Are you an entrepreneur, self-employed worker or accountant for a small business? Choosing the right accounting software can have a major impact on business organization and productivity.
Start by analyzing your company’s needs. What is your preferred language? Would you rather have online or desktop software? Do you need your program to include a payroll or timesheet service? Do you prefer simplicity or having a variety of options? The experts at T2inc have created a comprehensive guide to accounting software to help you make your choice.
- 1. Accounting software to increase productivity
- 2. Accounting software for better business strategies
- 2.1 Accounting software as a business strategy to increase employee productivity
- 2.2 Better cash flow management: a benefit of accounting software
- 2.3 Accounting software to help you manage your inventory
- 2.4 Filing more accurate tax returns with accounting software
- 2.5 Making the most of your tax deductions: a winning business strategy
- 3. Accounting software: online or offline?
- 4. T2Inc: online accounting software that suits your needs!
Accounting software to increase productivity
An entrepreneur’s many responsibilities include administrative tasks that they may not be familiar with, such as business accounting. Fortunately, accounting software has been developed to make life easier for entrepreneurs who want to focus on the part of the business that interests them.
Discover the advantages of accounting software and find out why you should use it for your business!
Accounting software: saving entrepreneurs time
Accounting software provides access to accounting and taxation knowledge that entrepreneurs often lack. It can also save your company time and money, which is a significant advantage. This type of software has accounting and tax return models that simplify the two tasks considerably. They put an end to the long searches for various tax form templates and questionable accounting advice.
Since accounting software offers solutions that are adapted to businesses and their needs, entrepreneurs can save a lot of time and dedicate themselves instead to the part of the business they feel passionate about.
Easier access to expertise: the added value of accounting software
In addition to its ease of use, accounting software is created by skilled accounting and tax specialists who put their expertise at the disposal of those who struggle to file their business tax returns. These software solutions often include easy, fast access to specialists who are more readily available than a traditional accounting firm. This saves time and improves productivity for busy entrepreneurs, as well as almost or completely eliminating the fees charged by traditional firms.
While accounting software may not always have all the solutions, one of its main advantages is that it decreases the margin of error. With automated solutions, entrepreneurs are less likely to make mistakes in their tax returns, reducing the likelihood of problems that could waste time and money.
While accounting software can be used to decrease the margin of error, a business can always benefit from having the support of an experienced accountant. T2inc.ca provides both online accounting software and access to professionals who specialize in accounting for small businesses. This is particularly useful because most accounting software is geared towards large corporations and is ill-suited for SMEs.
Accounting software: a tool to support your business as it evolves
A long-term advantage of acquiring accounting software is the fact that it can monitor the company’s evolution. The software offers management models that allow companies to adapt their accounting solution to suit the size, activities and structure of the business.
Accounting software is a solution that can help small businesses reduce the risk of making mistakes and the amount of time they have to spend filing their taxes. The tool can be used to increase a company’s productivity, regardless of its size or sector of activity!
Tax software to reduce the risk of calculation errors
As an entrepreneur, it is your responsibility to ensure that all relevant information about your small business is entered accurately on each form. When you file your own tax returns, you run the risk of making mistakes and entering incorrect information without realizing it. Furthermore, you may calculate credits incorrectly and forget tax deductions and other amounts that need to be accurate.
With online tax and accounting software for business, all of the necessary calculations are performed automatically and the forms are filled out with your verified personal information. This avoids as many errors as possible and should ensure the accuracy of your T2 and CO-17 tax returns.
Accounting software for better business strategies
As an entrepreneur, constantly striving to increase your company’s revenue is one of your main concerns. To that end, you’ll need to develop a solid business strategy, and accounting software can help. The software is much more than just a simple tool to help you manage day-to-day operations. Find out how it can help you increase your business revenue!
Accounting software as a business strategy to increase employee productivity
Managing a company’s finances is very demanding. It is a painstaking, time-consuming process that requires specific expertise. Using accounting software minimizes the burden on your company’s financial management staff. By automating repetitive and routine manual tasks, accounting software frees up staff to focus on more profit-driven activities.
In business, time is a precious resource. Therefore, it makes sense for entrepreneurs to try to minimize the amount of time they need to spend filing tax returns.
By using a software solution, you can calculate credits and deductions much more efficiently and save a lot of time. Furthermore, if you use the same software year after year, it will remember your information and you won’t need to fill it out every time.
Better cash flow management: a benefit of accounting software
How much money has your company made today? Good accounting software will be able to tell you in real time. The most profitable companies are often those that automate their cash flow.
Accounting tools give you quick and efficient access to your financial reports. With this information in hand, you can make more informed decisions that better align your activities with your business strategies.
Accounting software to help you manage your inventory
Your inventory is one of your most valuable assets. Neglecting its management could have a negative impact on your company’s financial health.
If you are short on inventory, your customers could decide to end your business relationship and start a partnership with another supplier. Accounting software will help you track and manage your sales over time to prevent this kind of scenario.
Filing more accurate tax returns with accounting software
Your company will inevitably have to file tax returns in the near future. Are you ready to do so?
The process is often stressful and demanding for business leadership. Accounting software improves bookkeeping, and companies that use it will find that the audits federal and provincial tax authorities subject them to are shorter and less detailed. These are significant benefits for any entrepreneur.
Making the most of your tax deductions: a winning business strategy
Businesses often mishandle the tax deductions they are entitled to. Accounting software can help you record and track your tax deductions more accurately.
Some software programs only suggest basic deductions, but the best accounting software will give you access to a much wider selection of deductions. When the time comes to file your corporate tax returns, the difference can be tremendous. Keeping good records of your deductions should be an essential part of your business strategy.
Accounting software: online or offline?
Online accounting software has been around for some time, but many people are still skeptical about the idea of putting sensitive data in the cloud. In recent years, online software has improved significantly in terms of efficiency and security, making it a viable alternative to the desktop software that was once the norm.
Here is some information that will help you choose the right accounting software for your small business.
Offline accounting software
Problems with offline accounting software
Once traditional offline accounting software has been installed, the program and the data it contains rarely stay updated for long. Furthermore, the software licenses may be limited to specific users and expensive to extend.
With software that can only be used on certain devices, data is often shared by other means such as USB keys and email, compromising the security of potentially sensitive data.
Examples of offline accounting software
The most widely used offline accounting software is called Sage. It is comprehensive and simple to use, but requires training if you want to use it yourself. QuickBooks is more complex than Sage but offers a few additional features. An online version is also available in English or French.
Acomba is used by over 40,000 small businesses. This accounting software was developed in Quebec and is particularly appreciated for its scalability and payroll and inventory management features.
Online accounting software
What is the cloud?
Most people have heard of the cloud, but few really understand it. While many believe that cloud computing is a relatively new technology, it has in fact been used for webmail and online banking applications for over 15 years.
In essence, the cloud is a part of the internet that makes data and software available online anytime, anywhere, on any device.
Why is online accounting software often a better option?
Online accounting software has many features that make it attractive to businesses.
- A multiplatform solution: Online accounting software can be used from any device with an internet connection. That means that business owners who opt for this accounting solution can manage their company’s finances anytime, anywhere, from any device.
- Optimal use of time: Being able to access your financial data easily, even while in transit, allows you to work smarter and faster. Cloud software offers a clear view of a company’s financial situation in real time so that business decisions can be made in an informed and timely manner.
- Better collaboration with partners: Many online accounting software programs offer multi-user access, meaning that you can provide internal teams and external advisors such as accountants or tax specialists with authorization to review your data, improving collaboration.
- Automatic updates: Since everything runs online, there is no need to install the software on a device. It will be updated regularly and automatically by the provider without any extra effort or cost for your business.
Examples of online accounting software
These software programs are only available online—everything is done in the cloud. That means that you can take care of your accounting anytime, anywhere, which is perfect for busy entrepreneurs who are always on the go. The online option is quickly becoming the dominant trend in the industry.
- Xero: Xero is a very comprehensive system that allows you to do almost anything. It is only available in English.
- Kashoo: This software is simple to use. It is only available in English and only one pricing plan is offered. Note that there are a few minor flaws when it comes to client invoice creation. In our view, the visual interface and user experience could stand to be reviewed.
- Sage One: This software works very well for invoicing, bank reconciliation and automatically importing bank account transactions. A French version is available.
- QuickBooks Online: The online version of the QuickBooks desktop software described above is bilingual and offers an inexpensive basic pricing plan. We noticed that it can sometimes be a bit slow to use.
- Freshbooks: Freshbooks is a system that specializes in invoices for online sales. It provides sophisticated tracking and management for accounts payable and receivable, making it a great choice for self-employed individuals.
Most of these software programs offer free trials, so to take the opportunity to test them out and determine which option suits you best.
T2Inc: online accounting software that suits your needs!
T2inc.ca is a professional accounting and tax firm located in Quebec. We specialize in Quebec taxes and corporate tax returns (T2, CO-17). Our 100% digital tax services provide small businesses in Quebec with access to an online tax solution that includes professional support.
Small businesses shouldn’t have to choose between efficient tax software and personalized advice from experienced tax specialists. That’s why our online tax solution provides the best of both worlds.
Even if you choose to do some or all of your accounting in-house, never underestimate the value of obtaining expert help when it comes to filing your company's tax returns. T2inc.ca is a great solution for busy entrepreneurs—accounting software that’s simple, easy to use and significantly increases productivity.
Last but not least, some accounting software, like T2inc.ca, offers online support that can be accessed at any time, providing entrepreneurs with much-needed flexibility and the ability to solve problems in record time. Feel free to contact our team for more information!
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