses

The onset of COVID-19 pandemic has changed how the world functions. It has brought on uncertainties to businesses across the world, especially to small businesses. Business owners are now adopting new ways to thrive in the pandemic and have started to invest heavily in technologies. Since finance is the backbone of every business, the need to access accurate and timely information to take decisions to manage financial affairs of the business remotely is rising.

Keeping a company’s finances in order is the only way to track growth, manage cash flow, and avoid going into the red. Small businesses and established companies needs an accounting software that will enable them to manage their business’s financial transactions that offers them with real-time data and accessibility.

An accounting software like TaMIS Financials is the solution that can help small businesses in this post-COVID world. TaMIS Financials can help companies to use the resources in their accounting departments efficiently and can reduce costly bookkeeping mistakes, delivering precise financial information on time, every time.

Even if your business already has an accountant, an accounting software can help in many ways. Accuracy is crucial to being able to see and understand cash flow, expenses and revenues of businesses. An accounting software should not replace an accountant, but it can streamline an entire operation, and make the accountant’s job much easier by helping ensure they get the right numbers and data they need.

For small-business owners who need to stay organized, an accounting software like TaMIS Financials offers a lot. TaMIS Financials simplifies data entry, organizes vital information, provides reports, and allows accountants more access to important financial information about many aspects of the business. Here are some more reasons why you should incorporate TaMIS Financials to your business.

• Accurate data

The fast data processing available with TaMIS Financials makes crunching numbers a quick, easy task for small businesses, and removes the risk of human error. Assuming the data entry into the accounting software is correct, all extrapolated data will also be correct. This means that human calculations and manual data entry can be bypassed in favour of faster, more accurate computation.

• Data export

TaMIS Financials can smoothly and effortlessly generate spreadsheets, PDF files, CSVs and other file formats that an accountant may need. In many cases, a simple click on a drop-down menu allows to export, save, and print data in an easy-to-understand format.

• Data security

TaMIS Financials is a high-quality business accounting software that has impeccable security, protecting private financial information for the companies whose data it handles. Access can be configured to only allow access to people within the accounting department, or access from specific authorised devices. Limited access can be granted to departments to input their data, but all other information already in the system can be kept siloed.

• Report generation 

Reports that are generated by TaMIS Financials can be used for invoicing, auditing expenses, tax calculations, employee payroll, MRA returns, social benefits and more. Small businesses can use this organised financial information to plan ahead for lean times and anticipate regular hills and valleys that may be tied to seasonal demand.

• Accountant satisfaction

TaMIS Financials provides the possibility of bookkeeping all expenses and transactions within the company.  Balance sheet will always be pristine, with everything from payroll services data to credit card payments. With up-to-date financial data’s, an accountant will work with confidence with the business accounts.

• Simplifies Tax Compliance

Besides showing how much tax is payable on particular invoices, TaMIS Financials also allows to prepare reports showing tax returns a business has paid over a certain time period, making it easier to gather the data needed to complete and file required government tax forms.

The impact of COVID-19 has left many small businesses struggling to stay afloat. As a result, many of them are moving to cloud to cut costs and improve efficiency.  We are expert in helping small and medium –sized businesses apply the power of cloud technology to take their business further. Our solution, TaMIS Financials, can help your business automate and simplify bookkeeping.

TaMIS Financials is a full featured business management solution that helps businesses to record all the business transactions in one system. TaMIS Financials can serve as the backbone of a business to add strength, transparency and control to a growing business. Feel free to contact us for further information.

 

SIL is the leading eGovernment and enterprise IT solutions provider in Mauritius and the African region with 250+ projects in ERP, HCM, DMS, Security, Data Centre and Managed Services projects delivered to date. To learn more, contact us on [email protected] or give us a call on +230 2078000.