Having a bird’s-eye view of the finances is important for any business owner. Whether we look at global businesses or the UK, they all dread financial crises. Fortunately, accounting software has helped business owners through all these struggles and has been adopted by businesses around the globe. Businesses in the UK are also migrating to moving their finances to accounting software. UK accounting software is therefore in demand by organisations of all sizes.
If you are looking to select accounting software for your business but are confused with so many options, you are in the right place. This guide will help you understand the important things you should look for while selecting accounting software. First, we will look at some generic things that must not be missing from accounting software – these include ease of use, user experience, cloud-based deployment, and multi-platform integration. Then, we will take an in-depth look at some of the must-have features for accounting software. By the end of this article, you will have a clearer idea of what exactly to look for while finalising a comprehensive UK accounting software.
Intuitive and easy-to-use
The entire point of shifting to accounting software is to make things easier. Suppose the software itself requires a very steep learning curve, it kind of defeats the purpose. That said, any software will invariably require some learning curve – the idea is not to be too time-consuming and effort-consuming. The learning curve associated with the UK accounting software should not be too steep, and your entire team should be able to get on board with its work soon, without spending a lot of time and effort.
The accounting software should be easy to use, and the UX should be intuitive. Many tools tend to have various functions, but it’s all so cluttered that it’s unusable. The ideal accounting software for your business should have worked on its user interface and user experience for optimised performance. The software should be easy to learn and get on board with.
Cloud-based
Accounting software that resides on just one system is outdated in 2022. The idea is to store your financial data in centralised storage – cloud – that can be accessed from anywhere, without any hassles. Being stored in a central location, your data will also be safe and secure from any hacks or vulnerabilities and will be accessible to authorised people very easily.
Cloud-based accounting software has upped the game and provided a superior experience to businesses, business owners, and accounting teams. The admin has the power to share access rights with different people, which ensures the security of your data too. In addition to being cloud-based, the software should also ideally have a mobile application for a more seamless experience. That way, working on the go will become smooth, and you will save a lot of time in the process.
Cross-perform integration abilities
A UK accounting software should have cross-platform integration abilities to bring the best benefits to the table. That way, you will cut down on a lot of time and automate most of the mundane yet important tasks. In doing so, you will also be creating an ecosystem for all of your business operations, which will give you a lot more power and clarity in terms of looking at how different elements of your business are working together.
Your UK accounting software should be compatible with ERP tools, invoicing software, project management systems, and other such tools that keep your business afloat. Before selecting accounting software, make sure to check whether or not it supports cross-platform integration. And even in that, double-check whether or not the UK accounting software supports the specific tools that your business uses for day-to-day operations.
Essential features
With the generic must-have elements aside, let’s now look at specific features your UK accounting software must-have. After all, the end goal of the tool is to make your task easy, and without proper features, it will be nearly impossible to do that. Here are some features that you should look for while selecting accounting software for your business:
Accounting features
The tool should have the basic accounting features in place. Many small businesses just need these features, to begin with. Some important accounting features include expense tracking, report generation, invoicing, customer management. However, businesses need more features than just basic accounting features as businesses scale. You would want to save more time and automate your tasks.
Automation abilities for saving time
Accounting software should automate your routine tasks like sending up invoices, releasing notifications, updating books, and more. That way, you will get to save a lot of time that you would have otherwise spent working on accounts receivable tasks. Other automation abilities include suggesting matches based on history, archiving invoices and documents for future use, and more.
Tax preparation
Tax preparation is extremely crucial to any business. Failing to comply with taxes or not staying within the time limit can have severe repercussions on financial health. Accounting software should help your business in this aspect by providing at least the basic tax-related features like tax calculations, reporting, and multiple tax rates.
Microservices
Payment processing, payroll services, etc., are some accounting microservices that make accepting payments and paying employees much smoother. Although these services are mostly provided as additional services, they are needed for scaling businesses. The best thing about microservices is that you can mix and match different ones to create a tailor-made strategy for your business, according to your needs and context.
In conclusion, your UK accounting software should have you covered 360-degree in terms of all financial, accounting, and bookkeeping aspects. Half a decade ago, the software available was not so sophisticated and powerful. Today, however, we have tools that come packed with features and functions. The things we discussed in the article are important for you to look at while selecting the UK accounting software, but this should not be it. Feel free to do your due diligence before finalising the UK accounting software for your business. However, if you’d like to cut down on your search, let’s help you with it. Know more about our accounting software!
