Whether you are a business owner or a company boss looking to polish up the way accounting is handled, or an accountant looking to upgrade your offering and simplify your work, accounting software is your go-to solution.
There is a lot of buzz around accounting software in the UK today and an increasing uptake for it among businesses and accounting firms alike. If you are keen to adopt accounting software and enjoy its benefits, you had best wrap your head around UK accounting software staples.
Here are 6 must-have features that every UK Accounting Software absolutely must have:
- Automation of data entry
The most efficient accounting software must have the ability to reduce workload across your organization. Imagine the amount of time that could be saved if you and your people did not have to manually input company income and expenditure, reimbursement-linked spending, and so on.
Accounting software like Dext for example comes with optical character recognition technology that allows it to convert text from a photo into a data entry. That means that your employees only need to snap a photo of a receipt, bill, or invoice to get an editable data entry.
Moreover, when you use accounting software in the UK, your business bank account should be linked to your books such that data flows seamlessly from your business bank account to your books.
- Error identification + error intervention
Sound accounting software will also be able to spot and flag any errors or anomalies in your data. It should also be able to track changes and deletions in the data.
- Spontaneous insights
Where are your supply chain leaks? Which clients are you devoting the most time to and how much are you billing them? Which dues are unpaid? Has your client opened your invoice?
All of these questions (and countless more like them) might usually call for substantial time investment in order to get a clear answer. However, with accounting software, you get constant, spontaneous, and instant insights and updates pertaining to your business.
- Easy integration
Accounting software should not end up as double work for your accountant because that makes it counterproductive and therefore a waste of your company’s capital. Look for accounting software that integrates well with other bookkeeping software that your accountant might be using. For example, Dext integrates with a whole host of popular bookkeeping software that are popular among bookkeepers and accountants in the UK.
- Tax insights and streamlining
When you are investing in accounting software, do not forget to consider tax in your selection process. Today’s UK accounting software should be geared to solving issues related to taxes.
Additionally, accounting software should have the ability to prepare you for changes in tax laws in the UK. For example, you should receive insights on upcoming changes in tax laws and how they are likely to affect your profitability.
- Real-time access
Smartphone-based real-time access is absolutely non-negotiable in accounting software. Today’s business environment changes by the minute, propelled by instant news sharing thanks to social media. Everything can change in a matter of minutes and this means that decision-makers need to be agile when it comes to making big decisions that impact the business – across operations, marketing, production, and distribution.
However, what big decisions can be soundly made without referring to the company’s books? Surely you do not want to be making groundbreaking decisions based on last week’s or last month’s data.
Ensure that the accounting software that you choose offers you live, on-the-go access to your accounting data.
When you are investing in accounting software, you are investing in a potentially more profitable business. To enable an actual move towards better productivity, however, the software needs to display a certain bundle of features. Use our guide to be certain that you’re getting all the elements that are essential to a truly effective accounting software solution.