Online packages are the answer
There are several online bookkeeping software packages that are available to you and your business, and we are going to discuss the best options here.
The most widely used packages are Quickbooks and Xero. Both of these are good and can benefit your company, and most of the time it’s personal preference as to which one you use. It can often depend on your accountant, as many will only work with one or the other. So, it is worth checking with your accountant before investing in one. In addition, many accountants will be able to provide you with the software at a discounted rate or even free of charge.
The benefits of using an online bookkeeping package instead of trying to do it manually – with something such as Excel – are:
- Synchronised: it is much easier to keep your accounts organised, as the package will sync with your bank account(s), your invoicing software and even packages such as GoCardless.
- Efficient: it will save you time as you don’t have to go through all your receipts and bank accounts, and then transfer them onto a spreadsheet – all the information is already there for you.
- Automation: you can use it to create invoices and send them out to clients. The package will also allow you to create reoccurring invoices, so you don’t have to generate them manually each month.
- Accuracy: you are less likely to make mistakes or miss things off that you might have otherwise forgotten. As long as you pay on your debit card – on the account linked to your software – the transaction will be recorded for you to match later.
- Accountant: using a package makes it easier for your poor old accountant – they will usually have their own login details for your software, so they can access your details easily, without you having to email over spreadsheets, etc..
- Transparency: if you have any questions or make any mistakes, because your accountant has access to the software, it’s easier for them and for you to correct them and seek help.
- Mobile: both Xero and Quickbooks have a mobile phone app so you can update your bookkeeping on the go – you don’t have to be at your laptop or desktop computer.
- Helpline: there is also a customer support facility for both, so if you do get stuck, you can access a helpline and someone can talk you through the issue.
The benefits of having bookkeeping software far outweigh any misgivings you may have about them. If you aren’t sure which one suits you best, please do give me a call and I will happily talk you through them.
Octave – ensuring that your bookkeeping plays all the right notes – in the right order!