If you are reading this there’s a good chance that your business is using an bookkeeping system which either resides in a collection of untidy boxes and filing cabinets, or sprawls over multiple Excel spreadsheets. If that is the case then you already know the limitations of these types of bookkeeping system, in terms of data storage and retrieval, organization and labor cost. What you might not be aware of however, is there’s a better way to manage your business finances using bookkeeping software.
Cost: Once you begin using bookkeeping software it’s unlikely you’ll ever need to hire the services of an accountant or bookkeeper again. Year end account compilation can be an expensive and time consuming business; instead, let your bookkeeping software produce a range of reports in just a few button clicks whenever you require them.
Expense tracking: Expenses have a way of stacking up each month. You have probably noticed more recurring expense claims entered onto your books as the year goes on. This situation can quickly bite into your company’s cash flow if it isn’t managed. Fortunately there’s no better way to manage expense claims than to allow your bookkeeping software track them. They can then be sorted by employee, department and so on to provide a detailed breakdown of your biggest expenses.
Data Security: How safe are your accounts? Most government regulations require your business accounts to be stored securely and backed up regularly. Once again, bookkeeping software makes this a breeze by optionally providing high quality data encryption and tools to help you backup your accounts data to CD or the internet.
Audits: It could happen to you. If it does the best way to ensure fast and pain free auditing is to use HMRC recognized accounting software. Once you have bookkeeping software license, you’ll be able to automatically update it to keep pace with changing account storage regulations, so your books will never miss the vital information required of you. Major bookkeeping software products will also be audit friendly, allowing auditors to easily get to the information they require will help them get their job done with less disruption to your business.
Accounts Management: This might seems like an obvious one, but it will be your biggest money saver once you buy bookkeeping software. Your business cash flow depends on accurate and up to date bookkeeping data, whether it means calling in overdue accounts, product pricing, expense monitoring or a host of other problems; you’ll find new bookkeeping software to be a huge time saver for you and your employees.