With many new startups coming up, it is essential to have an efficient accounting software. A business owner might rack his brain when it comes to choosing a good software and business tools that fit the business requirement. With so many new technologies and software in the market, it is important to choose a software that fits the needs of your business.
There are some myths doing the rounds regarding accounting tools and software. Let us debunk some myths below:
Myth 1: Small Businesses Do Not Need Business Software, Only Ones Do Big
There is a popular belief and understanding that small and budding business does not need an accounting software and that it is only for big, established ones. Every business, be it big or small needs organization and planning. This can be achieved using a business software. Not only does using one help in the smooth running of the business but it also increases revenue generation.
Every business, organization or set up requires a business software which helps in accounting, stock management, and customer relationship management. So, if you’re a fresh entrepreneur looking to make it big in the business world, don’t think twice to get your hands on the software tools that’ll prove to be your best decision in the future.
Myth 2: Software Is Too Complex To Use and Understand
There is a common misconception that software can only be used by the tech savvy and those who are technologically inclined. It is also assumed that they need to employ specialized IT staff to use the software. Well, it may have been true at one point but that’s not the case anymore.
Software these days are being built to be more user-friendly so that it can be used by anyone without a technical background. With the software being available on the cloud and mobile platforms, it has become self-explanatory and easy to use.
Myth 3: Higher the Price of the Software, the Better It Is
It is usually believed that the more expensive the software, the better it is. That is not true. The software should fit the size and nature of your business. A software may claim to have some fancy features compared to others but it won’t be useful for your business and will only be a waste of money if bought.
With cloud computing growing and offering accounting software and other business software as solutions, availing them have become more affordable.
Myth 4: Accounting Software Is For Automation
There is a widespread belief that with more and more technologies being invented and automation and artificial intelligence coming into the picture, the human workforce will become obsolete leading to unemployment. This fear is uncalled for. Enterprise resource planning software and other technologies aim to remove the workload of humans and make their work easy. It does not replace humans completely. The need for customer support is evergreen. A customer wants to and prefers talking to people that interact with robots. Artificial intelligence cannot take over customer support at least for a long time into the future.
Myth 5: Business Software Is Not Secure
Business software like ERP software and GST software are available on the cloud. Anyone anywhere can avail the services of the software at low prices and just an internet connection. This has got people thinking that the software available on the cloud is not secure. The security threat to data is always looming. Be it cloud or otherwise. With good security measures, cloud computing can be made highly secure and reliable.
Myth 6: You Have To Buy the Entire Software to See If It Fits Your Business
Many software vendors offer a free trial of the software with no advance or minimal payment. This offers the business owners the advantage of using the software before buying one. This lets you use all the features and to see if it actually suits your business needs.
Customer reviews and word of mouth is an efficient way to help you narrow down the software of your choice.
Myth 7: Accounting Software Sorts All Financial Records by Itself
An accounting software merely aids in the calculation, import bank and credit card, and other account details. It is used to simplify your work. While it does help in storing and managing invoices and receipts, it is the duty of the software used to keep it up-to-date. Business software is like a catalyst to the business process and does not take over the business itself.
A business software is imperative for the smooth functioning of a business. Be it small, medium and big, business software caters to all. Business owners must make an informed decision before fixing on a software because it is in for the longer run.