Explained – How Does Accounting Software Help Your Business

If you have heard your clients, peers, or vendors talking about how UK accounting software is helping productivity or supply chain cost management or cash flow management, or overall profitability, you have probably wondered how accounting software in UK can have such a big impact. Let’s dive right in and see exactly how accounting software enables big positive change in any organisation, of any sector, anywhere in the supply chain, of any scale, and at any point in its business lifecycle. 

Cleaner data, in less time 

  • Receipt scanning – This feature lets users simply snap a picture of paper bills, receipts, and invoices with the smartphones, upload to the system and get a digital entry with all the vital details from the source document. 
  • Automatic transaction recording – This feature lets you link your business bank account. Data flows seamlessly from your bank account to your books. You simply need to check that transactions are being recorded. 
  • Error flagging – The system flags up any discrepancies or anomalies in your data. It also deletes duplicate entries from the system or merges them so that you don’t lose information. 

All-round cost-management 

Your UK accounting software can help you manage your costs better, in several ways, such as: 

  • Dashboard – You get an accounting dashboard that gives you an at-a-glance view of a selection of KPIs. You choose and customise the selection based on what KPIs give you a real view of your business’ financial health. The most commonly chosen are usually related to inventory, cash flow, and productivity. You can also access this dashboard from anywhere, thanks to a smartphone app
  • Spontaneous insights – The system also delivers spontaneous insights linked to your KPIs, revenue potential, and spending leaks. 

Data management 

Today businesses are becoming more cognisant of the value of data, alongside data security becoming a bigger issue and data compliance becoming more significant. UK accounting software can help with: 

  • Organised and sorted data –  The system sorts and categorises data either automatically or according to rules set up by users. 
  • Safe and secure data –  Data is secured by firewall protection and is typically safer on the cloud than on-premise. It is also cheaper to maintain high security by putting data on the cloud. 
  • Easy search – All your data is in one place, on the accounting software platform and the platform is usually built to allow you to search for documents and entries by keyword. 

Tax efficiency

  • Add and compute taxes with ease – UK accounting software is designed to automatically add the right taxes to your sales invoices and understand taxes in invoices you pay, and to divide the tax component as information is fed into your books. 
  • Ride new tax laws smartly  – You can plan your strategy to maintain profitability on upcoming tax laws with advance insights on how these might impact your profitability

Expense management 

  • Upload tax deductibles instantly – The receipt scanning tool should help you to avoid procrastinating on claiming tax deductibles such as transport tariffs and coffee meeting bills. 
  • Approve expenses at a click –  Approve reimbursements and expenses from the team at a single click and view source documents from your smartphone via the partner app. Save time, even as you maintain control. 
  • Appoint expense approvers –  Delegate expense approval on certain projects or to certain trusted team members, or – if compliance calls for it – add layers to your expense approval process, especially for big-ticket expenses. This while maintaining the convenience of at-a-click approvals that can be completed via smartphones.  

Conclusion: So, this was all about how accounting software can bring value to your business. Want to try one for yourself? Check best UK accounting software here and give it a shot. 

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