How to streamline your practice with small business accounting software

Did you know that adopting small business accounting software can save your firm as many as three hours a day?

Cloud-based accounting software eradicates manual, labour-intensive and error-prone processes — freeing accountants to focus on more high-value tasks like strategic problem solving or advisory services. Small business accounting software makes it possible to juggle competing demands, manage high workloads and remain competitive within an ever-growing market.

COVID-19 has only accelerated the need for software and working practices that support a more agile, flexible way of working. With cloud-based accounting software, accountants and clients can collaborate remotely and truly unlock the benefits of remote working like increased productivity, greater job satisfaction and a better work-life balance.

Given the many benefits of small business accounting software, it’s not surprising that 91% of accountants believe embracing innovative technology benefits their firm in the long run.

Keep reading to discover:

• Why modern accountants need to embrace small business accounting software
• How to choose the right accounting software
• How to implement small business accounting software into your firm

Automated accounting is essentially the practice of removing manual elements from an accountant’s workload by automating these tasks. Automation allows tasks to be completed instantly as the software does the number crunching and transaction tracking for you.

Efficiency and productivity should be the main objectives of any successful firm. Accounting technology eradicates the need to spend hours completing tiresome, manual tasks. As a result, it allows accountants to be far more productive and shift their efforts to more meaningful or human-focused tasks.

Embracing modern technology can be nerve-wracking, especially if you’re used to more traditional ways of working. Still, automated technology is a great starting point for launching a digital transformation strategy and truly taking advantage of all its benefits.

Before you can embrace automated accounting, you’ll need to choose the right small business accounting software for your firm and clients. Striking the right balance requires a bit of research, planning and preparation.

When looking for small business accounting software, you certainly want to find software that’ll be easy to implement and use, as this will help save time and increase the likelihood that your clients will use it. 

You might also want to look for features like:

• Connecting directly to client’s business current account
• Access to real-time transaction data so you don’t need to chase bank feeds
• Ability to view profit and loss, balance sheet and trial balance reports
• Easily identify payments matched to invoices
• Tools that make collaborating with busy small business owners easy

In addition, you might also want to consider pricing, reputation/track record, and user reviews.

Like with any digital transformation, it’s important to have a strategy for getting the most out of your new accounting software. Follow these simple steps to create a strategy for your organisation:

Start by reviewing your firms’ processes to assess your needs and identify must-have features for your new accounting software. It’s also important to talk to your small business clients to determine how accounting software would make their lives easier. 

While COVID and the constant challenges faced by small businesses creates a sense of urgency, it’s important to properly review and assess your needs before implementing new software. It’s better to wait than to make a snap decision and create a strategy around the wrong changes.

When creating your implementation strategy, it’s also essential to identify ways to improve your firm’s internal productivity and communications speed.

Look at how your company currently communicates with small business owners. Do you constantly have to chase bank feeds? Follow up frequently to get the information you need?

Also, consider the type of information your clients may need to get started or move to new accounting software. Think about how you can improve communication with clients to save time, money and boost productivity.

Now that you understand your firms and clients’ needs and how you’ll communicate these changes, the next step is to choose accounting software. Switching to new accounting software or even getting started can be scary and overwhelming, especially for small business owners who may not have in-depth financial knowledge. 

Your new accounting software will allow you to process and handle all your client data, improve collaboration, and unlock the benefits of automated accounting. It’s essential that your clients also understand the benefits this new technology will bring. 

Automated accounting requires a new way of approaching and thinking about traditional problems, encouraging your clients to embrace change. 

Properly implementing accounting software requires creating a company culture where employees can adopt transformation with enthusiasm. After all, there’s no point in committing to a new accounting software if employees and clients don’t use it or continue to rely on older, outdated ways of working.

Championing a company culture that embraces digital change is key to ensuring success.

You can save your practice hours of manual admin and help your clients keep organised records with Countingup’s free accounting software, built specifically to help you manage your self-employed and sole trader clients. Our software is MTD-compatible and full of features for accountants to review and manage client accounts efficiently, prepare journals and client taxes accurately with direct access to their real-time organised data. Find out more here.