Accounting and bookkeeping are becoming increasingly complicated considering the frequency at which transactions are occurring every second worldwide. Technological advancements have made the use of accounting software necessary across industries since they have a host of advantages over traditional accounting systems.

Accounting software allows continuous access to up-to-date data from anywhere, at any time, as well as offers functionality that goes beyond the limitations of on-premise accounting systems. It can also make accounting tasks much easier and faster, thereby saving time, money, and energy in the long run.

With nearly half of UK SMEs planning to boost their cloud expenditure in the next year, here are the top six reasons why you should switch to dependable, cloud-based accounting software for accountants in the UK and US.

Top 6 Features of Accounting Software for Accountants

In today’s digital world, accounting software plays a crucial role in how accounting tasks are completed. It’s integrated with innovative functionalities, making them useful for all accounting professionals.

Generally, the six most important features in accounting software for accountants are:

1. The level of security the application provides

Financial data is the most valuable asset of any company. If it’s lost, the company will be in huge trouble. It can result in some serious consequences, including a blow to your business finances, seriously affected business and employee productivity, customers losing faith and trust in you, and getting caught up in some legal ramifications.

Therefore, it must be protected at all times. Cloud accounting services consolidate all of your financial data in one place and provide various degrees of data security for your peace of mind.

In addition to redundant power, backup and recovery systems, DDoS attack and Spam prevention, and a variety of other security features, servers that contain your data are often equipped with. You can ensure all your accounting data and records are safeguarded against data breaches and different cyber-attacks.

Hence, if you’re still looking for accounting software to use, you can enquire from the software provider about their security features and how effectively they integrate with your on-site security measures like network firewalls and anti-malware.

2. Ability to assess fixed assets on-the-go

Accounting software for accountants keeps you up to date on the location, amount, and depreciation status of your company’s fixed assets, as well as their maintenance costs. This functionality can help you decide whether to retain or get rid of these assets to maintain a healthy balance sheet.

3. Enables solving invoice and billing issues

When you have recurring transactions, it’s tough to create exact invoices for each time a client buys from you. It’s hard to keep track of invoices and send customers the remainder of late payments without the use of automated solutions. Not only that, but the manual creation of invoices can also be susceptible to human errors. For example, if you create an invoice in an Excel sheet, the invoicing staff may likely enter the wrong payment information, making the entire process much more complicated. This is where accounting software with the ability to automate invoices comes into play.

Generally, accounting software integrated with invoicing features effectively handles these challenges and includes features that make invoicing easier. For frequent client orders, you may build recurring profiles and schedule invoices to be sent out automatically every time the order is placed.

To let your consumers know what to anticipate in terms of payment, you may put payment terms and conditions on your invoices. You may send reminders to your clients based on the invoice due dates or expected payment dates, and the program will do it automatically.

Accounting software for accountants can help them maintain track of all their past-due obligations. Accounting software assists you in keeping track of all outstanding invoices, reminding clients to pay on time, and preventing payments from being missed by accident. When payments are made on time, maintaining your business’s cash flow will no longer be a problem.

4. Ability to manage projects and timesheets

Project and timesheet management skills are necessary for modern accounting software for accountants. A decent accounting system should have timesheet management tools, which allow you to bill customers based on how much time you spend on a project. Timesheets help you manage your work from planning to recording time and charging clients. Using accounting software to measure the time spent on activities might help you prevent overbilling or underbilling your clients.

To ensure that everyone is on the same page, have your clients validate your time entries before paying them. Timesheets allow you to compare your actual hours worked to your initial budget when a project is completed, helping you to plan more accurately the next time. These features in accounting software for accountants help the company to keep track of billability, as it plays a vital financial role.

5. Ability to track employee attendance and manage payroll

Another feature that accountants want in an accounting system is the ability to track time and attendance and manage payroll. Generally, modern accounting software is integrated with payroll capabilities that allow attendance tracking, streamlined payroll processing, leave management, notices, and a calendar of events. These capabilities can include biometrics, report generation, QR-based features for attendance, and other relevant tools.
With these things in place, you can manage payroll processes more efficiently.

6.  Allows third-party integrations

With its integration capabilities, accounting software is adaptable and expandable. Payment gateways, sales software, CRMs, business intelligence systems, project management tools, and other third-party business and productivity apps and services are all supported by the platform. When compared to having to launch many programs for different activities, which can be costly, integration allows you to be more efficient and money-saving, thus increasing the capability of the company.

Conclusion

If you wish to secure long-term sustainability for your business, accounting software is a must-have in the 21st century. Streamlining your finances should be your top priority if you hope to grow your company. Accounting software for accountants facilitates streamlining of data to boost finances and maintain financial health. If you’re a business owner, accounting software will make your life easier.

Text is an all-in-one accounting software for accountants used widely in the UK. It helps businesses enhance operational efficiency, save money and time, and make better data-driven decisions. It also facilitates access to high-quality precise data, the accuracy of which is strikingly higher than human calculations.

Reach out to us at Dext and we’ll be happy to assist you in establishing a dependable and highly effective accounting system for your business. Click more here!