Skip to main content
We’re here with practical IT information for your business.

Search

How to choose the right computer equipment for your business to increase your productivity and efficiency without it costing the earth.

Business software helps you complete a range of tasks. Choose the right software, provide support and train your staff with our introduction.

It is highly likely that you depend on the internet for some aspects of your business. Find out how you can use the internet more effectively.

Good communication with customers, partners and suppliers is vital for business success. This summary explores business communication methods.

How would you cope if your IT system failed or was breached? We cover the main IT security issues and how to protect against them.

Good IT management can help you choose, use and implement IT. Our overview helps you manage IT in a way that maximises the return on your investment.

IT support is vital if you rely on your IT system. But how can you set up an effective safety net in case things go wrong? We explore the options.

Getting the right IT is just the first step. Appropriate training, policies and working practices can help you maximise return on your IT investment.

Essential guide to choosing accounting software

The right accounting software can save you and your business time and money. Integrated accounting packages enable you to keep track of your invoices, accounts and expenses from your computer, tablet or mobile phone.

Modern business accounting software is simple and straightforward to use and designed for people who are not accountants. There are systems that suit businesses of all sizes, from sole traders and small start-ups to larger companies with many employees in multiple locations.

Why use accounting software?

Identify your needs

Ease of use

The options and costs

Buying accounting software

1. Why use accounting software?

Basic accounting software is packed full of useful features and functions that can improve how your business operates.

Accounting software makes routine tasks easier

  • Book-keeping is simplified and automated. For example, when you enter an order, the software will update your stock levels and customer records. You can also translate the order into a sales invoice automatically.
  • You can keep track of invoices, quickly identify unpaid invoices that are overdue, and send out reminders encouraging customers to pay.
  • Most software packages enable you to link your business bank account. Details of all transactions can be automatically imported, reducing data entry errors and making reconciliation simpler.
  • You can use accounting packages to help you complete VAT and tax returns.

Accounting software provides a range of real-time management reports

  • Generate your balance sheet, profit and loss or cash flow reports, or view performance against budget.
  • Manage cash flow. Check account balances and forecast your future cash position. Monitor overdue payments and overall levels of outstanding payments due from customers and to suppliers.
  • Automatically produce other key information. For example, tracking profit margins and sales growth, or identifying your most profitable customers.

Accounting software makes it easy to prepare for your annual accounts or for an audit

  • The software should make it easy to share data with your accountant.
  • It is easy to check your financial records to see where the figures come from.
  • Many packages offer additional functionality. For example, you might be able to estimate the profitability of a potential contract and produce a quote.
  • Related functions – such as running payroll or managing stock levels – are often available as extra cost options.