Working in a digitized world puts you in the race of not just quality work but the time consumed. Especially in developed countries like the UK (United Kingdom), for a business owner or an entrepreneur, there isn’t enough time to do accounting calculations by yourself. You still come up short even with hard work, proper time-management and long sitting hours
So, you need to opt for an accounting software which will increase your productivity in accounting work.
But choosing the correct accounting software for your business is the key to productivity. For people working in the UK, you should look for an accounting software compliant with the UK GAAP (Generally Accepted Accounting Practice in the UK). With this, you should also consider these smart factors while selecting your accounting software:
- User-friendliness – Simple, efficient and can be used even by non-accounting tech savvy
- Integrated invoicing and billing features with inventory management
- Error prevention and identification
- Security of sensitive data
- Easily connects with stakeholders – accountants, clients, banks, etc.
Here, we will understand how choosing the correct UK accounting software increases your productivity.
1. Tracking Income And Expenses Automatically
Your UK accounting software will import all the financial information automatically from your respective credit cards, bank accounts, PayPal, and more, which keeps you updated with the information at any moment. It also quickly checks the expenses percentage of your income.
2. Generating Invoices And Sending Payment Prompts Automatically
With this you can create invoices in customized templates with your brand’s logo and colors. It saves these templates and allows you to send them to your customers quickly and easily from any of your devices.
The UK accounting software helps you get timely payment. You don’t need to track down any customer who missed the payment date specified in the invoice. You can send automated payment reminders for your clients as well as your own team by using an accounting software.
3. Offers Quick Payments To Customers
The accounting software allows you to add a direct payment option in the invoice which allows your clients to pay quickly and easily. It offers different payment methods as per the comfort of your clients like credit card, debit card, etc. Your customers will love it and so will you with the next-day deposits.
4. Create Quality Financial Statements And Reports
The UK accounting software, through its reporting feature, compiles the transaction information and creates financial statements with professional standards. With this you can keep a track on your business’s financial performance through profit and loss statements, balance sheets, income statements, accounts receivable reports, and sales tax reports.
5. Updated Tax Deductions
You can decide your custom rules and your accounting software will automatically sort all of your transactions into corresponding tax categories. It also provides automatic calculations of HST, GST, QST, and PST, so that you have all your taxes calculations without doing those.
6. Forecast Future Finances And Cash Flow Estimates
The Financial insights feature of the UK accounting software provides personalized data-driven reports to keep your business numbers at your fingertips. Also, you can predict your cash flow calculations 90 days ahead to know your standing and get prepared for future financial obligations.
Conclusion
Today businesses in the UK are required to operate digitally with speed and accuracy in the time of COVID-19, given that most people are working remotely. And if a business is in operation, it certainly needs a UK accounting software. With this, accounting platforms don’t just offer simple conveniences, they have become a necessity in today’s business landscape. Its features afford you accuracy, speed, and connectivity that you won’t get from using spreadsheets.
So, to answer the question, you should definitely consider purchasing a UK accounting software for your business.
