How Accounting Software Can Save You Money

Posted by, Guest Post

Even if you consider yourself organized and efficient, chances are accounting software can help your business save money. Today’s financial software for businesses is cloud computing-friendly, relatively inexpensive and incredibly comprehensive.

Bespoke accounting software is available for various types of business. Industry-specific applications make business accounting a snap. No matter what your area of business, business financial software can help you get a better grasp on different aspects of your business.

Filling those knowledge gaps can help you discover — and remedy — accounting inefficiencies and spending leaks. One way in which accounting software boosts efficiency is by tracking expenditures. You may find many money-saving opportunities once you track every penny that leaves your business’s coffers.

Business performance tracking may be a less obvious financial benefit, but an equally essential one. Customer retention and other key performance indicators can provide a much-needed reality check. Additionally, the forecasting features included in most accounting software give you a big-picture idea of where your business is, allowing for better planning.

Accounting software also streamlines your business by automating many financial functions. The result is less paperwork, time and manpower, giving you more time to focus on operating your business. Most accounting software has built-in safeguards and automated processes. These features protect your business from the accounting errors that are inevitable in human calculations.

The autonomy provided by accounting software obviates the need to hire a full-time accountant. It even helps simplify tax time by helping you stay abreast of your business’s finances all year round. You’ll likely receive a smaller bill from your tax preparer because you’ve done some of the legwork yourself.

Web-based software programmes allow you to conduct accounting transactions from home or elsewhere, enabling you to spend otherwise-wasted time on financial transactions. Suddenly, your bus or train commute, a long wait at the doctor’s office or a night alone at home becomes an opportunity to get ahead on your business accounting.

Software for business accounting can save you money in another way — most programmes allow you to send invoices by email. You’ll save money on postage, as well as time and fuel costs normally spent on monthly post office visits.

At a time when many businesses are struggling, financial software helps to even the playing field. No matter how small your business, accounting software empowers you and your employees while helping you save money.

Rational Financial Behavior
The Dollar Stretcher Blog
by Gary Foreman
gary @stretcher.com

We all like to think that we’re rational human beings. That our decisions are based on facts and logic. After all, that’s what intelligent people do. At least that’s what we think they do.

It turns out that there’s a pretty healthy controversy about that. For years, economists at the Univ. of Chicago have promoted the view that people consider all the relevant facts and then make decisions based on what serves them best. They’ve even reduced many decisions to mathematical formulas.

Other economists say that humans can’t possibly include all the relevant information in their decisions. There’s just too much data for any person to rationally evaluate.

I think that both schools may be partially right. Let me relate a recent personal shopping experience to illustrate. I was in the market for a TV. Spent part of an afternoon researching the different models and pricing available. Used both newspaper ads and online tools. Then I headed out to two local retailers to see what I could find. With a little negotiation I got what I felt was a pretty good deal with the second local store.

Was it the absolute best (i.e. most rational) choice for me? Hard to say. It is possible that there was a cheaper price or more full featured model available somewhere. But spending more time and energy searching for it didn’t seem worth the effort.

Read the rest of this entry

The Wrong Currency
The Dollar Stretcher Blog
by Gary Foreman
gary @stretcher.com

I don’t get to travel much. Or, more correctly, I’m not that fond of travel. In either case only a couple of times in my life have I been outside of the U.S. So I’m not an expert at currency exchanges. But I do know that having the correct currency is essential if you’re going to complete a transaction successfully.

For instance, years ago my wife and I visited Mexico. Some places would allow you to make purchases in dollars. But, many required pesos. In those places you couldn’t use your dollars to make a purchase.

I remembered that the other day. It occurred to me that there are times in our financial lives that we try to use the wrong currency and we can’t complete our transaction. Read the rest of this entry