Benefits of an Accounting Software Update
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BENEFITS OF AN ACCOUNTING SOFTWARE UPDATE
Prepared for
M- Global Departments: Accounting & Payroll
Prepared by
KeJuantae’ Butler
DeVry University
December 8, 2017
Table of Contents
REQUIRING EMPLOYERS TO OFFER UNLIMITED SICK TIME TO QUALIFIED EMPLOYEES
INTRODUCTION
The purpose of my report is to convince our CIO that switching to a more effective and efficient QuickBooks accounting software for our M-Global payroll and accounting departments. This will execute the needs of new accounting software, and compare then select one of the accounting software available in the market and the cost for M-Global. I plan to provide you with all the ways the new accounting software for our departments. I will analyze how the QuickBooks will benefit us as a company, and provide us with the tools needed for future accounting and payroll.
This project will convince M-Global to use accounting software to update to have a more effective payroll department handle time consuming problems. At the end of the project they will understand how the situation is now without up to date accounting software, and the benefit of using an account software such as QuickBooks.
DISCUSSION SECTIONS
Using the old accounting and payroll methods:
Old-fashioned accounting methods are limited. Spreadsheets are usually saved on one hard drive only normally on your desktop or laptop. Meanwhile, pen-and-paper systems are stored in a fixed location your filing cabinet! In both cases, your financials are neither transportable nor easily accessed.
By contrast, 21st century cloud-based accounting software is easy to use and it’s accessible online, so you can use it anytime, anywhere and from any device. Track your spending, send invoices or obtain a snapshot of business performance data from your office, the café or even from the other side of the world!
Another benefit of cloud-based accounting is that you don’t need to install or constantly upgrade software to use it you simply sign up for it via an affordable online monthly subscription; with so much to do establishing a new business, startup owners can feel too swamped to give their business financials much thought. Setting up on the run, many startups simply turn to traditional pen-and-paper systems or spreadsheets to manage their incomings and outgoings. A recent survey conducted by Intuit revealed 42 per cent of business startups use spreadsheets to manage their finances, while 22 per cent use pen, paper and ledgers. And while these methods may feel familiar, the reality is they offer little in the way of bottom-line benefits. Using more modern accounting tools can give you instant access to up-to-date financial data, which can be vital in helping turn your startup into a profitable venture.
Benefits of using QuickBooks:
Introducing QuickBooks Pro to M-Global will provide an effective financial accounting software program manufactured by Intuit. QuickBooks was created for use by small businesses, the software boasts an assortment of features aimed at helping users manage each of their accounting functions, including accounts payable, accounts receivable, credit card management, financial reporting, payroll, and health benefits. QuickBooks is retailed at $229.95 as of 2010, there are a variety of benefits small businesses receive for using QuickBooks Pro.
QuickBooks Pro comes with features designed to assist our business in managing our money. One aspect of the program allows our specific departments to enter the due dates and payment information for all recurring bills. As bills are due, users may print checks directly from QuickBooks. In addition, each transaction is recorded for easy access during future audits. QuickBooks Pro users can also link their bank accounts to the program. In addition to affording them the convenience of viewing all financial records on a single screen, this feature also gives them the benefit of eliminating the need for paper bank statements.
We are on the verge of upgrading basic systems, such as QuickBooks, to our growing small-business accounting systems that will support sophisticated functions; such as demand forecasting, intercompany accounts, increased data storage and others. Our business will benefit to upgrade our systems for a range of reasons. Our industry-specific functionality will become important when the company reaches a certain size threshold (Lisa Hedges, 9385).
What is QuickBooks:
There can be added benefits to the employee as well in fact “a poll of 1,500 technology professionals revealed that 37% would take a pay cut of 10% if they could work from home” (“Costs and Benefits – Global Workplace Analytics,” 2015). These numbers to me are simply astounding and could be a benefit to both the employer and the employee.
Other savings are the facts of not having to pay for parking fees, gas, and car maintenance. The employer also will now avoid the crazy commute stress that we all know hate at times which then therefore will save them the time and money from not having to travel to and from work. Which then can also in some cases save in daycare expenses but you need to be careful in this area that you are not putting your work in jeopardy by thinking that you can still be a childcare provider at the same time. By having an at home