At present, you can continue using a spreadsheet if you wish, but investigating the available software options now will prove beneficial, particularly as your business grows and you will have less time available to spend working on your business finances and accounts.
The use of bookkeeping software can help your business in so many ways:
- Raising your sales invoices for you and automatically entering them into the software
- Faster and easier way to keep track of what your customers owe you and what you owe your suppliers
- Up-to-date management information which may be needed for lenders or suppliers who are offering credit, or for better business planning
- Multiple staff can access the software to help with recording new information, generating reports or approving payments
- The ability to spot issues that may crop up with your business finances meaning you can take immediate steps to rectify problems
- More efficient use of your time
Once the system is set up and you are fully trained, the use of software can make the bookkeeping process so much more efficient. Alternatively, your bookkeeper could do your bookkeeping for you, and you could use software to capture and submit your invoices and receipts, making the bookkeeping process even smoother.
How we can help
Date published Nov 4, 2021 | Last updated Jul 8, 2022This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.
Sign up for our newsletter
Receive important tax news suitable for business owners and self-employed professionals.
Choose the right accounting firm for you
Running your own business can be challenging so why not let TaxAssist Advisors manage your tax, accounting, bookkeeping and payroll needs? If you are not receiving the service you deserve from your advisor, then perhaps it’s time to make the switch?
We specialize in supporting independent businesses. Each TaxAssist Advisor runs their own business, and are passionate about supporting you.
We enjoy talking to business owners and self-employed professionals who are looking to get the most out of their accounting firm. You can visit us at any of our locations, meet with us online through video call software, or talk to us by telephone.
Changing accounting firm is easier than you might think. There are no tax implications and you can switch at any time in the year and our team will guide you through the process for a smooth transition.