Online Bookkeeping Software for Small Business in the UK
Online bookkeeping software is a system that assists you in automating the process for digitising and recording your small business’ financial data. It takes the paper filing system out of the equation and makes your business efficient.
Importance of Bookkeeping System UK
As a business owner, you need to record each of its financial transactions meticulously. However, if you try to do it using paper and pencil or using an Excel spreadsheet, it is highly time-consuming. It is often given low priority, especially when you are short of hands.
Online bookkeeping software UK streamlines the process. It helps in maintaining all your financial data in a centralised database. Digitisation of your income and expenses as per categories gives you structured data.
Bookkeeping systems like OneAccounting software prepare various types of reports for you. It makes it easy to keep an eye on the financial health of your business. It frees you to focus on business’ core goals and objectives.
Benefits of an Online Bookkeeping Software
Generate Invoices Instantly
If you do not get paid on time for the products and services rendered, your small business in the UK is going to face cash flow problems. You can avoid falling into this trap by providing them with an invoice.
You can access your online bookkeeping software from anywhere and at any time to prepare and email an invoice to your clients. Doing so helps. They can act on it immediately as your transaction is still fresh in their mind.
You cannot keep track of all your transactions in your mind. It means unpaid invoices keep on piling. The best way of handling the situation is to implement a bookkeeping software UK and free up the brain’s processing capacity.
With a few clicks of the mouse, you can display and track the required data. You can then send an email reminder to the concerned party or call them in person for the unpaid dues.
Dashboard Charts & Reports
The software renders a Dashboard which presents you with at-a-glance charts based on live data. Accounts Payable, Accounts Receivable, and Cash In-Out charts are useful for taking in business’ financial status instantly. You also get Ageing Reports for Receivables & Payables.
The accounts payable chart gives you a fair idea about how much amount your business owes to the suppliers. On the other hand, accounts receivable chart lets you know what your customers owe to you. This data is vital for making financial decisions for the business to make ends meet.
You cannot serve your customers well without an efficient inventory management system. OneAccounting software provides you with one and lets you run your small business smartly and efficiently.
Using an inventory system, you can know which of your items are moving fast. You can also know product-wise, items in stock, value, profit or loss. You need this live data for making on-the-spot business decisions.
Well-built online bookkeeping and accounting software stores financial data in a central database. You can prepare various reports using this data. The reports are useful in diagnosing the financial state of your business and in making data-driven business decisions. They are as follows:
- Trial Balance
- Standard Balance sheet
- Profit & Loss Statement
- General Ledger Report
- Budget related Reports
- Currency Reports
- Reconciliation Report
- GST Reports
- Sales Reports
- Purchase Reports
- Bank Register
- Account List
- Ageing Report for Receivables & Payables
Online bookkeeping software for small businesses in the UK streamlines the process for you. They allow you to record financial transactions of your business On-The-Go. It means no transaction slips out of your mind and you get paid for each one of them sooner than you can expect. It also means you pay your suppliers on time without having to pay any late charges.