Your accounting team, arguably, is the most important part of your entire HR department. Consider, as The Houston Chronicle writes, great accounting is crucial for determining profitability, budgeting business expenses, and being able to forecast where your business is headed in the future. Of course, your accounting team also makes sure that your employees get paid on time, thereby ensuring they’re kept happy.
Given the importance of accounting, it’s no wonder that it can be a truly time-consuming process. Further, if not handled with care, small mistakes in your payroll system can mean millions in losses. For the sake of saving time, reducing human error, and much, much more, many businesses find themselves turning to online business accounting software.
What is Online Business Accounting Software?
Online business accounting software is a type of employee resource planning software, or ERP software for short. In 2012, businesses spent $45.5 billion on ERP solutions in order to help keep their businesses on track financially and clerically. In fact, one out of every 10 dollars spent on business software in the U.S. is spent on ERP software. HR software, specifically that for accounting, is one of the most popular types.
Why is Online Business Accounting Software So Popular?
- Automatic Systems Mean Less Human Error
- More Focus on the Rest of Your Business
- Fast Reduction of Personnel Costs
As suggested by the software professionals at Business-Software.com, online business accounting software is increasingly popular because it takes so much of the menial labor out of effective accounting, thereby reducing the amount of human error going into any payroll system. Consider, in 2009, according to AZCentral.com, a small accounting error cost an Arizona-based business $70 million. With built-in data checking and automated calculation systems, online business accounting software helps to ensure similar mistakes don’t happen to others.
Of course, semi-automated account software frees up a lot of time for your HR team. As The Houston Chronicle points out, that extra time can be put to use in financial planning for your company, market research efforts, and the creation of a sensible investment portfolio. In other words, online business accounting software takes your accounting team from a single function unit to a productive, multi-tasking department.
By freeing up time and increasing employee productivity, it’s only natural that online business accounting software will lead to parts of your human resources team being redundant. After all, there is only so much work to go around, especially once you streamline your business with this powerful accounting technology. Though it may seem cold-hearted, you need to keep in mind that for every accountant you’re able to cut by using this software, you can save your business $53,000 a year, according to AccountingWeb.com.
As you can see, using online business accounting software only leads to a more productive, more cost-effective business. If you’re tired of costly accounting mistakes, overworked but under-productive employees, and high personnel costs, there are few better ways to remedy your problems than with this software. Read more.