In today’s fast-paced world, it’s so important to use the right technology for your business finances. There are numerous affordable electronic bookkeeping solutions that can simplify your finances—many even allow you to scan receipts and upload them to the cloud directly via an app. Furthermore, these software packages start at just £5-£10 per month (plus VAT).
Why Electronic Bookkeeping Matters
Having access to up-to-date financial information is essential for your business. It helps you understand your profits, what taxes will be due, and plan for the future. If you’re still relying on spreadsheets or manual bookkeeping this can be incredibly challenging.
With the right accounting software, you can input the same data but get deeper insights into your business. Proper software not only tracks your transactions but also provides detailed reports to help you gauge profitability. Also if used properly this will provide a firm basis for your accountant, enabling them to prepare accounts quickly and accurately.
Accurate and current bookkeeping is the foundation of informed decision-making. In an ever-changing business environment, timely financial data allows you to react quickly and secure the long-term success of your business.
Choosing the Right Software for Your Business
Selecting the right bookkeeping software depends on the level of analysis you need. Basic software will handle your bookkeeping and provide financial reports, but if you require more detailed analysis—like tracking departments or cost centers—consulting with your accountant might help.
If you outgrow a basic package, many providers allow you to easily upgrade to a more advanced version to meet your evolving needs.
Training: Key to Success
While bookkeeping software is designed to be user-friendly, it’s important to set it up correctly from the start. Errors in setup, such as selecting the wrong VAT scheme, can cause discrepancies in your financial reports. Work with your accountant to ensure the set up is accurate.
You may need additional bespoke training tailored to your business. Each business has unique needs, and the software can be customised to suit yours. With regular practice and some guidance from your accountant, you’ll be up and running in no time.
JDH: Your Software Partner
At JDH, we offer a range of software solutions tailored to your business needs. We use Sage 50 for clients already set up with this software and offer cloud-based accounting options like Sage One, Xero, and QuickBooks. These cloud solutions allow both business owners and accountants to access financial data in real-time.
Personalised training can be provided to ensure you become both competent and confident using your chosen software. Our team of certified QuickBooks Pro and Xero advisors are here to guide and support you every step of the way.
The Future of Your Business
No matter what choice you make for your business, make it a good one. Electronic bookkeeping is not just a trend—it’s the future of your business.