As suggested in the provided table, tons of benefits come with accounting software utilization. On top of automating accounting and tax preparation processes, these programs can also reduce cycle times, improve audit processing, lower accounting costs, and much more. Some, however, prefer alleviating their problems by implementing accounting software tools. In fact, due to poor handling of money, 3 of 10 new businesses close shop after two years, while around 5 of 10 stop operations within 5 years. ![]() Likewise, one of the top reasons why small businesses fail is improper financial management, that’s according to the Small Business Administration. Plenty of startups and freelancers and business owners share the same sentiment.įor instance, 82% of small businesses close shop because of cash flow problems. As an entrepreneur, you know how difficult it can be to keep tabs on your finances as you run your company’s operations, especially in this new market environment that continues to evolve.
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