Accounting software can make it much simpler to manage your business finances and, with the imminent introduction of Making Tax Digital, all business will eventually need to migrate to managing their accounts through accounting software that is compatible with HMRC.
There are many options out there, with advantages to all depending on your business profile and growth stage. At META, we are able to advise, implement and manage on most popular software packages, and we are authorised agents of the most popular providers.
The right accountancy software can give you data in real time, make it easier to prepare your accounts, enable you to collaborate and share data with your accountant and other third parties and it can simplify many day-to-day accounting tasks. Importantly, it will also become a legal requirement as HMRC moves forward its Making Tax Digital project.
Prior to selecting your software, you should consider your business accounting priorities and preferences, to help you understand the key functions and features that you will need. This will aid you in viewing packages objectively to take a decision. For example; which tasks do you need your accounting software to complete? Who is going to use the software? Which financial information are you going to find useful? Does it offer the required HMRC and GDPR compliance? And last, of course, what is your budget?
There is no single, right answer to this question. It absolutely depends on the business or individual’s circumstances. at META, we believe that a healthy partnership between the two is often the best solution. the skills and expertise of an accountant can never be replaced in analysing and interpreting financial data for the individual circumstances of a business or individual. Accountancy software, on the other hand, can take a lot of legwork out of day-to-day tasks, improving speed and ease of completion, when correctly set up.
We are able to offer advice on your selection of accountancy software, and our team is experienced in supporting businesses to set up, migrate and develop their systems to work efficiently and effectively within the business. Whether your requirements or legacy system is Sage, Xero, FreeAgent or Quickbooks, talk to us for professional advice.
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