5 Key Features Of Bookkeeping Software In UK You Must Know About

For businesses to stay compliant and competitive, they need to have accurate insight into their finances to assess business performance. This can be achieved with the help of a UK bookkeeping software that smoothly manages your credits and debits, generates performance reports and provides real-time access to up-to-data financial data and insights.

Businesses tend to struggle with catering to the demands of the market if their accounting system doesn’t add value to financial progress

In fact, there is a myriad of disadvantages associated with conventional bookkeeping systems. From being labour-intensive and time-consuming to delaying reimbursements, increasing human errors, and affecting overall productivity, traditional accounting methods can be extremely detrimental to the growth of your business.

New-age bookkeeping software is devoid of manual errors and bias; since calculations are automated and there are additional error-checking features to eliminate mistakes, a reliable UK bookkeeping software like Dext improves operational accuracy, efficiency, and productivity.

Here’s a quick rundown of the key features businesses should look for in a UK bookkeeping software to find a perfect fit for their needs.

Cloud-based system

Cloud-based bookkeeping software is key to increasing work efficiency, collaboration, and shareability of data, anytime and anywhere. It not only makes processes faster and allows you to access records from any device but also ensures your team is not restricted to the premises of your company to be productive.

Cloud-based technologies have proven to be especially vital during the pandemic-driven work-from-home norms. They provide you access to real-time data so you can make data-backed decisions and align your operations accordingly. In addition to this, you can integrate with other accounting solutions and third-party applications for greater performance and flexibility.

Seamless connectivity and integrations

SMBs require a combination of accounting features to maximize financial potential and ensure business scalability. Among the top features to look for success are uninterrupted connectivity and integrations with other accounting systems.

How your accounting software integrates with other third-party apps determines how efficient your accounting processes will be. You don’t have to waste valuable time manually entering and re-entering accounting details.

Look for bookkeeping software that allows you to connect your tool to other essential tools for seamless connectivity and time-saving accounting. Bookkeeping software like Dext with robust APIs is key to streamlining operations.

Security

Bookkeeping software does not just drive efficiency and productivity for your businesses. It also ensures your data is secure and protected from viral cyber attacks and breaches. This includes both internal and external threats.

Internal security includes restricting access to your bookkeeping software based on the level of authorization of the user. This means an admin or authorized personnel would typically have to approve user requests to access vital data. Modern UK bookkeeping software like Dext accomplishes this with the help of a varied password and encryption features like User Validation, Two-Factor Authentication, and so on.

Before you purchase bookkeeping software, make sure you can control access in this manner to better protect your data.

Apart from this, look for external security measures like compliance with security regulations, anti-cyber policies, etc to ensure your system is protected from cyber threats and data breaches.

Prompt analysis and advanced reports

A routine analysis is vital to assess your business’s financial health and performance. For business owners to be better informed and well-equipped to make effective decisions, it is a good idea to invest in bookkeeping software that generates real-time reports and provides insights into your current financial situation.

This can help owners analyze and improve their management plus save hours of time.

Automatic updates & backups

Keeping your data secure also includes protecting it from loss to recklessness or natural causes. This is usually the case with traditional spreadsheet-based systems or the more outdated paper-based records. Since they are vulnerable to disasters such as fires and accidents, you can’t lose access to years of financial records in a jiffy.

Cloud-based bookkeeping software is key to keeping your data secure and ensuring business continuity despite external damages. It regularly creates backups of your data which are stored in the cloud away from physical threats. On top of that, the regular automatic system updates ensure compliance with security regulations – all of which are highly beneficial for your business in the long run.

Conclusion

Every growing organization is fueled by finances. Bookkeeping software is vital to the efficient and smooth running of businesses since it helps you manage and track invoices, expenses, and debts, and stay on top of your business performance.

If you are eyeing expansion and diversification, we strongly recommend you leverage a UK bookkeeping software like Dext that can readily adapt to your internal operations and offers valuable accounting features to help you succeed.