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Finance

Modern UK Businesses Need Accounting Software

If you have been hearing about companies all around you adopting accounting software but you believe you can manage without it, you’re right, you can. Your business won’t collapse overnight.

However, you’ll miss out on the productivity and professionalism that adopters of accounting software will possess and display. Your team will be less happy than their teams. They’ll have the ability to access better earnings. And slowly, but surely your less technologically-enabled business could fall behind its peers and competitors.

Of course, for some businesses, it is more about the need to check best UK accounting software and opt for it. If this is your dilemma then what you need to know is that trials are free with accounting software in the UK, even the premier ones like Dext. 

We’re going to give you a double benefit out of this article. We’ll give you a list of reasons why you need accounting software that also doubles up as a must-haves list when you are checking for the best UK accounting software. All of these features come as part of the package or are bundled in free with accounting software in the UK. Watch for our “Ensure your potential accounting software has” after each point and use it to make a checklist that can help you drive a hard bargain.

Benefit # 1: Happier team with less admin anxiety

You can shave hours and hours of mundane work off your team’s day with accounting software because it allows for data from receipts, bills, invoices – and even bank statements – to be extracted from mere photos, scans, or PDFs of these or from an online source.

Optical character recognition tech is able to return an editable and copyable digital text version of the original source document.

  • Ensure your potential accounting software has: receipt scanning software

Benefit # 2: Smoother invoicing

From forgetting to send invoices, to incorrect invoices that need to be corrected and re-sent, not to mention payment settlement delays from the client’s office, businesses lose a good chunk of capital because of old-fashioned invoicing SOPs.

And then there are shoddily formatted invoices that lack consistency, that might not cost you any hard capital, but certainly brand you as a mom-and-pop shop.

Accounting software lets you have crisp professional-looking invoices, reminds you to send invoices, reminds clients to pay, tells you when an invoice has become overdue, and updates you when your clients open or pay up invoices.

  • Ensure your potential accounting software has: a client dashboard, invoicing software inbuilt

Benefit #3: Fully (financially) informed decision making

Because of the automation of data entry and the fact that you can link your business bank account to your books (and the fact that many free UK accounting software come with a partner mobile app)  you always have live access to your books. Anytime. And Anywhere. Y

  • Ensure your potential accounting software has: live, on-the-go access, although this is the basic premise of such UK accounting software with free trials and as such you should not have to look for it or insist on it

Benefit #4: Potentially improved productivity from actionable business insights

With all that data running through its artificial intelligence brain, your software can figure out where you are overspending or underearning. It delivers these insights – like supply chain leaks for example – simply, regularly, and spontaneously.

  • Ensure your potential accounting software has: the ability to deliver spontaneous business insights at regular intervals

Benefit #5: Delegate expense approvals while still maintaining ultimate control

As your business grows you may want to focus on bigger tasks and have trusted team members approve capital expenditure and reimbursements requested by the rest of the team. Free UK accounting software lets you stay in the loop (and request answers on specific line data whenever required) while delegating the actual approvals.

Ensure your potential accounting software has: at-a-click-approvals and the ability to add expense approvers.

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