In this digital age, it seems like every article on the internet wants to discuss the advantages and necessity of incorporating technology into absolutely every part of your business. Here at Alexander & Co, we work together with accounting software, to make sure your accounts are kept completely up to date and free from errors.
There are plenty of advantages and disadvantages to using accountancy software, so we’re going to look over a few of the biggest points to help you make the decision as to whether to invest in some software and which software features you need to look out for!
The rise of accountancy software
One aspect of technology geared towards businesses in recent years is the wealth of accounting software packages. Whilst there are many benefits and plenty of great software packages out there, it’s important that you know what you’re looking for before making an investment and understand how these software packages can benefit you and your business.
Ease of use
Many packages are aimed at those with little accounting experience, but it may take a little time to get to grips with the layout and features of the software. Once you’ve been using the package for a while, you’ll start to get the hang of the features that you use the most and your accounts will start to become quicker and easier to complete.
It will also be easier for your accountants to check and process your accounts, making things more streamlined when tax return deadlines loom.
Now that many accountancy software packages are available online, maintaining the software is easier than ever. It also means that if you work remotely and travel a lot, you’ll be able to log on and keep your accounts up to date no matter where you are. This is another reason, however, that having an accountant to also help you manage your business accounts is so important. You may find yourself without the technology or internet connection to allow you access to your online account, which is where having an accountant can come in handy.
Make sure you conduct any updates suggested and backup all your accounts to your computer or even better, an external hard-drive. Making sure you have copies of your accounts can protect you from any tech issues and keep your records safe no matter what may happen.
Although accountancy software is an extra monthly cost, it is an investment well worth considering if you desire to spend more time working on your actual business. The time you save using the software will allow you to focus more on the tasks that can help your business grow and develop. There are so many different types of software available at all price brackets, so why not ask your accountant which is best for your business and budget?
Invoices and processing all the expenses in accounting software usually takes more time than simply logging the expense into Excel or ledger pad. However, it can save 10x the amount of time when it comes to filling in your self-assessment tax return at the end of the year. Particularly with the Making Tax Digital on the horizon.
If you keep your accounts and expenses in order and filed away, processing these will be even easier and faster. When it comes to making this process more streamlined, organisation is key!
What are other advantages of using accountancy software?
- Improving your digital and online skills – with Making Tax Digital preparing to come into effect in the next few years, having basic online and tech skills are becoming increasingly important. Having accountancy software could be the best stepping stone to take you from tech novice to internet super-wiz!
- Makes it easier for HMRC to collect your account information, especially as online tax returns are becoming increasingly popular
- Means your accountant doesn’t have to spend as long sorting through your accounts and allows them to calculate more accurately
- These types of software can also give you a better and clearer idea of any issues in your business finances, with many offering monthly or quarterly reports just for you!
If you need a bit of extra help with your accounts and you’re looking for a proffessional accountant to take care of the hard part, why not get in touch with us below!