In case you’re wondering what all the buzz about bookkeeping software in UK is all about, this is what it’s about: life-changing (or more precisely, business-changing) benefits that far outweigh the rather nominal cost one has to pay for them.
Today, UK bookkeeping software is affordable for companies of all sizes, because of the cloud ownership model, where businesses do not have to own the software per se; they use it as a service, extended by a solutions provider. You can get bookkeeping software for as little as GBP 20 per month! Moreover, you can pay as you go even if you want to opt for discounts available on an annual package. No huge upfront investment is required.
Now that we’ve got costs out of the way, let’s dive right into the benefits of UK bookkeeping software
Improved productivity and a happier team
Across sectors, there will always be at least one team – or a whole rung in the organisational hierarchy – that has to devote a lot of their time to data entry. In some companies and some jobs (like accounting, bookkeeping, admin, HR, sales to name a few), it is a large chunk of the role. In a lot of roles, data entry is at least a small part of what people do – at least to claim one’s own reimbursements.
Ease the data entry burden on your people with bookkeeping software because it is capable of extracting data from smartphone pictures, scans and pdfs of bills, receipts and invoices.
Professionally managed data and higher security
The data entries created from smartphone photos, scans and pdfs of bills, receipts and invoices are then automatically categorised and centralised for easy searchability. A search box lets you track down any entry with ease, and a copy of the original source document is always maintained with each data entry. Talk about an efficient filing system!
Categorisation is either basic and automated (where entries will be sorted by date and type) or more sophisticated if you set up categories that are more relevant to you.
Data security is guaranteed on the cloud and far better than on-premise security – all your business data is secured by firewall protection and some UK bookkeeping software solutions providers will throw in double firewall protection.
Fewer errors and a less harrowed accountant
By linking your business bank account to your bookkeeping software in UK, you can have data flow directly from your business bank account to your books. This means that your accountant can be freed up for actual analysis and other bigger and better functions.
Moreover, you completely eliminate the possibility of human error, all thanks to automation. Your accountant does need to make sure that all entries are recorded, but this option is far less tedious (not to mention efficient) than actually making the entries manually.
The system is also capable of flagging up errors, anomalies and duplicate entries in the data.
Live, on-the-go access and fully informed decisions
Thanks to automation, you do not need to wait for your accountant to sit down and enter data in your books. Your books will always be up to date. Moreover, you’ll have live and on-the-go access to your books via a partner app on your smartphone.
Once you get UK bookkeeping software, you’ll be able to make fully informed decisions, with all your company’s vital data at your fingertips. You can even include things like inventory and payables in your at-a-glance dashboard.
Ability and insight to improve profitability
Data science and artificial intelligence team up to give you the ultimate business insights when you use bookkeeping software. With all that data flowing through its intelligent brain, your bookkeeping software is able to deliver amazing business insights. Find out where your supply chain leaks are, figure out how to make cash flow more efficient, know your most lucrative clients and so on … all thanks to one little investment in bookkeeping software in UK.
More professional invoicing and client relationships
Businesses of all sizes have this (little) issue but it often makes your clients view you as a small business because of it and that’s what makes it a big issue. We’re talking about invoicing: late invoices, unstandardised invoices, errors in invoices, delayed follow up on invoices and late payments that go unnoticed… no big fish (like say Amazon) would let such matters fly.
They might seem minor, but the fact that these factors affect the recipient’s impression of you… that fact, makes these factors major and calls them into focus.
Fix them all and in one go with bookkeeping software. You’ll get standardised invoices, reminders around due dates and notifications when clients open or pay them, and when the invoices become overdue.
Conclusion: Paying GBP 20 – GBP 40 per month to alleviate so many business issues is a great option for businesses in the UK of all sizes and at pretty much any stage of the business life cycle. Moreover, you can opt for a free trial to verify benefits for yourself.