If you are in the market for online accountancy software, the first thing you will discover is that there is no shortage of options. There are offerings provided by companies such as KashFlow and FreshBooks which cater for freelancers and sole traders who want immediate access to their cash flow, through to top packages offered by FreeAgents and Xero which have been designed with larger businesses requiring a more comprehensive offering in mind. While the choice of which one to go for may seem bewildering, this healthy competition is good news for the customer, ensuring prices are kept low with features which are continually improving.
Move your accounting to the cloud
While you can still purchase desktop software, the majority of solutions out there now are cloud-based. This means you can access your company’s financials from anywhere in the world, on a variety of devices, at any time of the day or night, as long as you have access to the internet. Not only that, but your accountant likewise has visibility of your accounts, ensuring you are both working from the same set of figures at all times. By keeping your company’s financials in the cloud, not only are you streamlining your administrative processes by eliminating the need for paper receipts and invoices, you can also rest safe in the knowledge that all this information will be regularly backed up and stored securely.
A lot of providers offer free trials, allowing you get a feel for the software and its capabilities before you commit to a longer-term contract. Take advantage of these so you know you are signing up for the most appropriate package which delivers everything you need in an intuitive and easy to use way. Most accountancy software providers offer a variety of packages at increasing cost, depending on the needs of your company. This allows you to increase the features as your business grows, while also ensuring you are not paying for expensive add-ons you are not using while your business is still in its infancy.
Software vs an accountant
Online accountancy software is not a replacement for an accountant; rather it should be seen as something to complement their services. While the software will allow you to update your finance management processes, it really is no substitute for the help and guidance a qualified accountant can give you. A good accountant will add much more value to your business than simply submitting your yearly accounts and ensuring you are compliant with your obligations to HMRC. An accountant will be able to work with you to create a growth plan for the future, assistance with raising capital, ensuring you are operating as tax-efficiently as possible, and suggesting the most appropriate structure for your business to trade under.
Whether you want to create invoices, track incoming payments, pay your bills, or manage your employees’ payroll and pension contributions, there is an online accountancy package out there which can help. Chosen correctly, accountancy software can help make your life simpler and allow you to get on with what you do best - running your business.