With more and more business owners adopting accounting software to track expenses, the global accounting software market size is growing at a staggering rate. As per the Fortune Business Insights Report, it is estimated to grow at a CAGR of 8.02% and hit $20,408m by 2026 from a modest market value of US$1,071.6m in 2018. Among the top players will be companies offering cloud-based accounting solutions like Oracle, Dext, Xero, SAP, and so on.
Another report by Mordor Intelligence projects that the bookkeeping software market will undergo a CAGR of 8.5% between 2019 and 2024. This widespread adoption boils down to the top-notch functionality, security, and accessibility that modern accounting software offers today.
In this article, we’ll look at the top bookkeeping advantages businesses stand to reap by switching to UK bookkeeping software.
Apart from functionality, the fact that accounting software reduces costs for businesses makes them a key driving factor for the market.
The best UK accounting software offer monthly and annual payment plans and allow size-based subscriptions, which means businesses can reap comprehensive solutions at nominal rates. You can cut down on upfront installation costs, maintenance, upgrades, and administration costs by letting your cloud service provider take over these responsibilities. UK bookkeeping software help you with cost-effectiveness.
To get you started, Dext offers free 14-day trials for businesses to review their accounting needs and align their business goals accordingly. If you’re interested, sign up for your free trial with Dext.
2. Save crucial time
A huge chunk of accountants and bookkeepers’ time goes into performing manual data entry work associated with finance management. Accounting software take away this burden from accounting teams by automatically recording sales, receipts, and invoices data when you upload snapshots of your documents to the software. This ensures that your data is processed faster when compared to manual processing and the accuracy of your financial records is improved since human error is eliminated.
Since bookkeeping software in UK allow integration with other applications, devices, and technologies, it further automates your finance management and saves crucial time and money.
For example, if a business wants to calculate sales taxes, they can have the UK bookkeeping software configure the due charges rather than getting a staff member to spend unnecessary time on it.
3. Increased security
Security is among the biggest concerns when switching to accounting software. Since businesses deal with sensitive financial data on a day-to-day basis and data theft risks are at an all-time high today, they feel wary about leveraging the cloud to store data. However, accounting software ensures that your data is encrypted using industry-level encryption models offering multiple layers of protection to prevent security breaches. This means, your financial records are as safe and secure as they can possibly be. In addition to this, automatic backups and version upgrades make sure your software is tuned with the latest accounting legislation.
UK accounting software also provides multi-level user access with the additional two-step authentication to secure your accounts from unauthorized access.
4. Accurate reports and actionable insights
Since data entry and calculations are automated, businesses have on-the-go access to accurate reports and insights to make key decisions. For example, if you have a meeting scheduled in an hour and you need to present a report of your cash flow and expenses, you can rely on your accounting software’s built-in analytics to generate a report within seconds. If you were to create this report manually, it would likely take hours.
Cloud-based accounting software like Dext is easy to set up and extremely simple to operate, and they come with support experts to help you get familiarized with key functionalities and features.
Click here for more information on the best UK bookkeeping software!