Software For Your Business Needs

Even the smallest business will benefit from using accounting software rather than spreadsheets or a paper-based system. Not only does it make staying on top your company finances easier, but it also enables you to prepare and submit your tax and VAT returns faster.

Essentially all the best accounting software packages are designed to help you manage company expenses and income, send invoices, and generate financial reports about your business. However, there are specific features you may want to look out for. For instance, do you want a cloud accounting solution or desktop solution?

In 2020, most people will want to choose the best online accounting software as this gives the flexibility to work on your bookkeeping at any time and from anywhere, making it simpler to run a business remotely.

If you have little accounting knowledge, you will probably prefer a package that is more intuitive, as you will not want to spend lots of time setting up your system or searching for essential functions.

Having an accounting software package in place will be increasingly important as the government has now rolled out its Making Tax Digital (MTD) initiative. This is aimed at making the UK tax system more effective and taxpayer friendly. It will enable HMRC to use information they already have or can get elsewhere, for instance from an employer, bank, or another government department.

As some platforms may suit you better than others, the only way to be sure what might work for you is to take advantage of the free trials on offer. Select two or three packages, try them, and find out what’s right for you.