2017-01-04 11:31:00 Advice & Tips English New to accounting software?

New to accounting software?

2 min read

What is accounting software?

 

Accounting software makes it easier to keep accurate financial records, reducing the time you spend on your accounts. But that’s just for starters.

Accounting software also eases the pressures of running your business by making you more efficient and organised. For instance:

Spend less time on everyday tasks — like invoicing, chasing late payments or recording expenses.

Get an insight into your business — understand how you’re doing and make good decisions.

Reduce HMRC stress — simplify your tax return and be confident you pay the right amount of VAT.

Doesn’t Excel do the same thing?

Some people do their accounts using Excel or even paper, but accounting software is simpler and less error-prone. It also offers extra ways to save time, like the ability to send regular invoices automatically.

What can you do with accounting software?

  • Create and send invoices
  • Log business expenses
  • Check profit and loss
  • Submit VAT returns
  • Record deposits

At the centre of your business

Because you record every transaction in your accounting software, it puts useful insights at your fingertips. See a snapshot of your cash flow or view a breakdown of client profitability instantly.

These tools provide valuable insights into every aspect of your finances, helping you make key decisions with confidence.

Accounting software tends to be in the cloud

This means you access it online rather than installing it on your computer. It’s more flexible, because you can use it from different devices — like your computer, tablet or smart phone.

No matter where you are or what device you use, you see the same, up-to-date figures. And you can easily share them with your accountant.

The cloud protects your data

When your financial data is stored on servers in the cloud, it’s protected and backed up for you. This keeps it safe, even if your computer crashes or you lose your laptop.

All data sent over the internet is protected by bank-level encryption, which means your figures stay safe from prying eyes.

Expanding your accounting software

Accounting software becomes more powerful when you combine it with other useful functions. For instance:

Use a mobile app — to view your figures or record expenses quickly while you’re out and about.

Accept credit or debit cards — and have these payments recorded against the correct invoice.

 Connect it to your bank – to ensure transactions on your statement match those in your accounts.
Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

Related Articles

What’s The Best Accounting Software for 2018?

Step away from the spreadsheets…We look at smarter solutions for the year…

Read more

5 reasons to move your business data online

How do you store your sensitive data? Many small businesses have made…

Read more

Accounting Software For Dog Walkers

We are a bunch of dog lovers here at the QuickBooks UK…

Read more