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11630 SW 97 Street, Miami, Florida 33176, US
11630 SW 97 Street, Miami, Florida 33176, US
Thousands of small and medium sized businesses (SMBs) across America are making a shaky struggle back to economic recovery. For many, the biggest challenge yet is to make sense of confusing new rules governing the American accounting and taxation landscape.
It doesn’t have to be this way. Now there’s custom bookkeeping and taxation software and services that handle all the working woes behind balance sheets as business owners focus on improving their market position and bottom line.
A business like Monily, which has in fact been designed to meet the custom accounting/taxation needs of small and medium sized businesses, has many arguments in its favor. Number one being automation. Digitized receipts and invoices are said to cut down accounting turnaround time by 50% and improve speed and accuracy by approximately the same. But that’s not all. Businesses that use custom bookkeeping software also reduce expensive accounting blunders, without investing as much time or effort in reporting or monitoring ToA like liquidity position or cash flow statement.
The difference between custom software and its counterpart—the boilerplate variety comes down to two words: due diligence.
The boilerplate variety uses a ‘template like approach.’ This assumes that each user will:
As transaction volume grows, and as deadlines loom closer, none of these assumptions hold true for long.
Custom bookkeeping software takes a different approach. It combines technology and functional expertise in accounting and taxation. In other words, the considerations behind calculating, validating and reporting your accounting figures in software like Monily have been built in by F&A experts with years of experience, and a sharp eye on industry shifts. The end-user doesn’t have to be a CPA. That’s where the software’s technological element kicks in, with an intuitive and user-friendly interface. Using Monily or similar purpose-built software, is like having your entire finance and accounting function outsourced, with none of the coordination issues. Just great service quality and a highly responsive team.
For business owners looking to automate their F&A function, responsiveness becomes another consideration. Boilerplate accounting software can capture a wider market with a standardized offering, and a uniform approach. By contrast, the custom bookkeeping software market grows slowly, albeit in a more sure-footed way. So, if you’re looking for a community of fellow software users, boilerplate software would be the route.
For business owners focused on cost arbitrage, custom bookkeeping software offers a long-term advantage. Users report savings of between $25,000 to $41,000 per year according to Glassdoor, depending on business scale. Standardized solutions can be cheaper than software like Monily in the short run. But with regular upgrades and a high obsolescence rate, probably cost more in 5 years or less.
In our experience working with both, we compared reporting capabilities. While both types of software produce similar output on routine reports, custom software has a slight advantage in snapshot reporting and ad hoc reporting requirements.
As businesses in America make their way to the New Normal, the tradeoffs between immediate benefit and long-term advantage become more pronounced. For those exploring accounting and taxation challenges, they’re hard to miss.
