Does your accounting system help or hinder?

As your business evolves so must your management systems.  You need to keep pace and have the information you need, when you need it, in order to maintain control.

In the beginning

Many start-ups use manual systems, often complimented by Microsoft Office (Word and Excel). These can work well whilst the volumes are low and you have a good awareness of what is happening in your business. However, as the business develops and you become more reliant on other people, there comes a time when you need to consider implementing procedural and accounting controls to provide reassurance all is well.

 

Helping businesses progress

We work closely with clients providing tailored services to assist them with each stage of their business’s development.

Have you outgrown manual data recording and need timely management information? We provide an outsourced service which acts as an introduction to computerised accounting and from which you will learn the key reports you need.

When you are ready we can assist with accounting software selection and implementation. We can also assist with recruiting a bookkeeper or internal accountant.

Providers are constantly developing and modifying their accounting software. Cloud based solutions has seen the most traction, and aimed at the end user rather than the accountant. Typically these are priced on a monthly subscription (including support and updates) with remote access, a suite of standard reports, and helpful dashboards showing an overview of key data.

The characteristics of a good accounting system

  • Easy access and easy to use
  • Easy links for importing transactions (bank statements, credit card statements, expenses)
  • Accurate up-to-date data entry
  • Good control accounts
  • Relevant and timely reporting

It would be wrong to suggest total reliance can be placed on any accounting software solution. There will always need to be manual reviews especially with tax and VAT sensitive transactions. There’s an ever increasing number of solutions available to scan receipts and post direct to your accounts. However, care must still be applied to expenses such as travel and entertaining to get the correct VAT claim or analysis for tax purposes.

 

Review your system

Whether you are concerned your current accounting systems are no longer working or you feel it’s time to move on to something more sophisticated, we can provide an independent assessment of your needs. This may result in restructuring what you already have, thereby reducing the need for retraining your staff, or assisting in the implementation of a new accounting system.

Andrew Bagley, Business Services Manager

 

Post by Andrew Bagley