Does modern software mean it’s time to say goodbye to your accountant?

26th May 2015

Most thriving businesses who want to streamline their financial reporting will have come across accounting software. Often touted as the perfect tool with which to replace your accountant, they are virtual solutions to the complex fiscal issues that challenge the way forward in businesses of every size. Perhaps it’s time to take a closer look at accountancy software to discover if it really can perform an accountancy role, or whether your accountant is still your best option when it comes to sorting out the fiscal intricacies of your corporate dealings.

Does modern accounting software mean you can say goodbye to your accountant?

114-365 (Year 8) Ruling account sheets by ♔ Georgie R licensed under Creative commons 6

Great for producing financial reports

The real strength of accounting software is its ability to rapidly generate useful financial information. If you need a quick snapshot of current performance, assets, profits or other on-going information, software is absolutely invaluable. A good piece of accountancy software will be able to provide exactly what you need, promptly and conveniently.

Reduces storage space and admin resources

As all your financial information can be stored in a secure virtual location, there’s the opportunity to save a significant amount of storage space. The HMRC now accept scanned data in most circumstances, so with good software your archiving requirements plummet. Information can be quickly uploaded, saving filing time and making it much easier to keep on top of recording when it comes to expenses, payments and invoicing.

Software can’t think

Despite its many advantages, the major drawback of software is that it can’t interpret the financial data it produces, nor offer sensible, expert accountancy advice on your business plans or corporate priorities. Accountants are still essential in order to ensure you’ve got the right knowledge and input at your fingertips when it comes to informed decision making.

If you’re considering investing in financial software, probably the best people to ask are online accountants. Skilled in both accountancy and software use, they will be able to advise on what package might best suit your needs as a business and their needs as your financial professionals. Despite the many benefits of contemporary accounting software, you’ll be happy to know your accountant remains an essential part of your successful business.

Here at A K Tax & Accountancy Ltd we’re a specialist Xero accountant, so if you run a business based in Medway, Kent get in touch and find out how our accounting service can help you make the right business decisions with the latest information.