As your business expands, your financial data grows more complicated. Handling business accounts in spreadsheets becomes confusing, time-consuming, and susceptible to errors. Growing business creates a need for a scalable accounting solution. To adapt to complex financial data, business owners have to think beyond spreadsheet accounting. The solution is accounting software.
Benefits of deltek accounting software
Most accounting software can level to a business’s size and complexity. Add-ons and modules offer additional features and functions based on a company’s requirements. Most deliver similar advantages that help businesses automate, digitize, increase accuracy, streamline, and improve their accounting and financial processes. Following are some of the main advantages of today’s popular accounting software.
- Up-to-the-minute information access: Data is not worth much unless key employees can view accurate, up-to-date information and quickly make decisions for forecasting, planning, and achieving objectives. Transactional businesses benefit by accessing information on the payment method, time, and location of specific product sales. On a more basic level, management and other team members can quickly access up-to-date profits, revenues, assets, and inventory. They can also easily compare data to other time periods.
- Security and continuity: Accounting software utilizes encryption and other layers of security to guard data and validate users. This is particularly important for cloud-based software, where the data lives on a remote server; vital information is also guarded in case of a lost or stolen mobile device or the event of a fire or other disaster. And small businesses can get the same level of security as larger companies.
- Saves time with automation: Any good deltek project management accounting software can automate invoicing by delivering invoice and payment reminders that comprise links for the appropriate online payment methods. Automation can also help accounts payable, by scheduling bank payments and direct deposits; and tax payments, by entering data into the most common tax forms and electronically filing them with the payroll by calculating hours and taxes, processing wages, and paying payroll taxes. This elimination of manual processes saves time and enhances accounting accuracy. And when errors do crop up, accounting software can send a notification and emphasize the error. All of this frees up accounting and financial teams to focus their efforts on higher-value errands.
- It instantaneously generates key financial reports.
No more waiting while your administrative assistant puts together your monthly reports: Accounting software platforms have inbuilt reports that are automatically updated. With the click of a button, you can download your Income Statement, Cash Flow Statement, and Balance Sheet, showing key insights like income and expenses for the month, quarter, or year. If you have more specific reporting requirements, you can usually customize reports by filtering the data or adding extra detail and save these reports to run again in the future.
- It endorses data accuracy.
With accounting software, you do not have to manually update multiple cells in multiple sheets if you make a change to your records. Rather, your financial statements and reports will be automatically updated to reflect any changes you make, helping you keep your data free of errors.
If your chart of accounts is set up correctly, you can use accounting software to track your transactions by projects, departments, classes, or locations. This offers you a clear picture of what your income is attributable to and your areas of expense, assisting you generate more specific reports and make tactical decisions.
Before selecting deltek accounting software for your business, calculate the company’s growth path and ensure the software can scale and make any required adjustments to the company’s future direction. If you plan to add a subscription-based model, for instance, search for software with real-time invoices, recurring billing, and inventory management features. Other modules can deal with complex business and financial requirements, resource management, multiple currencies, financial planning, shipping, and automatic updates for dynamic tax regulations. Such advanced features frequently can be scaled back or removed when needed.
