Five reasons why you need an accounting software

There are probably hundreds of accounting software available in the market today, with majority downloadable from the internet either for a fee or for free.

They vary in terms of features and functions, not to mention price. In general, however, most accounting software have common features that bring great benefits to a business, especially small ones.

One, accounting software automates the preparation of documents like invoices, billing statements, receipts, purchase orders, disbursement vouchers, checks, among others.

In the preparation of these documents, many information that needs to be inputted can be derived from already set up customers, vendors, and inventory lists. Also, documents like invoices can be converted to other types of documents like receipts, as transactions progress, without having to input the same data again.

Second, accounting software does away with the individual preparation of journal entries and the posting of the entries to the general ledger for routine business transactions like sales, whether cash or credit, purchases and payment of expenses.

Once documents like invoices, receipts, purchase orders, disbursement vouchers, and checks are prepared, the appropriate accounts are automatically debited or credited in order to reflect their new balances.

Third, through an accounting software, reports like trial balances, income statements, balance sheets, and cash flow statements, can be prepared in good form by just a few clicks of the mouse and at any day or time.

In addition, sales reports, aging of accounts, bank reconciliation, among others, can also be prepared by making a few clicks of the mouse. This allows you to make maximum use of accounting information in making day to day business decisions.

Fourth, because of the above, accounting software drastically reduces the working hours spent by your accounting personnel in doing the above stated tasks. As a result, you are also able to either reduce labor costs, or make use of excess working hours or personnel to do more productive work like planning, sales generation, or business expansion.

Fifth, accounting software professionalizes your business and prepares you to adapt to the fast changing world of technology and globalization. It makes small businesses ready to become the next big company in town.

Without it, even with great revenues, your business will always be "small" and no different to a sari-sari store where recordings are done manually, or even not at all.

For inquiries about free or affordable accounting software, please contact GEL Accounting Solutions & Consultancy. We will be glad to provide you whatever information you need.

G-Pass(enger)

In 2005, I was fortunate to have stayed in Hongkong for three weeks on a study grant. There I had first hand experience at how efficient Hongkong's transportation system was. I was totally amazed seeing almost everyone using just one card to take a train, a bus, their good ol' tram, or even to buy things from groceries and convenience stores.

They called it the Octopus card, if I remember it correctly. It was so convenient that a friend of mine, then working as domestic helper there, got me one even before I arrived there. Using it was like having some electronic device you can wave to open entrances... of trains, buses, and trams. You didn't even have to bring it out of your wallet. It worked even if you simply placed your wallet near enough to the sensors. I thought then, if only we had such a thing in the Philippines.

A year after, in 2006, I heard about Globe's G-Pass. It is pretty much like the Octopus card of Hongkong except that it works only for the MRT. No buses, nor groceries for this one. Not yet anyway. For some reason I did not feel like giving the thing a try immediately. Maybe I was just skeptical. Until lately, when having to fall in long lines at MRT finally irked me. Now, I got myself a G-Pass.

Just for everyone's info, you can get the chip (Globe chose to package the thing as a plastic chip instead of a card) at G-Pass booths which are present in all MRT stations both north and south bound. You can get it for P100, P50 of which is consummable. Be ready with a Globe cell number because, for some reason, they are going to ask for it. Next time, when your initial P50 load runs out, you can just reload. Take note though that for every use of the chip at MRT, there is an additional charge of around a peso or so.

Perhaps, this is the reason why so many people still choose to line up for those MRT cards. Or perhaps, they simply still do not understand how G-Pass works. As for me, I plan to use the chip more and more, even if I really don't understand why there is an additional charge or mark-up over regular MRT fares, and why every chip has to be tied with a Globe cell number. Do we need a cellphone to ride a train?