Benefits of an Accounting Software Update

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Benefits of an Accounting Software Update

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 cafe 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.