What Is Accounting Software Used For, And How Do You Get The Best Out Of Your Package?

You’ve probably heard about the benefits of bookkeeping software, but they have an often-confusing range of functionalities. Which features would suit your business? And how do they support your growth?

Here, we detail the key elements of accounting software so you can get the best out of your package.

Bank mapping

Any business can benefit from this feature. It connects with your bank accounts, importing all data in real-time.

Not only is the information automatically entered for you, but with bank mapping incorporated, creating bank reconciliations will also be much easier.

Invoicing

The invoice process is made simpler with business accounts software too. Using Liquid, for example, you can raise and manage unlimited invoices – allowing your business to grow and receive more revenue.

Sales and order processing

Along with invoices, you can streamline sales orders. The bookkeeping software enables you to quickly create them, and produce a delivery note, picking list, proforma and acknowledgements if necessary.

Order processing is made smooth too – Liquid’s tools will generate a purchase order and specific delivery time, meaning you can carry out these tasks with accuracy and speed.

VAT

Cloud accounting software also makes filing VAT returns easier – which from 1^st April 2019 are required in a digital format for some.

Making Tax Digital software not only allows for automatic VAT submission and one-time-only data entry, but it links with accounting software as well. In addition, it ensures compliance by following HMRC’s digital path, and is scalable to your growth.

Time sheets

If your business hires employees, or your role entails you tracking your time, then you can take advantage of time sheets. This tool will help you to keep track of the cost of each job and project.

As well as this, you can add time costings per employee.

Shift and absence management

Liquid Time is available to automate the process of time-tracking staff, meaning there’s no need to monitor the scheduling of shift patterns, or attendance and absence.

Employees can use the timekeeping software to request leave too, and you can manage these easily with a full view of the calendar. Additionally, it enables you to spot patterns in leave requests.

Reporting

Staff absence isn’t the only thing you can analyse. Some functionalities, such as Liquid’s Advanced Stock Module, have reporting available so you can use the figures to evaluate performance and targets.

There are other features available via Liquid too. These include multi-currency, which is ideal for those who have e-commerce businesses, and integration with an endless list of systems and tools.

Using Liquid’s small business accounting software

The functionalities available will depend on which plan you choose. With Liquid Enterprise, you have access to a range of additional features, including the Salesman (commission calculator).

To find out how Liquid will benefit your accounting systems, get in touch with our helpful team on 0161 413 5050 or email info@liquidaccounts.com.