Keeping on top of your business finances is incredibly important when it comes to helping your business to be sustainable and to thrive. One of the best ways to do this is with the use of cloud accounting software. Not only does it allow you to see what is happening to your finances at any given point, but it also has lots of other benefits and can support you and your business in a number of different ways. Gloucester accountants such as Randall and Payne will be able to talk you through the benefits of a number of different software types depending on what your overall needs are.
Here are some of the main benefits that accounting software can bring.
Invoicing
The cloud accounting platforms all have the ability to create your invoices and with templates available you can even send an invoice whilst you are out and about by using the mobile apps that come with many of the software options. The ability to quickly send invoices can not only speed up the time in which you get paid but can also reduce the amount of admin time that is needed to support this business function. There is also the ability to set recurring invoices for those customers that are maybe on a monthly payment schedule.
Debt chasing
No one likes having to chase debts but cloud accounting software has the functionality to automatically send a chasing email that you can draft yourself after a certain number of days past the invoice due date. This is all customisable by the business and in some cases, you can set two or more reminder emails before you perhaps pass this task onto someone to call to further chase the money.
Accounting
One of the big benefits of using this kind of software is that it allows your bookkeeper and accountant to log in and see how your business is performing as well as giving them access to all the information that they need to file tax and VAT returns. This means that the task of bookkeeping can be done on a regular basis rather than at the last minute before year-end. All of the platforms also have the ability for you to attach digital copies or photographs of receipts, making filing for expenses much easier.
Bank reconciliation
In most cases, your bank feed can be directly connected to your accounting software which means that you can reconcile your income and expenditure against this in real-time rather than having to wait for your bank statements to arrive and then frantically chase for receipts and bills. This is a function that works incredibly well and allows bookkeepers and accountants to quickly identify any errors that might have occurred.
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