Given the fact that financial management software is a relatively recent small business phenomenon, it is unsurprising that there are still some common myths that make the rounds in the small business community.
Don’t let these myths keep you from taking the plunge and enjoying the benefits unique to financial management software. Here are five of the top myths keeping too many small businesses from embracing the possibilities of better financial management.
When some small business owners hear “new software”, it is understandable if they fear a learning curve. However, top financial management software is designed to be easily learnable and easy to use. Were this not the case, these top solutions would not have enjoyed their deserved success, because nobody would stick with the product.
In fact, some software taps into a small business owner’s pre-existing familiarity with other top software. Namely, 29 million small businesses and counting already rely on software for their accounting needs, and a top financial management user interface should make business owners feel right at home.
This myth is being readily disproved as a myth, particularly when it comes to financial management. Paper records in a small business office are easy to lose sight of, and when this occurs, a business is vulnerable to fraud if the document ends up in the wrong hands. Whether those hands are a disgruntled employee or an individual outside of the business, the vulnerabilities are significant.
Paying checks is also a fraud risk, and a recent Association for Financial Professionals survey found that 71% of respondents stated their company experience attempted or actual payment fraud. The cloud and financial management software, by contrast, provides audit trails, fraud detection and similar protections that keep records safe.
Some businesses balk at transitioning to financial management software since they have always done things the old fashioned way. While the old fashioned way of bill payment may work, and you may even get through tax season unscathed, your business does not exist in a vacuum.
Small businesses are competing with one another, and rest assured that companies that implement software to track their revenue and expenses experience a number of advantages over their competitors who do not. One of the most obvious benefits is saved time. While quality paper-based bill paying and the like may lead to the same results as financial management software, it takes much more time to get to that result.
All the while, businesses that use software use all that saved time on more valuable business tasks. This is perhaps one of the main reasons Forrester Research predicted that more than $23 billion will be spent on financial management software in 2016.
With the advent of cloud software and its growth in recent years, quality financial management is no longer only available to corporations with enterprise-level software and the budgets to match. Now, quality software solutions uniquely cater to the needs of small businesses, giving them the software solutions they need at a budget they can afford.
In fact, cloud applications are designed to integrate easily with QuickBooks and similarly valuable cloud-based software. Easy and effortless integration is often achievable with just 30 minutes of startup time. After that, your software is synced with other important software and provides the automated finance management your business needs.