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Does your accountancy software need an update?

There’s no better time than the start of a new month to look into new ideas, and businesses that invest in the best tools and train their staff well do better than those who don’t. Using the latest technology leads to considerable improvements in efficiency.

When looking for efficiencies, examine every aspect of your operation. That includes your accountancy procedures. Reviewing your accountancy software and updating it, if necessary, will result in many benefits.

Save labour hours

Modern software is designed to save time, which is a big selling point. Over the years, designers have come up with innovative ways to make things as easy as possible for their users. Once you get your new system up and running, you will be able to save a lot of labour hours.

The ability to update your accounts on the fly

To be able to make the most of the data contained in your accounts, you need everything to be 100% up-to-date. It’s pointless pulling off a cash flow report if the last few days’ outgoings have not been entered into the system.

If you do that, there is a risk that you will believe that you have more cash available in your business than you actually do. This could lead to you making unwise short-term spending decisions.

The best accountancy software systems include the ability to scan receipts and bills into the system as you go. When you do this, you ensure that your accounts are bang up to date. It also reduces the risk of these important documents being mislaid and not being recorded at all, because if a receipt gets lost, you will still have a scanned copy to use.

Enable your business to be ready for Making Tax Digital

On April 1 2019, UK firms that are VAT-registered will switch to a new way of dealing with their VAT returns. HMRC will close its online portal and you will have to use Making Tax Digital (MTD) compatible software to automatically send the necessary details to HMRC.

If you are VAT registered, and have not already done so, you need to make sure that your current software is MTD compliant. If not, now is the time to move across to a system that is.

Make it easier to share information

Switching to a modern software package can also make it easier for you to share information with others. The best packages come with a suite of useful reports that can be produced by simply pressing a button.

It is also possible to create tailored reports for specific situations. Once created, you can instantly send these reports in digital formats.

Choosing the right software

When it comes to accountancy software, it’s a good thing that there is plenty of choice, because it means that there is a system out there that is perfect for your business. However, it can also be confusing. Researching them all and narrowing down which one is right for you is very time-consuming.

Luckily, your accountant can advise you and suggest two or three packages that will meet your needs. This speeds up the research and purchasing process. They may also be able to help with training your staff to use the new software.

Posted by Louise
November 1, 2018

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