As a business owner, it’s crucial that you keep track of your income statements in order to make informed business decisions. However, the traditional method is often time-consuming and can lead to a number of inaccuracies. Thankfully, enhanced accounting software is improving the experience and allowing businesses to better assess their financial health.
Here, we detail how accounting software can help you keep track of income statements and benefit your business in the long run.
With small business accounting software, you’ll cut down on the minutes you spend manually entering data or related tasks – from inputting the likes of expenses to generating invoices. Plus, you’ll save time searching for information, as it will all be stored in one sole place.
And when you do need to key in data, you can do so at any point meaning you can keep the figures up-to-date. This makes it perfect practice for Making Tax Digital (MTD) – whether you need to comply with HMRC’s digital path for VAT, or other forms of tax in the future.
As the data will always be presented in real-time, it’s much more likely that you’ll have accurate data at your fingertips. Rather than risking the chance of typical human errors, intelligent business accounts software will be working out the figures.
The accuracy will depend on the data being entered, and so to an extent it will rely on you. However, there are features that will help with this. For example, bank mapping – this will import your exact information in an instant, making for easy reconciliations.
With accurate data, and information entered at any point, you’ll have a clearer picture of your finances throughout the year. You’ll be able to see how well your business is performing, along with the amount of money coming in. This will help back up important decisions at the appropriate times.
If there’s difficult circumstances for your business, you’ll be able to rectify them. Or if there are opportunities, there’s the chance for you to realise them sooner and act. With accounting software, you can use the right data to drive forward your enterprise.
All these benefits are available as part of Liquid. With our tools, you’ll be able to keep track of income statements with ease and give your accounts a boost in the process.
And there’s no limits, meaning as your information and data grows, so do your tools. For example, Liquid comes with unlimited bank transactions and bills and invoicing, along with the ability to add multiple users and companies. Plus, if you deal with a range of currencies, there’s a multi-currency feature available.
On top of this, our software has additional features that you can take advantage of to better your business. From our VAT Filer to e-commerce integration, you’ll have all the functionality you need.
To discuss our accounting software, call us today on 0161 413 5050 or email email@example.com.