From data entry to negotiations, people management to key financial insights, managing clients, invoicing, and data security, accounting software has the power to streamline every business process for the better.
Competition is stiffer than ever before in the UK and as a result, accounting software is witnessing never-seen-before popularity and uptake. Bookkeepers and accountants are insisting on accounting software and as for company bosses and business owners – once they’ve tried it – there is no going back. They’ve tasted the epitome of efficiency and nothing else will do.
Haven’t tried it yet? But you must!
In fact, here are 10 good reasons why:
1. More productive people thanks to easy data entry
Even if you’ve got the UK’s most promising, most hardworking team, their capabilities are going to be somewhat (if not substantially) dented by hours of data entry and reporting that are characteristic of today’s businesses.
Of course, there is no eliminating these processes – salespeople must clock their sales figures because that’s where the accounting department gets its information from and the same goes for marketing spends and payroll spends by HR or admin. Free UK accounting software comes with an amazing feature, usually referred to as receipt scanning.
This feature allows your people to simply snap documents and upload pictures or PDFs that the system extracts key data from. The user ends up with all the vital information from the document presented as digital text.
2. Professionally managed historical documentation
The system is also capable of automatically sorting all the data entries generated. You and your team can either set up auto filing to your company’s needs or simply allow the system to sort data by date and type.
3. No need to keep expanding the accounting department as the business expands
Logging all the transactions that result in income or expenditure for your business comprises a large chunk of accounting and bookkeeping duties. Logically, as your business expands and there is a higher turnover of revenue and expenditure and a higher volume of cash flow, you’ll need more hands-on the job, right? Not necessarily.
With accounting software, you substantially reduce the burden on your accountant or bookkeeper’s shoulders because data flows seamlessly from your business bank account to your books. That invoice a client paid off – logged as soon as the amount credits. The supplier invoice that was paid off – also logged as soon as the payment was made from your business bank account.
You don’t need to keep taking on additional resources or getting heftier bills from your external bookkeeper when you opt for accounting software. Your bookkeeper or accountant simply needs to check on the data flow rather than being responsible for the data being logged.
4. More fruitful negotiations for bookkeepers
If you run a bookkeeping firm, professional negotiations can make or break your business. Accounting software like Dext Precision, for example, can give you a clear picture of the health of a potential client’s books before you even onboard them. Using this vital information, you can hold a much more informed and professional negotiation.
5. A better handle on the business for bookkeepers
Bookkeepers can track the progress of various client jobs being pursued by their team and action jobs with better speed so as to bring in more billable business. This feature also lets bookkeepers understand the pace of their team and definitely lets them identify their best performers.
6. Error-free data
Because data flows automatically from your business bank account to your books with no human intervention – and therefore no typographical or human errors – your data is already fairly error-free, to begin with.
In addition, accounting software like Dext Prepare flags up any discrepancies or anomalies in the data.
7. Professional invoicing
Say goodbye to missing invoices, to messy invoices, and to those uncomfortable follow-up calls and texts to your client. Free UK Accounting software streamlines your invoicing process like never before.
• You get regular alerts whenever an invoice deadline is approaching and whenever an invoice is to be sent to a client.
• You can standardize invoices and have the system generate them automatically. As a result, you will have the professional, standardized invoices that one might associate with retail giants like Amazon.
• You receive an alert as soon as your client opens an invoice and as soon as they pay off your invoice.
• You and your client will receive an automatically generated alert as soon as an invoice becomes overdue.
8. Anytime anywhere access
The business landscape in the UK today is incredibly fast-paced and the same applies to free accounting software in the UK. You most certainly cannot be making decisions based on last week’s or last month’s data. If you are to be making thoroughly informed decisions, you should consider your financial data as of now.
In the past, this was not possible because accountants and bookkeepers supplied decision-makers with weekly or monthly spreadsheets containing the company’s financials as on the day of the spreadsheet’s preparation.
However, you will be left behind because today a larger percentage of companies in the UK have already adopted accounting software. That means that their decision-makers are referencing live financial data and at the point. Free UK accounting software places your financial data within reach by way of a partner app that can be installed on your smartphone.
9. Improved tax management
Free UK accounting software helps you, sort suppliers, by tax and in cases where documents mention tax deductibles, you can actually divide by nominal code and so on.
People in the mix – including the company boss – are less likely to miss out on claiming tax deductibles thanks to the easy data entry we talked about in our first point.
Moreover, the software is able to give you an idea of how upcoming tax laws will impact your profitability, giving you the lead time to make adjustments and get prepared.
10. High security
The icing on the cake is the fact that your data is more secure than it could ever be on-premise. After all, the cost of security in the cloud is divided between all the clients that the solution provider takes on. Moreover, unflinching security is one of accounting software’s most greatly publicized attributes, and as such your service provider most likely invests heavily towards it. All your data is secured by firewall protection.
Accounting software clearly has a wide range of benefits to offer to businesses. The best accounting software can allow you to boost your cash flow significantly and achieve business excellence. Check more here.