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Are SMEs missing out by failing to invest in software?

27th Apr 2017
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For most Small businesses keeping overheads down is a top priority. As a result the idea of spending any cash is unnerving, so it’s no surprise that many choose to avoid expenditure on accounting software entirely.

After all, you can’t beat a good old spreadsheet… Can you?
 

Let’s start  by saying that while a spreadsheet is by no means one of the most advanced solutions, it is certainly one of the most ubiquitous.  

If Microsoft Office is not available there are a wealth of open source, free alternatives that are equally dependable and familiar.

Familiarity is a major bonus here as people generally have some experience with the program, indeed most will be able to enter data and complete basic tasks with relative ease due to the fairly intuitive tools and features.

The pros, unfortunately, begin to end here as although cheap and popular, the reliable functions of spreadsheets are undeniably limited - features included in the free versions of efficient accounting software eclipse the humble .xls and have redefined data entry and bookkeeping in the last few years.

File Sharing
Accountants have a wealth of document types they need access to - Expense sheets, receipts and invoices all need to be exchanged with clients and using those long, complex and disorganised email threads isn’t an effective solution in the long term.

A client portal allows for instant access to important documentation and real-time communication for remote clients and team members alike. This is especially important when working in small groups where universal access and / or editing privileges to a single document are vital.

Customer Support

Spreadsheets also lack any form of dedicated customer service, so if something goes wrong or an administrative error occurs you’re very much on your own! With no log of changes finding out when and where an error occurred becomes nigh on impossible.

An efficient accounting software should have an audit trail of changes with dedicated customer service available 24 hours a day should something go wrong. Getting through to a real person who knows the ins and outs of the program could save a huge amount of time and money.

Security

Certain types of information like financial statements and personal or sensitive information need to be secure. A spreadsheet typically has one level of security: A Password.

With the appropriate accounting software a client's sensitive data can be protected with bank-grade security using features like 2FA (two factor authentication) and private cloud solutions that meet requirements for highly sensitive documentation, such as payroll or tax information.

Try Before You Buy

One concern often raised by SMEs is that once they’re committed to a form of software it’s a huge effort to change format, potentially binding them to a program that’s counter-intuitive and hinders business.

Businesses need to be certain that any new software they introduce fits in their mode of operation and suits their employees.

Efficient accounting software like Clinked offers a free trial before making any form of commitment.

If you’re looking into accounting software for your business, Clinked could provide an intuitive and risk-free solution.

Click here to start your 10 day free trial and see if Clinked is right for your business.

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