By Nathaniel Dalby on Small Business UK – Advice and Ideas for UK Small Businesses and SMEs
Keeping on top of your accounting can be time-consuming and tedious, especially if financials aren’t your forte. Even more stressful is the knowledge that inaccurate record keeping or missed tax deadlines could land your with with a fine or in legal trouble.
The right accounting software can do a lot of the heavy lifting for you, automating repetitive administrative tasks so you can have peace of mind and focus on what you do best – running your business.
Accuracy and compliance are just part of good accounting, and with specialised software such as Sage, you can enjoy features like AI-powered automation, tax reminders and generated invoices. But how can you work out which is the best option for you? Here, we’ll take you through everything you need to consider when choosing accounting software.
Assessing your business needs
Before you make any decisions about accounting software, it’s important to understand your business and what needs you have as an organisation. One major consideration is that, if you earn over the VAT threshold (currently £90,000), you’re legally required to use software that’s compliant with Making Tax Digital for VAT,