miterp:
Formalized financial statements: A computerized accounting software program can provide profit and loss statements and balance sheets that are necessary to evaluate your business’ progress. If you are seeking financing for your business, you must present investors with financial statements.

Bank reconciliation made simple: You don’t miss deductions when you reconcile your bank account on computerized software. The account won’t balance if you don’t post the bank charges or the missing receipt for that debit card transaction at the office supply store.

History of the business: There is nothing more educational and satisfying then bringing down a comparative income statement to compare your current year activity with prior year(s). A spreadsheet program can give you this as well, but the data entry is clumsy and more prone to inaccuracies. Speaking of spreadsheets, you can always dump your data from the software to your spreadsheet program in the event you want to play with the numbers and do projections.

Customer history and aging: Using a software’s invoicing feature allows you to track your customers’ purchasing history and payment habits. Aging reports can be generated to facilitate collection efforts. In fact, you can note collection attempts in a special “Notes” box on the customer profile screen.

Vendor history and aging: Rather than simply cutting checks when bills are due, you can use the accounts payable system to track bills as they arrive and plan for cash flow. Using software will also provide you with reports for each vendor. It makes it easy to locate prior payments and invoices.

Audit-proof the books: The agent will run a cursory review of the bank statements and if things line up with the software, he or she may take a sampling of expenses to audit, rather going line by line.

Easy Tax Preparation: Preparing your businesses' taxes come tax season will be easier with accounting software. Some accounting software programs are designed to be compatible with other software programs that will prepare and e-file your taxes. This means that you will have to do very little work to prepare the company's taxes. If you hire an accountant to prepare your taxes, printing out the reports she will need is as easy as a click of the button. Many basic reports, such as the company's income, expenses and salaries paid, are pre-programmed into the software prior to your purchase.

Inexpensive Cost : With the number of users on the rise and competitors offering comparable software, the cost of accounting software has decreased significantly in the past few years. This means that the investment is truly not a large one and, most likely, one your company can afford.

Record Keeping at the Click of a Button: Rather than write down every business transaction, accounting software will permit you to download activity with the click of a button. Even if you would prefer typing in activity by hand, doing so is much faster and easier on a computer, especially since most accounting programs maintain a memory of frequent transactions and will recall those transactions with only a few keystrokes. The ease of putting transaction information into a computerized ledger will save you time and permit you to focus your efforts elsewhere, such as on obtaining new clients.

Reports: Accounting software excels at analyzing your business practices and letting you quickly identify how money flows through your operation. When an application manages all your financial transactions, it has extensive data at its disposal to generate various reports. You can quickly see how your revenue is divided among different operating costs. You can calculate your bottom line more efficiently and track which parts of the country generate the most interest from customers. The reporting options are virtually unlimited depending, on the type of software you use and the information you provide it. You will have all the data you need to run your business at your fingertips

For more enquiries on Sage 50 (Peachtree) and other Accounting/ERP solutions, please contact us at:
MIT
2nd floor, 8 Majekodunmi street, Allen Avenue, Ikeja.
Phone: +2348180072860
Web: www.miterp.com
mail: info@miterp.com