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By miguel-ingles
- In Uncategorized
Accounting programs facilitate the economic management of the businesses through task automation. Thus, they improve their efficiency and effectiveness in the management process of the corporation. In this article, I explain which are the best accounting apps for small companies in UK.
Which are the Uses of an Accounting App?
An accounting software is a program that records the daily financial movements of a business. Therefore, the administrators will control the assets and liabilities, income and expenses of a company. This allows directors and treasurers to check in real time the economic evolution of their corporation.
Thanks to this financial record, managers will be able to prepare documents that demonstrate the economic state of the company they work in, such as income and expense balances, income statements or cash flow declarations.
Additionally, several functions of a business are unified in the same application. These are: accounting, financial planning, supply chains or inventory and purchases management.
Key factors To Consider when Choosing an Accounting App for Small Businesses in UK
Ease of Use
Making the program affordable to manage is one of the most important requirements when choosing an accounting software. It is essential that any user, even if they only have a basic training and knowledge on the subject, will be able to master the tool, since it is possible that a company cannot devote time and resources to training its employees.
Thus, some functionalities that any accounting app should include are an easy access to the enterprise’s accounts, management of recurring entries or search options, among other factors.
Adaptation to the Scalability of the Company
When choosing an accounting tool, another factor to consider is that it can be adapted to the future growth of the business. This measure is taken so that to avoid repeating the learning process of how to control a new program every few years. Consequently, it is not advisable to choose programs that are intended for a specific company size.
Automation of Tasks
The feature of the app performing tasks automatically is an essential characteristic that any accounting program should count with. It must have the abilities to collect data, execute it, and be able to detect where there may be failures, all on its own.
Some of the tasks that it deals with automatically are creating invoices, paying customers and suppliers and filing employees their payroll.
Making Accounting Reports
On the one hand, it is important to have an app that makes balance sheets that display the financial health of the company or the balance of losses and profits. In addition, they should be able to file VAT or Corporation Tax declarations.
Doing so, the economic status of the company will be clearer, so it will facilitate decision-making for directors.
The Best Accounting Apps for Small Companies in UK
Sage 50 is an accounting software intended primarily for small businesses. It provides detailed financial reports on certain aspects of a business’s financial health. It also features a complete user interface and presents integration with Microsoft 365 tools.
Likewise, it stands out mainly in inventory control and for offering advanced options in terms of accounting and data capabilities. Against it, Sage 50 does not support operative systems such as IOS or Linux; it only works with Windows. Moreover, it also does not grant access to the application from mobile devices.
Considered the most popular accounting program among small businesses, it offers unprecedented personalization features among its business rivals. Also, there are numerous additions available, so this software does not lack functionalities.
It is a simple application to manage for people with little financial training, but it offers all the necessary features that a business may need. Its biggest negative point is its price, which is higher than the tools of the competition.
Wave is designed specifically for freelancers and small businesses. This application stands out mainly for being one of the best alternatives to make invoices and manage commercial transactions.
It includes a simple interface, so anyone inexperienced can handle this software. However, it does not track working times or projects.
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