Are you too reliant on bookkeeping software?

If you run a small business, you'll know how time-consuming it is trying to keep up with the paperwork while you're busy establishing and expanding your customer base. It's a sad fact that 60% of new UK companies will go under within three years, and 20% will fail before they've reached their first anniversary. One of the most common reasons for this is a lack of concentration on the finances and subsequent regulatory non-compliance.

Bookkeeping software can be a vital tool in the process of keeping company finances on the right track. Different packages enable you to keep an eye on cash flow, manage online invoicing, make tax calculations, synchronise transactions with banks and credit card companies, and create reports among other things.

Your software should have all the vital cyber-security checks, and be easy to use so it becomes an integral part of your day-to-day business dealings; if everything is handled properly, you should be able to feel confident that things are under control.

Are you too reliant on bookkeeping software?

However, it's important to remember that regardless of how impressive your software is, it's only as good as the information it's given to work with and the reliability of the person inputting it. This means you need to have consistent attention to detail, because HMRC will levy fines for non-compliance and late submission of important information. When you're growing a business, time is a precious commodity, and meetings, new appointments and business plans inevitably tend to get prioritised over collating receipts and managing your petty cash.

Professional bookkeepers can gather and record information on sales, purchases and other payments, undertake payroll processing, estimate revenue and expenditure, prepare management reports and produce VAT and CIS returns for submission to HMRC. This expertise will ensure your business stays on a solid financial footing and give you the confidence to expand when you're ready.

Here at AMR, we are specialists in Xero Bookkeeping software, which is ideal for small businesses, and as it's cloud-based it enables us to collaborate with you digitally to ensure up-to-date information at all times. We can help you set the package up so your particular requirements are specified, and provide the necessary training as well as ongoing telephone support. However, we firmly believe that the right software in conjunction with a good bookkeeper is the best possible combination to keep your business financially stable and ensure your peace of mind. Get in touch with our friendly and helpful experts and we'll be happy to give you any guidance you need.

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