Accounting and accounts receivable software are becoming more powerful every day, becoming more affordable and allowing for more efficiency in small business. However, despite all the pros the software can bring to the job, such as eliminating manual tasks and helping businesses to get paid faster, not many small businesses are using it. Approximately 29 million small businesses exist in the United States, but only 5 million use accounting or accounts receivable software. That means that about 24 million companies are relying on excel spreadsheets and manual tasks to get the job done.
The marketplace is changing rapidly with the advent of technology. One of the most important aspects of accounts receivable software that small businesses can leverage is the availability of real-time data. Instead of simply taking care of the books, the process of accounting can give real-time data that allows for key decisions to be made every day. Using real-time data also lends to better and easier interpretation. If small businesses aren’t taking advantage of these insights, they could find themselves miles behind the rest of the market.
Further, employees are increasingly expecting to be able to work remotely. Most accounting and accounts receivable software solutions are available in the cloud, allowing the workers who need to use the information access from home. This allows you to continually get the information necessary to make decisions and get work done.
In an article written on Accounting Web by Mike Galarza, the founder and CEO of Entryless, he surmises that if all the 24 million small businesses started using accounting or accounts receivable software, that efficiency will go through the roof and translate into higher GDPs around the world.
To get more information on accounts receivable software for small businesses, check out our Anytime Collect Resource Center.