Accounting Software for Small Businesses

Almost every aspect of our lives has been altered by improvements in technology, apps and software and a small business’ record keeping is no different. Whatever size your business is, accounting software can help you in a variety of ways.

As a director of a company, Company Law states that “you are responsible for the maintenance of the company’s accounting records”, advances in accounting software means that business owners can now have access to all of the details regarding their firms’ transactions.

Accounting software can streamline the record keeping process of a firm, meaning that management and the company’s accountant can spend more time digesting the figures and working on strategies.

With the introduction of Making Tax Digital (MTD), all Limited Companies will need to be compliant and using suitable accounting software by April 2026.

Below are the benefits of small businesses using accounting software.

 

ACCURACY

Accounting software can be more accurate than manual records or spreadsheets, which are prone to human error. Software can quickly process the data entered, eliminating the need for manual calculations and providing faster, more reliable computations.

In order to achieve complete accuracy, it is important that all users have the necessary training in using the software. All leading accounting software have a vast bank of tutorial library that users can access at any time.

 

TIMESAVING 

Accounting software can free up key individuals’ time, enabling owners and managers to focus on what they do best, running the business. Features such as automatic bank feeds and batch reconciliations mean that the time spent number crunching can be dramatically reduced.

With the advances in cloud technology, the outsourcing of a firms’ bookkeeping has become much easier and can be performed in an efficient manner wherever the business and bookkeeper are based.

 

SECURITY 

In an era where cyber security is essential, all leading cloud-based software have impeccable security ensuring that your financial data is always protected and available when required.

User restrictions can be configured to allow access to certain modules of the software without affecting other areas. Two-way authentication also allows access for certain users or specific devices.

 

REPORTS

Multiple reports are available for users to view, download and configure at the touch of a button. All accounting software have a broad range of reports that can provide business owners either a broad picture of their performance or a more detailed analysis if required.

The reports produced can assist the business owners in their financial plans for the future and highlight any trends that occur.

 

AVAILABLE SOFTWARE

Cloud accounting software is a perfect solution for the majority of small businesses, providing access at anytime, anywhere.#

The sector is very competitive and there are benefits for all of the market leading software, it is therefore important that you research the available options to ensure that you implement the software that is best for your company.

Some of the market leaders in accounting software are, XERO, Quickbooks, SAGE, Free Agent and Kashflow.

 

OTHER SOFTWARE

Over recent years the number of software that integrates with accounting software has increased. These software’s can streamline the data entry and operational aspects of the business. Software that can be integrated cover the following areas:

  • Invoice recording
  • KPI Reporting
  • Cashflow Forecasting
  • Timesheets
  • CRM
  • HR
  • Work Scheduling
  • Project Management
  • Stock Management

 

To discuss your accounting software needs, call AJS Accountants Ltd on 01480 596636 or email us at admin@ajs-accountants.com

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