Choosing the right accounting software

Knowledge base from Boox

By Lynne Gowers on 8th May 2017

Choosing the right accounting software

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Accounting software opens up a whole new world to managing your business finances. In what is already a crowded market, it can be difficult at the outset to determine which platform is the best fit for your business.
The first step is to figure out the primary reasons why you need accounting software in the first place. How will it make your business – and your life – better?

Look at the big picture

There are a lot of great accounting software packages out there, but before settling on a specific product, it helps to take a step back and carefully consider what you want to do with it and more importantly, what you want it to do for you.
Identify your needs in this area by asking yourself the following questions:

What are your business goals?
For example you might want to increase your turnover or market share by a certain percentage over a given time. Accounting software includes features which can help you realise these objectives.

Who is going to use it?
If you have partners or employees they should have a say in the functionality of a new accounting system. Most accounting software products gives access to multiple users. This includes your accountant, so if in doubt, ask what they think is the most suitable for your business. Boox offer a free service consultation to discuss your business needs and advise which of the software packages we support is the best solution for you.

What day-to-day functions do you require?
This might sound like stating the obvious but it helps to be clear on what bread and butter financial tasks you need your accounting software to perform. These include:

  • Invoicing and sales
  • Expenses and payments
  • Banking and cash flow
  • VAT, tax and accounts
  • Payroll

What needs are specific to your business?
This is where the more sophisticated features of accounting software can come into play. For example, if you trade online you will want a system that can integrate with your e-commerce solution, or if you are supplying outside the UK, you need software that automatically converts currencies at the right exchange rate.

Accounting for a digital future

To all intents and purposes the future of the UK tax system is digital. That means that businesses using old-school accounting methods will have to make significant changes over the next few years to avoid getting left behind. Accounting software is the best way to comply with these changes and put you in the driving seat for the digital tax era.

Whichever platform you decide on, you won’t be on your own. We’ll help you set it up, from transferring data from your current system to setting permissions.

If you already have an accounting software solution in place, all you need to do is add Boox as a user and we can start working with you right away.

Need more help?  Our free guide can help you choose the right accounting software for your business. Just click on the link at the top of this page.

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