When it comes to choosing accounting software, finding the right tools can transform how you manage your business finances. The best accounting software simplifies tasks, saves time, and helps you stay on top of your financial operations, freeing you up to focus on growing your business. In this guide, we’ll explore what SMEs should look for when selecting the perfect solution to meet their needs.
While the initial cost of setting up new systems might feel daunting, investing in technology can simplify your processes and set you up for long-term success. Business leaders play a critical role in driving these investments, ensuring they adapt to evolving business models and enhance productivity through data-driven insights.
When it comes to accounting, we’re big fans of using technology to achieve better results – whether it’s keeping your books in order or staying in control of your finances while on the go.
Here are some key benefits of investing in tech, along with platforms we confidently recommend to our clients.
Just looking for a list of accounting software we’d recommend? Skip down to the ‘Accounting tools we recommend for SMEs’
The case for investing in accounting software investment: why it’s worth it.
The best tech investments are those that give you back time to focus on what really matters. Efficiency-driven solutions fundamentally change how businesses operate, helping to reduce costs, improve customer experiences, and open up new opportunities for growth.
Most business owners didn’t start their journey dreaming of hours spent balancing books, organising receipts, or poring over financial reports. If that’s you now, then this article’s for you.
Cloud accounting software offers efficiency-driven features like automation, shared invoice inboxes, and repeatable workflows. These tools free you from manual admin tasks, giving you time to focus on growing your business and achieving your goals.
Understand and anticipate customer needs
With more time available, you can focus on the bigger picture – like enhancing your customer experience and anticipating their needs.
Ask yourself:
- Are there ways to improve how you communicate with customers?
- Is there a demand for new products or services you could explore?
The right technology doesn’t just save time – it provides insights. Accounting software, paired with a tech-savvy accountant, can help you forecast demand, analyse customer behaviour, and identify opportunities to grow.
Some tools even offer inventory management, so you can spot gaps and streamline your operations. Making decisions based on data ensures you meet customer demand and encourage repeat business over the long term.
Budget with confidence – come to the meeting informed & empowered.
Investing in technology isn’t just about efficiency – it’s about planning for your business’s future.
Proper management information is critical for assessing return on investment, tracking financial performance, and measuring progress towards your goals. Without it, you’re operating in the dark.
The right tools solve this problem. And, when paired with an experienced accountant, you can achieve even more. Accounting software lets your accountant work more efficiently, so you can focus on the bigger picture during your meetings – setting goals, planning budgets, and discussing strategies for growth.
With accurate data at your fingertips, you’ll be empowered to make informed decisions and map out a clear path to success.
Accounting tools we recommend for SMEs
The benefits of tech are clear – but which platforms should you use? Here’s a list of accounting tools we highly recommend:
- Xero: This leading cloud-based accounting software simplifies bookkeeping, VAT returns, invoicing, and collaboration with your accountant.
- Dext: Dext automates financial admin, capturing receipts and collating paperwork digitally. It integrates seamlessly with software like Xero.
- Approval Max: A bolt-on to Xero or Quickbooks, Approval Max streamlines batch payments and creates robust approval processes for invoices.
- Sage: A versatile accounting solution offering tools for financial management, invoicing, payroll, and inventory control.
- Chaser: This accounts receivable software automates debtor tracking and integrates with various accounting tools. Spend less time monitoring and chasing payments.
- Go Cardless: A payment processing platform for recurring fees, Go Cardless integrates with accounting software to automate direct debit collections.
- Stripe: Ideal for card payments, Stripe integrates with accounting software to simplify online transactions for customers.
- Modulr: Modulr automates B2B payment flows and payroll integration, reducing manual management.
Investing in tech, investing in you
The benefits of accounting technology are twofold.
First, you’ll gain efficiency. By automating administrative tasks, you’ll save time and reduce stress. Managing your financial admin becomes simpler, with automation, streamlined communication, and a single source of truth accessible from anywhere.
Second, technology enables long-term planning. Detailed reporting and proactive analysis allow you to understand your current position and map out actionable steps to achieve your goals.
We’re strong advocates for cloud accounting and work closely with our clients to maximise the value of their tech investments. If you’re considering a new solution or upgrading your existing setup, we recommend speaking with an accounting advisor who can help tailor a tech stack to your needs.
