The purpose of accounting software is to record your accounting transactions. This used to be a very manual process but the use of bank feeds to bring your bank entries directly into the software was a major step change.
There are other add-ons though that can make a huge difference to both efficiencies, effectiveness, accuracy, and time savings – some of these might be “free” to use, or there may be a cost.
Why is there a cost? The software houses need to employ skilled developers to produce the software in the first place, and both maintain and enhance it going forward.
A simple example – for construction industry clients using subcontractors, they must ensure compliance with the HMRC CIS rules. This involves online verification directly with HMRC, deducting tax (possibly at different rates for different contractors), filing a monthly return and paying the tax over to HMRC. Whilst some of these can be done online via the HMRC site, it does involve repetitive data entry every time a submission is made. The add-on to the account’s software will verify from within the product through a link with HMRC, and returns can be filed too. Surely this is worth just £5 per month additional subscription which is tax deductible in any event? Some decide not to pay it though!
There are many other aspects around the accounting function where add-ons may benefit you – debt chasing, automated processing of supplier invoices, expense processing, payroll, CRM, to name just a few.
Book a meeting with us to discuss your systems, methods, bottlenecks, and time-consuming tasks where there might be different methods available.
