What does Accounting software do?
In general, accounting software helps you stay on top of your finances by entering, storing and analysing data for you. It can save you time on tasks like invoicing, bill payment, payroll, bank reconciliation and reporting.
Software that helps you record and process financial transactions including invoices, payroll, pensions, tax submissions and expenses.
Is it right for you?
- Increasing the efficiency of your business
- Streamlined processes and automation can significantly reduce the amount of time it takes to do standard financial tasks, and increase capacity for more ‘value-add’ tasks. Greater automation may reduce your reliance on highly skilled resource
- Increasing quality and consistency
- Consistent finance processes will give you a better financial understanding of your business. Increased accuracy and consistency can help eliminate common issues such as inaccurate invoices and late tax submissions, and make audits more straightforward
- Increasing information and transparency
- More accurate and up to date financial information can help with decision making, forecasting and understanding of true business performance. Information can easily be shared with teams who need access to it
- Increasing flexibility
- Finance teams will be able to work remotely and information on business performance can be accessed at any time. Paper processes, such as collecting receipts for expenses, can be digitised
- Unlocking new areas of growth
- Systems may allow your organisation to meet new standards of compliance and reporting, allowing you to work with larger clients
The percentage of accounting tasks that can be automated through currently available technologies, according to McKinsey & Company