Accounting Software
If you are looking for a cost effective, time saving way to streamline your accounting processes which ensures your records are both accurate and up to date, accountancy software should help you achieve your aims. There are a number of established suppliers of accountancy software in the UK, offering solutions for all different sizes and types of business. Accounting software can be used to help in a number of areas of your business including payroll, VAT returns, accounts receivable and accounts payable. It is possible to purchase software that just focuses on a certain area of your accounts or that covers the whole system. Accounting software can either be purchased off the shelf or you can invest in a bespoke system. What is best for your business will depend upon the type of business you have and your budget.
Off the Shelf Accountancy Software
Off the shelf accountancy software suppliers include companies such as Sage and Quickbooks, as well as many others. The advantage of this type of software is that it is relatively cheap to buy and quick to install. The software can be purchased for as little as a couple of hundred pounds, although there may well be additional annual licence costs. These off the shelf packages will generally come with a high level of support including manuals, online support and telephone support. Off the shelf systems are suitable for use with Macs and PCs and can often be integrated with existing systems. Many off the shelf systems come with the option of a thirty day free trial which allows you to find out if the product meets the needs of your business. The downside of these off the shelf systems includes their lack of flexibility. You may also find you are paying for functions within the software that you don't require.
Bespoke Accountancy Software Systems
Bespoke systems are those that have been designed to specifically match the needs of your business and are especially suited to large companies or businesses that have unusual accounting functions. Bespoke systems can be designed to ensure they are fully integrated with systems you currently have such as stock management systems. The level of support offered with a bespoke package is usually much greater than that received from off the shelf suppliers. However, a bespoke system can take a long time to develop and its cost can be significantly higher than for an off the shelf package. If you do choose a bespoke package, it is a good idea to ensure you obtain a copy of the source code to ensure that you are protected against the developing company closing down, or a breakdown in your relationship with them.
Web Based Accountancy Software
A growing area from accountancy software suppliers is the development of web based software. This type of software offers clear advantages in terms of flexibility and portability, which is important if you have a mobile workforce. Additionally, web based systems are found to be more user friendly than server based systems. These web based systems can usually integrate with other online systems and with online functions such as banking and e-procurement. The success of these systems will depend on your internet connection, as (if you are inputting large amounts of data such as invoices) they will require a connection with a decent speed. Investing in a web based system, such as Xero, or Cloudbooks will also free your company from the time and administration costs of traditional systems as you will not have to spend time installing updates, or maintaining the system, freeing up employees to work on other tasks.
