If you are in the market for bookkeeping software, good work on finally making a move to catch up with countless companies (and even freelance professionals) all over the UK who are using bookkeeping software. In this blog, you will know Important Features A Great UK Bookkeeping Software Must Include.
UK bookkeeping software is used by bookkeepers bookkeeping firms to maintain books for their clients; by all sizes of companies, at all stages of the business lifecycle, operating in any sector for accounting, reimbursement, expense approval, and decision-making; and by freelancers to track and manage their income and expenses.
No matter which of the above categories you fall in, every bookkeeping software user has one shared goal, and that is: the software must be worth the time and effort spent on migrating to it. No matter what individual business goals are, every company that adopts bookkeeping software wants increased productivity, professionalism, and profitability. This triad of goals is common across bookkeeping software users and isn’t it the reason why businesses invest in a lot of things?
To help you achieve this triad of goals from your UK bookkeeping software, ensure that it has the following features
Receipt scanning for better productivity
Time spent in data entry in 2021 is essentially time wasted because a computer can achieve the same job quicker and more cost-effectively.
Today’s bookkeeping software packs in Receipt Scanning, a feature that puts Optical Character Recognition technology to work on PDFs, scans, or photos of receipts, bills, and invoices. Data is extracted from these source documents in seconds and a ready digital data entry is generated. Now copy or export the data to spreadsheets or emails or accounting books, as desired.
Most receipt scanning tools retain a copy of the original source document, as proof and to allow for back-checking.
Error-free data for improved professionalism
UK bookkeeping software allows for business bank accounts to be linked to accounting books, which in turn allows for seamless flow of data from the business bank account to the accounting books.
This automation completely eliminates human intervention in the data entry process and thereby eliminates human error. Error-free data is sure to impress your clients if you are a bookkeeper. Alternatively, if you are any kind of company with investors, or if you intend to go public in the near future or even within the next 5 years, you need error-free data for potential investors and shareholders to browse through.
Another exciting feature linked to error-free data is simply called check. This feature can be used to detect any errors and anomalies in the data.
Duplicate entries in data are the bane of an accountant or bookkeeper’s existence. Automatic elimination of these is yet another useful feature of UK bookkeeping software.
Automatic supplier/ customer rules for increased professionalism and productivity
You can link your UK bookkeeping software to your Amazon or Shopify seller account or to payment solutions including PayPal so that just like your bank account data can flow in seamlessly, automatically, and immediately from these.
Set up rules for suppliers and customers, including bank matching. You can include up to 1400 suppliers, with rules to match, using premier UK bookkeeping software like Dext.
Health checker for professional onboarding and negotiation
If you run a bookkeeping firm or if you are a freelance bookkeeper (or even if you work as an in-house bookkeeper and accountant) you might have definitely – at least once – met a very suave client or employer who runs a tight ship in most ways. You might have been given the impression that their books are in impeccable shape only to find a huge mess when you eventually signed them on and got down to it.
UK bookkeeping software like Dext comes with a HealthScore feature that lets you evaluate the exact state of a client’s books so that you can be fully informed when you negotiate rates/ remuneration and timelines. This can improve a bookkeeper’s profitability.
Bespoke, customizable reporting/ dashboards for increased professionalism, productivity, and profitability
Your UK bookkeeping software comes with a dashboard that offers you amazing insights into a selection of business KPIs. You get to choose the KPIs based on your business, your sector, and of course the financial indicators that make a difference in your business context. This feature allows for improved decision-making as you are equipped with all significant numbers.
If you are a bookkeeper, you can communicate with your client and offer them actionable insights by toggling their client dashboard.
Business insights can be used to drive better profitability.
Inbuilt communication features for improved productivity
Bookkeepers can also communicate with their clients/colleagues using the in-app chat to get clarity on specific line items. This amazing feature of UK bookkeeping software helps cut down on the paper chase and also makes it easier for non-finance folk to understand what is being requested, and provide clarity accordingly.