In this article, we’re going to explain digital bookkeeping software or cloud-based bookkeeping software. Digital bookkeeping software is a handy tool that brings greater efficiency to vital accounting and bookkeeping tasks such as data entry, organization, and sorting of data and reporting. In addition, bookkeeping software offers better access to both accountants and business decision-makers and the situation is no different in the UK.
That’s a ton of benefits from one little piece of tech right? Let’s explore all of these benefits in detail to understand how bookkeeping software can help a business by simply driving more efficiency.
Easy data entry
Whether you are a freelance bookkeeper, or an in-house accountant, or the company boss hiring either of the above, time is an invaluable resource and you want it maximized.
UK Bookkeeping software can shave hours of grunt work off your schedule. This is because UK bookkeeping software packs in what is known as “receipt scanning” although technically, this feature extends to all manner of documents. Receipts, invoices, and bills need to just be snapped and uploaded to the software – optical character recognition technology takes over and extracts all key data from the documents, presenting the user with an editable, copiable data entry.
Additionally, bookkeeping software in UK links the business bank account of a company with its books. This means complete eliminations of hours and hours spent logging every transaction of the business. The data instead flows directly from the company’s business bank account to its books. The bookkeeper needs to only make sure that all transactions are recorded.
Once data is scanned and presented as digital text, the user can either extract it to other apps and software or can simply reference the data entry at a later stage. This is because the data entries are lined up, sorted, and categorized by the system. The user can either set up their own filing and sorting mechanism or alternatively, the system will intelligently begin sorting and categorizing data based on previous entries, dates, and so on.
In terms of getting organized, it doesn’t get better than this. With all the company’s financial data stored in one central, online location, all you have to do is conduct a simple keyword search to locate files and folders from months or even years ago.
Did we just say years? Yes, we did. Booking software solutions providers like Dext, who have a strong foothold in the UK, ensure that your data is saved securely for a period of 7 years as per UK norms.
Proactive error elimination
We mentioned earlier that digital UK bookkeeping software is intelligent. Indeed, this is artificial intelligence and machine learning at your service.
Because of these characteristics, UK bookkeeping software is able to flag errors, inaccuracies, and anomalies in a company’s financial data.
Additionally, it automatically deletes any duplicates from the system (yes, that major nuisance is out of the way too!). Additionally, any deleted entries can be tracked and restored should the need arise. To further streamline financial management, companies can consider implementing a comprehensive ERP system like NetSuite. NetSuite implementation can provide a unified platform for managing financial data, automating processes, and improving overall efficiency.
Spontaneous business insights
From zeroing in on the sneakiest supply chain overspends to identifying areas of a business that are the most lucrative, one of the most celebrated features of digital bookkeeping software is its ability to deliver regular business insights. After all, it’s got all the data running through its robot brain.
Thanks to this feature, a bookkeeper can go from being just a bookkeeper to being a consultant by using the software. If the software is deployed in-house, business heads and other management stakeholders can save time spent poring over data to arrive at these insights.
Anytime, anywhere access
Thanks to living and automatic bank account to book data transfer, your books are constantly and consistently up to date. But there’s more! Thanks to being cloud-based, a business owner or company boss can get access to the company’s books from their smartphone wherever in the world they may be. Bookkeeping software comes with a partner app for the user’s smartphone.
Security par excellence
When you purchase UK bookkeeping software, you get a whole lot of login ids – for example, at just about GPB 40 per month, you can get 20 login ids. That’s one level of security right there.
In addition, a company’s data is secured by firewall protection. Bookkeeping software solutions providers like Darcy Bookkeeping
Bookkeeping software like Dext integrates seamlessly with bookkeeping tools like Xero and QBO.
If you run a bookkeeping agency, Bookkeeping software can tell you all about your people’s productivity and the number of hours spent on tasks. As your business grows and the scope of client demands expands, you’ll also be able to show the actual number of hours being devoted to their work and this and more professional, possibility more fruitful negotiations. There’s also a business health checker that can tell you beforehand what the state of a company’s books is. Quote accordingly.