How Accounting Software Is Benefiting Accountants

Technology is changing the way we do our work as professionals. Accounting is not left out. 

Cloud accounting which is a form of technology used for accounting and bookkeeping tasks is a technology changing the work that accountants do.

Are you wondering how accounting software is benefiting accountants?

Are you seeking the perfect accounting software for your work as an accountant or a CFO?

Do you want a well-tailored solution and not just something generic?

Then this post is for you. Let's get started.

Key Takeaways

• What Is Cloud Accounting

• How Accounting Software Is Simplifying The Works Of Accountants

• Tyms Book For Accountants

• Why Tyms Book For Accountants

What Is Cloud Accounting?

Cloud accounting is an accounting solution or system that allows businesses to have multi-user access and safe online storage for their business data. This solution allows businesses to key data from their locations, streamlining business processes and making financial reporting easier. 

Simply put, you securely store your business finance in cloud services to get them back processed and ready for use.

This eliminates the need for desktops or having each person in your team waiting to access one gadget to access the business financial data.

Pro tip: Cloud accounting is different from traditional accounting software. In cloud accounting, you and your team can remotely access your information from anywhere. Also, it allows multi-user at the same time. Traditional accounting software on the other hand can only be hosted on your hard drive, limiting access to one user at a time.

How Accounting Software Is Simplifying The Works Of Accountants.

Access Real-time Data Safely

This one-way accounting software is simplifying the works of accountants. 

With cloud accounting, you don't have to keep piles and piles of books to keep your data so you can access them when you want.

All you need is to input them into the software, and you can easily access real-time data for any accounting needs of your clients.

Should you need data for preparing cash statements, profits and loss accounts, all you need is to pull the data from your software.

With cloud accounting, security is not an issue if you are wondering. The system is structured to be encrypted, hence no one can access your data unless you grant them access.

Improved Collaboration Within Your Organization 

Have you ever thought of having to collaborate with other members of your organisation on tasks without having to share the same device as is the case when using traditional accounting?

With cloud accounting, multiple users can access data at the same time.

This simplifies the whole accounting process. You don't have to wait for a particular unit to be done before you can access the data you need.

Even while working with clients, accountants can access data and files without having to go down to their offices. This way, time and money are saved, even with greater efficiency.

Develop And Maintain A More Efficient Accounting Process

We have all seen that era where accountants are struggling to process accounting information. This is curbed with the use of this technology. Cloud accounting is a more efficient way of processing accounting data and information. 

Once you have your data inputted into your device, you could use that data to process a couple of other accounting information. Then time is saved.

The automation process simplifies tasks and allows the accountant to manage other responsibilities.

One accounting software helps you access features like billing, budgeting, sales, recurring invoices, cash statements, inventory and more.

With cloud accounting, you have reduced errors and faster processing of accounting information.

What does it feel like to easily pull up any data you need in one click?

You don't have to start going through your books. And if you are working with several clients, it is more efficient to render your services to them without the hassle of keeping piles and piles of accounting books.

Flexibility To Work Remotely

This looks like the icing on the cake. You can agree with me that the pandemic normalised working with clients outside your zone, state or even country. But for roles like accounting, you may be wondering how I access the data I need to process the accounting information for my clients.

Cloud accounting has eliminated the need for that, as all your clients need is to input the data into the software and grant you access.

This way you can still render your services without having to be physically present with them.

And if this is not increasing your earning power by working with many clients, then what is it?

Onboarding Clients

Many times, accountants have had to wait maybe till the end of an accounting period to access the data of their clients and start working on their financials. With cloud accounting, this is eliminated, you can easily access client's data and start the process of onboarding new clients.

This process simplifies the work and eliminates any need for waiting for them to submit their data before you get started.

Easily Accessible On Mobile

One outstanding feature of cloud accounting is that it is mobile-friendly. So you can be doing your work while commuting to work or stuck in traffic.

Since accounting software is built to work on mobile devices, you can easily access your financial data from anywhere.

Tyms Book—Accounting Software For Accountants

Tyms Book is an accounting software that helps you achieve a seamless system for your business records. 

As an accountant, it helps you make payments, connect multiple bank accounts, track bills, and generate financial reports in one click. 

With Tyms book, simplified digital business finance management is guaranteed.

Wondering how Tyms Book compares to other accounting software?

We have put it together for you to read it here.

Why Tyms Book For Accountants?

There are several accounting software that you probably wonder how Tyms Book benefits you. 

Is this just another copy or are there specific features that fastrackks your work as an accountant?

This post was created just to provide the in-depth answers you need! 

Let's dive into the specific features of Tyms Book that simplify your process

Budget

Budgeting is one of the responsibilities accountants are saddled with. Sometimes, budgets are drawn and organisations end up spending above what was budgeted. 

Whether you are an accountant or a CFO, Tyms Book helps you track your budget in real-time.

It helps you see the variance at one glance. This way you can tell if the variance is favourable (spending less than what you budgeted) or unfavourable( spending higher than what you budgeted) 

This helps you achieve the following:

It will help you manage costs:  With the information from this budgeting feature, the accountant or CFO can checkmate the spending of the organisation. While the expenses are carried out since he can access the state of the variance, he can call any unfavourable spending to order. This way costs can be managed without waiting till the end of the accounting period.

Decision making: The information from budgeting will aid in the decision-making process. One look at your variance tells you what decision you need to make for the business as regards its expenses.

Bank Reconciliation:  Reconciliation of accounts is one way you can benefit from using Tyms Book as an accountant. 

Tyms Book allows you to explore two options to reconcile your account:

Obtaining your bank statement from your bank: This is quite the common option. In cases where you need to reconcile your bank statement with other cash transactions, you usually have to obtain your bank statement from your bank app the following day, before you can rectify and reconcile any difference.

Obtaining the information directly on Tyms Book:  This option is where Tyms Book simplifies your process. With the bank connection feature on Tyms Book, you have your banks connected to the app, which automatically syncs every transaction on the app. In this case, you need to quickly rectify any transaction and reconcile any differences. You don't have to wait till the next day before you can obtain your bank statement from your bank. All that is required is to access the information you need directly on the app since your bank is linked to the app. 

This feature helps you stay ahead and simplifies the whole process of bank reconciliation. 

Fixed Assets Disposal: 

Another benefit you stand with Tyms Book is the fixed assets schedule and disposal. 

Are you tired of the rigour of manually scheduling your organisation's assets, and keeping track of disposals? Tyms Book provides you with the feature needed to schedule assets in one click. This also shows you the depreciation of each asset and helps keep a proper record of all disposals. 

The automation process of Tyms Book does other corresponding entries on the software.

Final Thoughts

Tyms Book is not just another accounting software out there, but a well-tailored solution to suit your needs as an accountant or a CFO. 

Simplifying your processes is at the core of our solution. 

With this technology, a whole lot of work is taken off your table and helps you do the necessary work at greater efficiency and speed.

Check out Tyms Africa to get started.