Accounting software in Bangladesh for small business: The traditional role of an accountant is changing over the world. In previous years a small business would class a good accountant as one of the fundamental requirements when starting a business. Their support and guidance towards all matters connected with the setup and launch of business were perceived as essential in order for a small business to be ultimately successful. The perceived importance of the role accountants play with small business has been increasingly bought into question as the internet has grown and developed. The advice that accountants used to charge for regarding company formation, company structure, and VAT registration is now largely available for free on the internet. Furthermore, the rise in accounting software in BD has made it easier than ever for a small business to keep their company books in good shape. We wanted to explore why more and more small businesses are choosing to use accounting software in Bangladesh and how this has impacted the traditional role of the accountant.
Why are business owners using accounting software in Bangladesh for small business?
1.Cost – When the accounting and bookkeeping world was inaccessible to owners of small business the large cost burden of having a professional accountant was seen as simply a core running cost of the business. The cost structures of accountants differ widely from per hour, fixed fees for defined work and some even charge by the minute for telephone calls. Whatever the cost structure having an accountant look after all of your small business financial affairs will be a significant burden to your cost and business profits. Basic accounting software for small business in Bangladesh can be available from as little as 5 a month.
2.Time Schedules – A piece of accounting software in Bangladesh for small business can continue working 24 hours a day whereas an accountant has set schedules and opening times. As a small business you will very rarely be working to a 9-5 schedule and therefore having the rigid nature of accountant opening hours can be frustrating. Even more so if a deadline is required that requires accountants help and you are charged overtime for an accountant working out of hours.
3. Information security – Despite the likelihood of you signing confidentiality agreements with your chosen accountant the fact remains that you are disclosing private information regarding your business strategy and performance to a 3rd party. Whilst there can be advantages to this is the form of gaining 2nd opinion on company performance there is also a risk that this information gets into the public domain. Troyee Software for accounting allows you to keep all of your confidential information inside the business.
4. Ease of use – Troyee accounting software in Bangladesh for small business has become very user-friendly with many products available that do not require the user to have any accounting knowledge at all. This allows tradesman and sole traders to be able to easily to control their financial affairs daily, monthly or yearly as they wish.
5.Improved business Performance – There can be real business performance advantages of taking control of the company finances as opposed to outsourcing them.
6. o Accountability – An obvious advantage of taking control of your financial affair is that there becomes greater accountability to deliver. Troyee Software for accounting allows small business owners to be much closer to financial affairs than when they are outsourced.
7. o Collaboration – one of the risks out outsourcing all financial management to an accountant in Bd is that it stifles people from within the business talking and engaging about disciplined financial management. accounting software in Bangladesh for small business Taking control of financial affairs internally within the business increases engagement and collaboration across the business to improve the company’s financial performance.
If more businesses are using accounting software in Bangladesh for small business is there a role for traditional accountants?
In short, yes, but in a different capacity to how they have traditionally been deployed. Accountants need to focus less on the bookkeeping and daily accounting of small businesses and focus more on the provision of advice that optimizes business performance. SME’s are becoming well versed in the many advantages that exist within doing your own accounting via an easy to use, cost-effective software package. That said, many small business owners still have a requirement to discuss future business optimization with a financial planning expert.
The software cannot possibly understand a business’s objectives and work with the owners to produce a strategy to optimize performance. Nor can a software package proactively restructure the company books to save tax as the company grows and develops. Once a small business is established they would benefit from advice from an ‘auditor’ regarding business structures, financial efficiency, and tax planning. This annual audit ensures that the business is on the right track for sustainable growth and success.
Troyee Software allows small business to complete their day to day accounting enabling the owners to stay close to their financial affairs at a fraction of the price of an accountant. However, a good accountant can engage with the owner about optimizing the business to ensure that the right plan for growth exists. This type of engagement with an accountant can be done as a cost-effective fixed fee arrangement which can be easily planned and budgeted for within the company accounts. The answer to whether a small business should have an accountant or accounting software in Bangladesh for small business is – they should have both but deployed for different purposes.
How do you find the right accounting software in Bangladesh for small business?
It is critically important that a software product is bought to match the specific requirements of the business. There are many software packages available on the market all aiming at different segments of the SME market. Owners should think about their specific business requirements and then use a tool such as Compare Software for Business to compare the industries suitable software for a product that meets these requirements.
At Compare accounting software in Bangladesh for small business Ltd, we understand how confusing and daunting the process of buying small business software can be. In order to help small businesses find the perfect accounting software, Troyee software schedule demonstration presentation with the buyer.
Are you looking for accounting or inventory management software in BD? Confused about what to buy? Have a look at Troyee accounting inventory software in BD.