How do I automate bookkeeping?
There are many accounting solutions aimed at large businesses and small proprietors alike. The following is a brief exploration of some of the automated accounting software solutions available to UK businesses.
Many of today’s organisations are stretched by regulatory compliance and limited finance team resources. As a result, organisations are increasingly relying on bookkeeping software to manage the workload and reduce the time required for mundane accounting tasks.
Traditional accounting software providers have evolved their systems’ functionality with the objective of streamlining administrative tasks. New subscription-based, cloud-hosted software has rendered the conventional one licence per computer model mostly irrelevant.
If a business is equipped with internet access, an invoice can be raised, payments processed and bank statements reconciled – all with the click of a mouse. Software updates will automatically comply with any changes to accounting rules, ensuring that businesses keep abreast of evolving requirements.
With over 250,000 users in the UK, Xero is a popular cloud-based bookkeeping software solution specifically designed for growing businesses. Easily accessible from any device, Xero is constructed on a double-entry framework, with features which enable smaller businesses to view transactions, account details and cash flow from any location.
Xero helps organisations to keep track of paying bills and company spending. Employee expenses can also be managed on mobile with a review and approval process for each receipt.
Xero can work in unison with Soldo’s console and prepaid company card, which ensures that employees are not left out of pocket for business expenses while awaiting reimbursement.
The Soldo mobile app enables employees to photograph receipts and submit them to the platform, which extracts the key details. This, in conjunction with automated reporting, saves hours in compiling spreadsheets manually and submitting loose receipts.
A veteran of accounting software, QuickBooks includes a dashboard for entering data such as income, profit and loss and expenses.
With double-entry accounting and ample reporting as well as custom invoices, payroll support and inventory capabilities with multiple currencies, Intuit QuickBooks reduces the time taken for employees to submit expenses and finance teams to process and verify them. When used in conjunction with the Soldo app and dashboard, this data can be exported, and employee reports automated, to save even more time.
QuickBooks is continually updated with features such as project management functions. Scheduled invoices split transactions, and automatic sales receipts are further differentiators for QuickBooks.
Wave is a free tool for accounting, receipts and invoices with additional paid features such as payroll and technical support. A little basic for larger firms, Wave is a good option for freelancers, sole traders and smaller organisations.
Wave provides unlimited estimates, invoices, expense tracking and personal accounting, with iPhone and Android apps also available. An easy solution to implement, navigation is simple, and Wave can be used in conjunction with the Soldo dashboard.
By using Soldo’s dashboard, prepaid cards and the Soldo app, limited control and runaway spending become a thing of the past through the implementation of individualised limits and rules.
Zoho Books provides a range of financial management tools. This bookkeeping solution is flexible and covers purchases and sales, project-tracking, together with time and inventory management. Replete with guides, tutorials and online documentation, Zoho is simple to implement.
Since there is limited functionality within Zoho for the control of activity and user permissions, the addition of the Soldo solution can provide a dashboard for viewing transactions in real-time, topping-up a given user’s Soldo prepaid Mastercard and managing employee spending limits and rules.
Managing accounting data can be difficult. Soldo provides extensive reporting, allowing finance teams to identify trends and patterns in spending. Data can be isolated by individuals, departments and expense time, with the option to export data to gain relevant insights that can help in managing company spending.
Zoho and Soldo together enable organisations to streamline back-office functions while managing financial activities within a single hub, allowing access from all locations.
In selecting the appropriate accounting automation software for your business, it is important to consider the scalability, customisation, record keeping, data, tasks and reports that are required, as well as the subscription fees.
Automation bookkeeping software can retrieve data from bank accounts and update the reconciliation of transactions in real-time, so your business is always aware of its cash flow.
In partnership with Soldo’s dashboard, app and prepaid business cards, today’s systems allow administrators exclusive access to view transactions, set limits and top up spending. Soldo allows organisations to regain control over expenditure. Get in touch for further information.