Reliable UK accounting software have a host of advantages over conventional accounting systems. With uninterrupted access to up-to-date data from anywhere, at any time, and functionality that transcends the barrier of on-premise accounting solutions, businesses stand to benefit significantly by adopting accounting software in UK.
With close to 48% of UK SMEs committed to increasing their budget for cloud spending in the coming year, let’s look at the top 4 reasons why you should consider switching to reliable, cloud-based accounting software in UK.
Conventional accounting systems have to deal with data becoming outdated, which affects the quality of accounting reports. It also requires additional manual work on accountants’ part to update and manipulate data for the required output, which can be extremely time-consuming.
However, with reliable, cloud-based UK accounting software, businesses can ensure they have access to up-to-the-minute intelligence and high-impact analytics and reports that can be useful in business strategy and planning. Accounting software also ensures that data is accurate and can be accessed or manipulated from anywhere, at any time.
According to a report by Cloud Security Alliance (CSA), it is estimated that nearly 73% of businesses cited security concerns for not moving to cloud-oriented accounting software. However, as per Microsoft, up to 94% of businesses have seen a significant improvement in digital and physical security after adopting cloud computing.
A cloud-based UK accounting software like Dext is more secure and effective than any in-house accounting system. You can stay assured about your sensitive data being protected from unauthorized access, theft, and breaches.
Data tends to get lost or become degraded due to human errors, especially when shifting from one software to another, or in the case of emergencies. However, by investing in cloud-based accounting software in UK, you can stay assured because your data is automatically backed up, and can be managed using any device. Furthermore, there isn’t any risk of losing valuable data due to system failure or unfortunate events.
Finance records include keeping track of invoice and payroll data, expenses, account receivables – all of which need to be entered manually and updated regularly. It is estimated that nine out of ten or 88% of finance spreadsheets have errors.
With accounting software, accountants are not required to manually enter data and maintain them over time. Receipts, invoices, finance records, and statements can be uploaded to the software for automatic data update. Since tasks are automated, accounting software also reduces errors arising due to manual, repeatable labor, and increases the overall efficiency of finance management.
Since the best accounting software in UK is cloud-based, there is no downtime in processing; up-to-date reports and analytics on profit and loss can also be accessed in an instant. This gives clear insight into customer and inventory accounts, forecasts, which makes decision-making more efficient and quick.
Accounting software can also be integrated with other devices, banks, and third-party applications to help you manage your finances with ease.
An all-inclusive accounting software in UK like Dext can effectively streamline operational efficiency, cut down on costs and time, and improve overall decision-making. You also stand to benefit from high-quality data, the accuracy of which can potentially be affected by human error.
If you are looking to scale your business, streamlining your finances should be your top priority. Reach out to us at Dext and we’d love to help you set up reliable and highly functional accounting software for your business.