If you are in the market for UK accounting software, you must make sure that the software you choose has all the essentials that enable it to deliver on its promise of improved profitability and productivity. Here are some features that are a must-have in good accounting software.
- Automatic data entry
UK accounting software comes with two key features that enable automatic data entry:
- Receipt scanning: This feature captures data from invoices, bills, and receipts uploaded to the system in the form of smartphone photos, scans, and PDFs. The data is extracted from the uploaded and presented as digital text that can be edited, copied, pasted, or extracted. A copy of the source document is maintained along with every entry.
- Account to books data synchronisation: Companies can link their business bank account to the software for transaction data to flow seamlessly into their accounting books. This not only reduces the data entry burden on the team but also eliminates the element of human error in data entry.
- Smart data categorisation and management
The system automatically sorts and categorises data based on rules set up by the users. If you do not set up any rules, the system still sorts entries by date and type and suppliers by tax and geography.
This allows you to find entries easily. Additionally, all your data is easily available in one place and you can search for specific items by keyword. Accountants and bookkeepers, department heads, and expense approvers can get clarity on specific line items by asking other team members to collaborate (from anywhere, virtually).
- Error and duplicate flagging
UK accounting software will flag up errors and anomalies in your data so that they can be fixed. This is especially crucial if you are looking to obtain funding or if you need to show your financial data to investors or other stakeholders as part of compliance.
The system is also capable of recognising duplicate entries in your data, and it either deletes or merges duplicates. This makes for easier account reconciliation and therefore less stress around the end of financial quarters and year endings.
- Anytime, anywhere dashboard
Decision-making should always consider the business’ financials no matter what the size of a business is or where in the business cycle it is. UK accounting software comes with a partner app that lets decision-makers view company data on the go and therefore enables fully financially-informed decision-making.
The accounting dashboard can be customised so that you can get live, on-the-go access to your choice of business KPI. From accounts receivable and payable, to stock inventory, assets and liabilities, profit and loss, revenue and expenditure, businesses can personalise their dashboard as desired.
- Automatic insights
UK accounting software comes with an insights feature that helps you check who your highest grossing clients are and where you could curb supply chain spending. These insights come to you automatically, saving you time that you might have otherwise spent trying to make sense of lines and lines of financial data. Especially if you are a creative genius, also trying to run a business, this tool is invaluable.
If you are trying to be more vigilant with maintaining your financial data without errors for compliance or any other reasons, you might also find use in the health checker tool that comes with some UK accounting software brands. This tool lets you evaluate the health of your books. The tool can also be a good efficiency measure between freelance/ external bookkeepers and their clients.
- Client dashboard
Earlier, we talked about the accounting dashboard that can deliver at-a-glance KPIs to you on your smartphone. In addition, you can also have a client dashboard that gives your clients at-a-glance information on payments due to you, invoices, due dates, details from ongoing and past projects, and so on. The client dashboard can be personalised with your logo and can also be set up to deliver reminders on invoice payments and notifications on when payments become overdue or when clients open or pay off an invoice.
- Tax support
UK accounting software can add UK-specific taxes to invoices and also has the capability to compute and understand UK taxes. That’s how it is able to also sort your suppliers according to tax, as we discussed earlier.
An amazing tax support feature is an advanced insight on how yet to be implemented taxes will play out in terms of numbers. You will be able to know – in advance – exactly how much more you will have to charge (or how much less you will be profiting) by an upcoming tax. This means that you will either be able to prepare your customers or plan smart marketing and pricing remodelling to maintain your profitability when the new tax law comes into force.
Be sure that the accounting software that you choose comes with most of these features. After all, it’s the features that give UK accounting software its amazing reputation as a profitability tool. Wish to try one out for your business? Opt for the best free UK accounting software trial here.