When you decide to start exercising, the first thing that you will most likely need to invest in is a pair of trainers, right? However, you won’t get just any pair of trainers, you will pick the right size and the right fit and overall, the right kind for your needs. Some things, like a sturdy sole and good grip, are often a given.
It is the same when you’re selecting accounting software in the UK. Put some time into selection. The accounting software that you select needs to be the right scale for your organisation’s current size; it must be the right fit for your business’ needs and some tools are a given. With the right set of filters, however, you should have no difficulty finding the best accounting software in the UK for your needs. Keep this guide handy:
Identify your needs
Start by making a list of everyone in the organisation who is involved in spending company capital, approving these spends, and making management decisions that depend on financial data. This represents the number of users or the number of logins that you might require.
Next up, draw up a wishlist of everything that you hope the accounting software can achieve for you. You can put things like reduced time on data entry, project time tracking, easier invoicing, error-free data, timely insights, and other (similar) desires on this list.
Now you know how many user ids are required and what it will take for the software to be useful. You also have a vague idea of budgeting. Now you’re ready to hit the market and start browsing through the small universe of software solutions out there.
Verify compliance and suitability
It is absolutely imperative that the software adheres to security norms set up by the company’s IT department or norms that the company has committed to any other stakeholders.
Then look at all the little things:
● The software should let you track all entries, including deleted entries
● All entries should be open and editable for as long a period as you would need them to be
● Do the approvals for expenses procedure offered by the software match your SOPs?
● Are payroll and accounting books available for as long as you would need them to be as per law and as per your own company’s norms?
● Is the information fed by the software from your bank account to your books truly live and updated at all times?
To avoid having to sit through another evaluation of all the available accounting solutions out there in just a few months or a few years, you should ensure that your selection is future-proof. You are likely to grow in terms of your employees, your clients, your suppliers, and of course, your revenue - which corresponds to a higher number of transactions.
The software should be scalable - you want to pay now for perhaps a startup or a small business with only a few user ids. But when you are a mid-sized organisation a few years from now, you want to seamlessly be able to pay for and scale your software’s capabilities to match your company’s growth.
The software that you select should be intuitive. This means that the user interface should seem familiar - a user should unconsciously be aware of where to click and what to do without having to be trained or taught how to use it.
Look at videos and screenshots, not to mention user reviews, that give you a clear idea of whether the software is easy to use or not.
Also, get feedback from others who will be using the software.
Insist on certain must-haves
When you purchase accounting software in the UK, you are investing in your business. An investment has to promise a certain reward and your accounting software must therefore provide you with a bundle of basic conveniences, such as:
Time saved - certain solutions, like Dext Prepare, let users simply snap a picture to create a data entry. The system is able to recognise and extract all key accounting data from the picture and put it into an entry that is easy to use for accounting purposes. Ensure that your software can extract data from a variety of file formats. Reduction of time spent in manual data entry is a must-have.
Errors eliminated - the accounting solution should be smart enough to eliminate duplicate entries and flag up anomalies in the data.
Approvals at a click - you should be able to approve expense requests and reimbursement requests from staff at a single click or within a couple of clicks. Your
Ensure that the accounting solution provided allows you a free trial so that you can get a hands-on feel of how it works. Thereafter, opt for a pay-as-you-go model to avoid getting tied down (if that works for you). Also, check how data is exported in case you do need to cancel your subscription for whatever reason.
Protip: Be sure to check out the solution provided by Dext, it is known as one of the best accounting software in the UK. Take your time with evaluation and trial.