There seem to be so many choices – from paper and pencil, through Excel spreadsheets to the whole zoo of accounting software available out there. How does one go about making a reasonable choice that will help with the business and not be detrimental in the long run? Ideally without having to use dozens of different tools so everything can be kept in one place as much as possible.
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For many small businesses, Microsoft Excel is the default choice for bookkeeping. While easy and convenient, this could entail a lot on manual labour and small errors multiplying. Furthermore, spreadsheets are the most difficult way to comply with the government's MTD (Making Tax Digital) requirements. As your business grows, you are likely to quickly realise the limitations of spreadsheets.
Once you've started using a piece of accounting software, switching can be challenging. Therefore, time and effort should be put into choosing the right one for your company’s needs.
Firstly you should start thinking about what you are currently using. Ask yourself what works and what doesn’t. Which features you like and which you wish you had to make the accounting cycle easier.
Some points you should consider are the following:
Use this online tool to help you gain clarity on your requirements and the right type of accounting software for your business, regardless of what stage you are currently on: https://choose.al-fn.co.uk/survey/1/
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