Are you using your accounting software to its full potential?

At a time where real time information is invaluable to businesses, are you confident that you’re getting the most out of your digital accounting software to save time in the financial side of your business activities?

Following the introduction of Making Tax Digital, there’s been a surge in digital software subscriptions, and we want to make sure that users are taking advantage of the tools available in these software packages. There are lots of different software packages, each having their own list of advantages. Being able to freely navigate through your business’s software package allows real time information to be accessible, helping with day-to-day business decisions.

One simple way in which you can make sure that you’re keeping your digital accounting software up to date is by using a direct bank feed. Setting up a direct bank feed means that you can link selected bank accounts to your digital accounting software so that you have live information pulling through to your software account. The use of a bank feed is arguably a tool which every software subscriber should be using. A bank feed voids the need to enter bank transactions manually and brings a more efficient way to input data into software packages. There’s also a mitigation of human error, which this feed naturally attracts.

Another useful tool available in most digital software packages is the capability to attach invoices and receipts to individual transactions. This allows supporting documents to be viewed quickly and efficiently when looking at various historical transactions, and with digital software packages being on mobile apps, this brings an ease to this process, allowing invoices and receipts to be snapped on the run. 

Paired with adding invoices and receipts to your accounting package is the use of aged debtors and aged creditor reports, which allow a quick view of customers and suppliers who owe/are owed money. This makes chasing debts easy, makes sure that payments are set up to suppliers, where required, and allows businesses to easily plan future cashflows. The reports are helpfully categorised to show the length of time that they’ve been outstanding.

We offer digital accounting software packages at a discounted price, including an hour of training from a certified user on the accounting software. If you’re not currently using a digital software package and want to reap the benefits, please get in touch with your usual contact or email enquiry@larking-gowen.co.uk.

Alanah Thompson