Most businesses and many households record their financial transactions on their PC or laptop. Within seconds a breakdown of receipts and payments can be accessed in detail that even spreadsheets would be unable to create without hours of juggling @Functions.

And for less than you would spend on tea milk and coffee each month, you can acquire the use of cloud-based accounting software.

There is a compelling reason to join this digital world, it offers a competitive advantage. Digital users who make daily use of their accounting software will create a wealth of real time data. Accessing this data in pre-formatted reported will guide you to make informed decisions.

Benefits for individual businesses will vary but may include:

• Improved credit control
• Automated bank reconciliation process – links your bank accounts to your accounting software
• Profitability and solvency can be monitored in real time
• Links to your payroll software and online filing
• Automated VAT return production and online filing

And of increasing importance to all businesses at present, the ability to forecast and manage cash flow. Usually, this particular function is provided by a specialist APP that is bolted on to your accounting software.

Every business has different requirements and so selecting the right software is critical. We have our preferred suppliers and would welcome the opportunity to discuss your options with you if you are labouring with unproductive spreadsheets or hand-written records.

Source: New feed