How to Avoid Common Accounting Software Errors

We’ve come a long way since keeping office cabinets stuffed with book after book of payroll and accounting information. Contractor accounting software has simplified the financial management process for countless amounts of companies, and new tools and resources are created every day to help small business owners adhere to their bookkeeping needs.

But even with all the convenience that accounting software provides, there’s still plenty of room for error when it comes to digitally managing payroll, tracking overtime, reporting taxes, or other common accounting tasks.

From eliminating duplicate data entry to faulty communication, here are how you can avoid common accounting software errors and efficiently manage your company’s finances.

Prevent Data Entry Mistakes

Data entry errors are always a primary suspect when it comes to common accounting software mistakes that could spell trouble. One wrong number or misplaced decimal could lead to a total payroll fiasco, costing you precious time and energy that could have been prevented with proper protocol.

For starters, you need to implement an official data entry procedure for all users of your accounting software, which can resemble something like this:

• Create a verification or review process for all software users that ensures all employee info, such as name, social security number, bank account deposit number, benefit deductions, etc., are accurately filled out.
   
• Avoid having multiple people manually filling in data information as much as possible, and ensure that every software user has been officially trained to use your accounting software.
   
• Don’t overload your staff or financial advisors with endless amounts of daily data entry tasks to reduce the potential of improper data entry.

Automate Your Accounting Deadlines

Adhering to your various financial deadlines can produce quite the headache, let alone possibly result in various fees or regulatory penalties.

Fortunately, the best accounting software for contractors will allow users to set up automated payments, filings, or reminders to keep your accounting schedule on time and in line.

From payroll cycles to tax filing deadlines, automated accounting will ensure that you never miss a crucial deadline that could quickly set you back financially.

Boost Your Accounting Security Efforts

“Better safe than sorry” should be your company’s mantra when it comes to managing your finances. One area where most accounting softwares tends to differ is with their security features.

At the bare minimum, your accounting software should have the following security tools implemented into their operating system:

• Usernames and Passwords: Everyone who uses your company’s accounting software should have their own username and password to ensure that if any accounting errors are detected, you can quickly find out which username the error occurred under.
   
• Backup and Restoration Automation: Your accounting software should be automatically saving and storing all financial data, while also backing data up in a separate, secure location.
   
• Audit Trails: In the event that an accounting error, accidental or intentional, occurs, audit trails can track the transaction and data entry history of all users, which in turn provides more accountability of every user and will immediately detect any fraudulent activity or mistakes.

Take Full Advantage of Your Accounting Software

The number one mistake most users have when it comes to accounting software? Not taking advantage of all the resourceful tools and features available! One of the most user-friendly and efficient accounting softwares available on the market is Sage Accounting, allowing users to completely customize their accounting software experience to specifically adhere to their financial management needs.

Here are just a few of the standard features Sage Accounting software has to offer:

• Automated payroll and expense payment setup for real-time banking and cost management
   
• Create, send, and track invoice on-the-spot and share them instantly
   
• Access Sage Accounting from anywhere, on any device, at any time
   
• Generate free quotes or estimates for all your projects
   
• Real-time cash flow dashboard to monitor and control all your financial transactions
   
• Instant transfer or integration options for all essential financial information from previous accounting software into Sage 100 Contractor
   
• 24/7 customer service assistance from your designated Sage support team

Avoid Accounting Software Errors With Sage Accounting

Managing all your accounting tasks can prove to be quite the trying and taxing task. With Sage Accounting, you can simplify your financial management process, efficiently overseeing and controlling all facets of your payroll, expense costs, or tax information without having to break a sweat.

At Software Consultants, we help businesses take advantage of all the financial management tools Sage Accounting has to offer. For Sage Software support and training services, contact Software Consultants today for all your accounting software needs!