If you have just upgraded to UK bookkeeping software, you are on the right track to increasing your business’ productivity and profitability. However, if you intend to get the most out of the software, you should make sure you are maximising its usage.
Here’s a simple guide to help you get the most out of UK bookkeeping software
Use receipt scanning to reduce data entry burden
The receipt scanning feature allows users to simply click a picture of a receipt, bill, or invoice instead of having to type up all the details. The receipt scanner captures all relevant data from the snap (or even from a PDF or email, or other online sources) and presents it in a digital text that can be copied and pasted conveniently.
Ensure that this convenience is extended to team members who have a large amount of data entry tasks, like accountants. Also, extend access to sales executives and other team members who might be spending time on data entry that could be better used performing their core duties.
Set up automatic filing to increase filing efficiency
The software will automatically file entries made by the receipt scanner by date and type. For better efficiency, you can set up rules for filing and personalised folders as per the relevance to your business. Thereafter, the system will sort and categorise entries for you automatically.
Impress with error-free data
The system will flag up errors and anomalies in the data for you to tackle immediately. Additionally, duplicate entries will be automatically deleted. This means less time devoted to account reconciliation and trawling through the data for errors. If you link your bank account to your books, transaction data can flow in automatically, eliminating any chances for human error.
Use insights to improve cost-efficiency and overall profitability
UK bookkeeping software’s automated insights can help you spot and plug supply chain leaks, and this can help you reduce supply chain spending and therefore achieve higher profitability.
The software can help you identify your top-grossing clients when you use it for invoicing. The invoicing feature also allows you to track payments so that you not only never miss a payment, but also have the insights (by way of reminders and alerts) to help you follow up on payments easily. On-time payments mean improved cash flow, which typically ties in with improved profitability.
Decision-makers in the company get live insights on KPIs, such as accounts payable and receivable, inventory, and other performance indicators that can be personalised depending on what is important to your business.
If you run a bookkeeping business, the software can offer you the invaluable insight of telling you the health of a potential client’s books right then and there at the negotiation table. This speeds up onboarding and helps you make fully informed pricing decisions. You’ll also be able to tell who your fastest team members are because you will be able to track multiple projects.
Improve tax approach
Bookkeeping software in UK allows you to sort suppliers according to tax. Additionally, the receipt scanning feature that we talked about earlier should help even the biggest procrastinators to upload tax deductibles on the go. The software also automatically adds taxes to invoices. And best of all, it gives you advance information on how upcoming taxes are going to affect your profitability – you can use this information and lead time to either prepare your customers for higher pricing or to adjust your pricing model and make market preparations for the new pricing model so that you can maintain profitability when the new tax rules kick in.
If you are yet to upgrade to UK bookkeeping software, get started here https://dext.com/uk