Have you ever noticed how some people are great with numbers, yet others just can’t seem to get their heads around them? When you’re trying to do a few simple calculations in your head, not being too great with numbers is probably not going to be a problem.
If however, you’re looking to work out your accounts for the latest financial year, you can’t afford to make any mistakes. Even if you’re confident in your mathematical abilities, as a business owner/freelancer, you probably struggle to find the time to sit down and go through your books on a regular basis.
This is where accounting software such as SlickPie can really pay off, as the software can make life so much easier for you, or your accountant. The problem with accounting software is that no two pieces of software are exactly alike, and they certainly have not been created equally, so some are great, and some aren’t.
If you’re looking to increase your productivity and save time in the process, accounting software is ideal. To make life easier still, here we’ll be providing you with an overview of what to look for when deciding on accounting software to handle your finances.
Whether you’re a business owner or a freelancer in general, you will almost certainly need to send invoices to your clients, and unless you’re stuck in the dark ages, your invoices will more than likely be done online. When searching for accounting software, look for software which provides you with the ability to send online invoices.
Good accounting software can be designed to automatically send over invoices to specific clients for you, on dates of your choosing. For example, if you have a client who wishes to pay you the same amount weekly, you can select software which will automatically send an invoice to said client once per week, for the predetermined amount.
It may not sound like much, but having the ability to automatically send over invoices without you having to lift a finger will save you a great deal of time, and will help reduce the likelihood of billing mistakes.
Expense tracking functions
Remember, one key reason why you’ve chosen to purchase accounting software in the first place is to help get your accounts and finances in order. An integral part of any accounting formula is having the ability to track and manage your expenses. Look for software which allows users to record all purchases and expenses.
Ideally the software should let users do this manually, or alternatively, to have receipts automatically logged and recorded with automated data entry tools such as MagicBot. Again, this is ideal because it helps save you a great deal of time, and money.
Thanks to the wonders of modern technology, many freelancers who work exclusively online can now offer their services and/or products to people located all over the globe. While this is incredibly beneficial, the only possible downside is the fact that different countries have different currencies.
When selecting software for your accounts, look for software with multi-currency capabilities. Basically, these tools allow you to send and receive funds in a variety of different currencies, all with a few clicks of a button. As an example, you could receive payment in Euros from a European client, and could easily have it converted to USD in a matter of seconds.
These functions let you send invoices to clients in the currencies of their choosing, allowing you to expand your reach and to offer your products/services to a global market. The software will then take care of the necessary exchange rates and conversions, and that is pretty much that.
Late payment reminders
One downside associated with working as a freelancer and/or being a business owner, is the fact that some of your clients will almost certainly fail to pay you on time, every time. For freelancers, chasing up late payments can be a part-time job in itself, and it is certainly not going to put you in the best of moods.
You’ve done the job and have done all that has been asked of you, yet not only have you not received what is owed to you, you will now have to waste even more of your precious time chasing up late payments and trying to get money owed to you. When purchasing accounting software, look for software which comes complete with late payment reminders.
Software such as SlickPie will automatically send reminders when payment is due and when it is overdue, so you needn’t worry about wasting yet more time trying to get back your own money. You can set up reminders to automatically go out at intervals of your liking.
For example, your 1st reminder could be sent out automatically 2 days before the payment due date. The 2nd late reminder could go out 7 days after the payment was due, and you could then set up further reminders to go out, say, every 7 days onward.
Top of the line security
Remember, we aren’t talking about a personal social media page here, we’re talking about software dealing with your personal finances, expenses, and banking details. Needless to say, you want software which offers you the best possible security capabilities that money can buy.
When choosing accounting software, look for software which offers bank-grade security. You want to ensure that all of your data is backed up regularly, along with state-of-the-art encryption services for your data.
A good accounting software should offer the best security tools and capabilities that money can buy, so do your research and make sure you find software that ticks the necessary boxes.
Using any new form of software can be difficult to begin with, and you will almost certainly need help here and there, to help get your head around things. When purchasing accounting software, look for software which offers you the best tech and customer support that money can buy.
Ideally you want phone support where you can chat with real-life advisers, rather than automated robots. Online support in the form of email and live chat, is also very, very beneficial. When choosing software for your accounts, make sure you go with the best support available to you.