Scores of companies – large, medium, small, startup, and industry veterans – have upgraded to accounting software over the past few years.
In fact, the adoption of accounting software in UK is at an all-time high, with uptake figures soaring through the roof after the pandemic made remote working the norm, rather than the exception. A lot of organizations experienced the convenience of accounting software in order to keep the ball rolling as people moved to remote working, but now that they’ve had a taste, nobody wants to go back to work without it.
Haven’t tried it yet? Here are 5 super-convenient features of accounting software in the UK that you’re missing out on
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Quicker, easier data entry
No matter what your business is or what sector you operate in, making your own time and your team’s time go further, is typically something business owners would like to say. That’s because employees are paid for their time and therefore, time is literally money.
With free accounting software in the UK you and your team can simply snap receipts, bills, and invoices, upload them to the software, following which the software’s Optical Character Recognition technology takes over. The OCR tech extracts all key data from the scanned document and presents it as a digital data entry that can be edited or copy-pasted as desired.
In addition, you can link your business bank account to your accounting software to allow data to flow seamlessly from your business bank account to your books.
Automation in data entry ensures the elimination of errors at the data entry stage. Moreover, a copy of the source document is retained with the data entry for checking and reconciliation.
Additionally, the software is smart and able to flag up any errors or anomalies in your data. Moreover, duplicate data entries – which create havoc when trying to make balances tally – are automatically purged from the system.
Departmental heads, company bosses, and indeed decision-makers in any organization must have access to updated books of accounts to make sound decisions: everyone agrees on this.
However, in the past, updated books still meant last week’s or last month’s data. While this probably wasn’t the best way to run things it worked while everyone did it. However, today, with free accounting software in the UK becoming increasingly popular, companies that do not work with data as of now, could be left behind.
Since UK accounting software with free trials can be accessed via your phone and data flows directly from your business bank account to your books, you can have live, on-the-go access with free UK accounting software. Now you and your team of decision-makers can make fully informed decisions at all times.
Anytime anywhere collaboration and expense approvals
Accountants and bookkeepers – or anyone in the organization who needs answers – can reach out to anyone in the organization at any time for clarification on specific line data.
Expense approval is at-a-click and company bosses can add tiers to the approvals process in a process of delegation of such duties as companies grow.
One of the most useful things a business can have is someone who is able to tell them where their supply chain leaks are, how taxation will affect their profitability in the future, which of their clients are actually profitable, and so on. However, businesses rarely hire someone for such a job. What would he or she even be designated as? The insights manager? Even if such a role existed, it would be hard to beat a computer at it because of its ability to process millions of data points at once.
You can get a trial free with UK accounting software and verify if it really is as convenient as people say it is. What are you waiting for?