The importance of bookkeeping cannot be stated enough for any business across the globe. Good business books go a long way in ensuring that your business finances are in order and that you have peace of mind knowing that there’s complete transparency and accuracy in your books. Despite the importance of bookkeeping, companies often rely on age-old techniques to maintain and manage their business books. We are talking about using physical copies or spreadsheet-like tools for manually keeping the books up-to-date.
Sure, this approach was good while there was no alternative – but we can’t deny that this manual way of managing and maintaining books was prone to many vulnerabilities. From silly calculation mistakes to slightly bigger errors and omissions from the books, these are enough to hurt any business in the long run. After all, without proper transparency in your business books, it is far from easy to keep your business finances under control and stay on top of how things are moving. Luckily for us, technology has evolved drastically in the last couple of decades and has presented us with tools to simplify most of our day-to-day tasks – and bookkeeping is no different.
Bookkeeping software, especially UK bookkeeping software, is designed to help businesses and business owners achieve peace of mind regarding bookkeeping. Being automated, these tools require little to no human intervention and get you the work done in no time. We already know how important automation has proven to be in all other domains of operations in our world, and it’s time we utilize this power in bookkeeping, too, and achieve a peaceful state of mind where the goal is not to keep books perfect, but to achieve business goals and expand our visions.
Here are some key reasons why you MUST switch to a UK bookkeeping software if you’re still using the traditional methods of maintaining books:
1. Traditional bookkeeping methods lack accuracy
Traditional bookkeeping methods are not accurate at all, and there is no way to track income and expenses accurately. When using traditional methods, you have to manually enter data into spreadsheets and then transfer them into accounting software. If you make any mistakes, you end up having to go back and correct them. In addition, if you want to change the way you do things, you need to start over again.
2. Traditional bookkeeping methods consume a lot of time and effort
The time consuming aspect of traditional bookkeeping methods comes from the fact that they require manual entry of information. As mentioned before, if you make any errors, you have to go back and fix them. This means that you spend a lot of time correcting mistakes instead of focusing on what matters most – running your business.
3. Manual ways of bookkeeping are often not as efficient
When using traditional bookkeeping methods, you have to use spreadsheets to keep track of your books. Spreadsheets are great for basic calculations but cannot handle complex formulas. If you want to calculate something more complicated than just adding numbers, you must create a formula. However, spreadsheets don’t allow you to create complex formulas.
4. Manually maintaining and managing books tends to be expensive
Using traditional bookkeeping methods requires expensive equipment. You need to buy a computer, printer, scanner, and software. These items cost money and take up valuable space in your office.
UK Bookkeeping Software
UK bookkeeping software is different from traditional bookkeeping systems. Instead of using spreadsheets to manage your books, you use a cloud-based system. Cloud based software is much easier to use than traditional methods. All you need to do is access the internet and log onto your online account. After logging on, you can easily add customers, suppliers, and invoices. Once you’ve finished entering information, you can print out reports and send them directly to your accountant.
5. Bookkeeping software are extremely intuitive and easy to use
Unlike traditional bookkeeping methods, UK bookkeeping software is user friendly. It’s intuitive and simple to navigate. You don’t even need to know how to type. Simply click on the icons and you’re done!
6. Bookkeeping software is highly customizable as per your requirements
You can customize UK bookkeeping software according to your specific needs. You can choose between two types of accounts: fixed and variable. Fixed accounts only show transactions that occur regularly while variable accounts show everything that happens in your company.
In conclusion, there’s no good reason why you should still be working with old ways of maintaining business books. Automation-enabled UK bookkeeping software is here to help you focus on more important business tasks and decisions, while your books are taken care of without any hassles. If you are, by any chance, still relying on manual bookkeeping, it’s time you look for the best bookkeeping software in UK and migrate your business books to there. Do it, and experience the difference and peace of mind for yourself!