The accounting industry is quickly being transformed by the creation of new accounts software and specially designed bookkeeping tools. However, many of these innovations are aimed at making accounts easier for small businesses and self-employed workers who need an easy solution for a single tax return rather than for accounting firms.
Thankfully, advanced software companies such as Capium are now creating comprehensive accounts production software that’s aimed at transforming the accounting process for accounting firms, rather than their clients. We’ve explored some of the main features delivered by these advanced systems as part of our beginner’s guide to accounts production software, and highlighted the reasons why they could be the perfect fit for your accounting firm.
What’s on offer?
Tax software for accountants is designed to automate accounting and help you save both time and money. To optimise this, many companies providing statutory accounts software will offer a range of different tools that can be used as and when required, so you can tailor your software to the needs of your business. Some of the most common tools on offer include:
Bookkeeping software is universally designed to provide a bookkeeping solution that includes streamlined versions of all the features an accounting company may need. Almost universally cloud and online bookkeeping tools are based around a sales dashboard that provides a detailed but easy-to-understand overview of your clients’ accounts in an instant. This might include sales summaries, debtors lists or even their current tax status.
Other features offered by bookkeeping software includes the ability to create sales invoices, a dashboard for all client bank accounts and even a real time bank feed. Invoice templates are also often included, making it easy to create invoices for each client that take just moments to complete. Bookkeeping software is simply bookkeeping streamlined, saving time and money for you and your clients.
Accounts production software provides a range of features for accountants that need to create accounts for multiple clients with iXBRL tagging. Many versions of accounts production software also makes it easy to submit tax documents directly to HMRC and Companies House, as well as easy to understand drafts to clients.
The most important feature of modern accounts production software is that it is hosted online and so subject to regular updates. As such, you can ensure your accounts are always compliant before they’re sent to the right authorities. This will help to boost your reputation and inspire confidence among your clients.
Practice management software is often designed to reduce wasted time for accountants and their staff. Ensure your staff members are working efficiently with task management features, provide everyone with deadline reminders and even create accurate timesheets to ensure your clients understand how they are being billed.
Another of the most significant features often found in practice management software is the CRM tool, which makes the management and follow up of prospective clients simple and efficient. Save details including contact information, notes, action plans and proposals to aid with the creation of tailored campaigns and boost your chances of successfully gaining new clients.
Sorting and managing the payroll systems for your clients is a task that’s likely to take up a significant portion of your time. However, advanced payroll tools are now widely available through companies such as Capium, who provide payroll software that amalgamates all your clients’ payroll information into one easy-to-use dashboard.
Some of the most useful features associated with online payroll software include timekeeping functions, government approved auto enrolment capabilities, payslip systems and the ability provide specific levels of client access as and when required.
The main benefits of accounts software
Depending on what type of tax software for accountants you choose to use, you’ll benefit from a variety of advanced features. However, there are also a number of benefits accountants can gain simply by embracing an online approach to accounting, regardless of the tools you use. These include:
Prevent wasted time
No matter what type of statutory accounts software suits your accounting firm, by introducing an online accounts system you can prevent you or your staff wasting time. Whether you’re amalgamating accounts details from multiple sources via an online dashboard or managing your clients’ bank feeds from one easy feed, online software makes it possible to save time while providing a more efficient service to your clients.
It’s easy to become fond of your work processes and stay attached to traditional work practices but this approach to accounting can make it difficult for you to future-proof your business. The process of transitioning from traditional methods of accounting to online accounts preparation software can seem daunting, but by slowly increasing your use of cloud software you can slowly provide your clients with the more advanced services they’ll begin to expect. Eventually you can fully embrace cloud-based accounting systems, making it easier for you to introduce new accounting innovations as they enter the industry and so provide your clients with exceptional value for money.
Meet data protection obligations
The General Data Protection Regulations (GDPR) act is likely to be one of the most significant challenges for small and medium-sized businesses in 2018. However, accountants can avoid many of the issues associated with GDPR by introducing online accounts software into their operations. Many statutory accounts tools are GDPR-friendly, offering tools and functions that will ensure all accounts created for your clients are fully compliant and that all data is stored in a way that’s in line with legislation.
Deliver to your clients’ schedule
Cloud and online tax software makes accounts management and delivery simple. From start to finish, your clients can access and view any documents that need their input, making it simple for you and your staff to gain their thoughts as quickly as possible. Clients can also be provided with draft copies of final accounts so they can check them on their schedule without preventing you from remaining in control of the original documents. Access to online tax software can also be gained via tablets and other mobile devices, so you and your clients can view and make notes on documents on the move.
Protect your data
Aside from GDPR, there are also many other reasons to ensure you’re working with secure accounting software. Traditional software such as Excel lack in this area, providing a localised source of data that’s difficult to securely combine with other data sources. Thankfully, modern accounts preparation software bypasses this issue by providing its own secure cloud data protection. Meeting the latest compliance standards, Capium’s software is an example of such systems, providing an easy-to-use tool that will protect you and your clients from data breaches and other security concerns.
Accelerate your expansion
It’s easy to fall into the trap of relying on dated accounting methods once they’re well-established, but by integrating new technology into your business you can force yourself to adapt the way your business works and embrace fresh approaches. For example, the idea of introducing a completely online accounts management system may prompt you to complete market research to ensure it’s the right move for your target audience. In the process of conducting this research, you may also come across new trends in your industry that could help your business grow to an even greater extent, and so make your transition to more modern approaches even more successful.
To find out more about Capium’s range of accounts production software, please call our support line on 020 3322 5578 or visit our website to book a demo.