Business accounting software is designed to help businesses with their accounts. Choosing the right accounting software will help put you in control of your business and submit your annual accounts.
Businesses are legally required to keep accurate financial records, but digitising your accounts can have wider benefits; it can save you time, allow you to file government returns online, and even help with day-to-day jobs such as invoicing.
There are plenty of systems out there to choose from; some are geared towards freelancers, contractors and SMEs while some are used by multinational companies with thousands of employees.
Most accounting software is easy to use regardless of your accounting experience. However, it is important to choose a system that suits you and your business.
What Features Do You Need?
Think about the features that would benefit your business. There are a variety of features available that can help with the operation of your business such as:
- Inventory management
- Sales tracking
- CRM integration
- Merchant account support
- Budgeting and estimating
- Business tax reporting
Decide what features you need and make sure you aren’t paying for features that you won’t use.
It is also worth checking if there are any industry-specific packages available.
Once you have decided on the features that will be useful to you, there are some other things to consider:
- Scalability – Will the software you choose grow with your business? Can the software be easily upgraded? Can more users be added? At the very least, can your data be easily exported to integrate with a different system should you outgrow the one you choose?
- Bank Support – The ability to download transactions from your bank can save you a lot of time. Find out what software your bank supports.
- Access Restrictions – If more than one person is using the software, it can be useful to restrict access or provide a lower level of access for those that don’t need it.
Supporting Your Accountant and Saving You Money
Accounting software does not replace an accountant for ensuring that your business adheres to legal accounting and tax practices. However, when you use accounting software you can take every-day accounting tasks out of the hands of your accountant. This not only makes their life easier but can save you money too.
Good accounting software will allow you to produce the reports you need to provide to your accountant and some will even automatically provide your accountant with access.
More often than not, your accountant can advise you on the best software to use for your business and let you know which systems they are familiar with.
At James and Uzzell, we pride ourselves on providing an honest and trustworthy service. Our friendly team would be happy to discuss your requirements and help you choose an accounting system that suits you. If you would like to talk to a member of the team, please feel free to give us a call on (01792) 799 100 or send an email to email@example.com.