Setup of Accounting System Services in the United Kingdom
Get your accounts and the setup of accounting system services in the UK in order with 3E Accounting.
The United Kingdom has more than six million businesses in the private sector, and they all need to do their accounts. The accounting sector has come a long way from simple tally books to sophisticated accounting systems. Currently, systems which use Software as a Service (SaaS) or cloud-based computing help keep track of financial activity. However, actually getting started may take some know-how as the setup of accounting system services in the UK is best done professionally.
Tallying Up the Accounts
Accounting systems manage your company’s financials, such as expenses, income, sales, invoices, etc. A sound system will keep track of liabilities and other transactions even unto collating statistical reports that facilitate better decision making. They take the stress out of statutory accounting compliance and ensure everything is on track for filing and submission.
These systems are now computerized or automatic as compared to the old-style way of manually entering data on an Excel sheet. Modern accounting systems are fast, efficient, and customizable – financial activities can be almost instantaneously tracked and utilized with maximum productivity. Accounting standards are also maintained as uniformity is generally applied in the bookkeeping.
Due to the specific needs of businesses, some companies tend to encounter setup difficulties. Larger companies may need more robust systems that can handle multiple accounting systems, while smaller enterprises may just need a simple system. For example, some companies will need a Double-Entry Accounting Systems that maintains two separate ledgers, as opposed to a Singe-Entry system. Every transaction will need to be recorded and appropriate reports generated. Some systems work on an accrual accounting basis, which is considered a global standard.
Engaging business solution firms such as 3E Accounting is advisable to ensure a smooth integration. This is especially crucial on your first foray into implementing accounting software. The right accounting system will be able to provide and customize invoices and billing as well as track inventory and expenditure.
The system should handle accounts payable and receivable, payroll, and financial statements such as balance sheet, profit and loss, cash flow, etc. More elaborate designs will enable multi-user access, expense management, as well as online payments. Overall, it would be best if you chose a system that is relatively easy to use, has an uncluttered interface and ranks well above average in functionality.
Some of the more popular accounting systems include Sage, Xero and Quickbooks. You should also bear in mind that digital accounting records facilitate easier VAT (Value Added Tax) submission. This is known as Making Tax Digital and the HMRC website lists compatible software that you can use. Getting professional advice and help in system setup is still vital, however.
Working With Specialists
Specialist help is also advisable if you are looking to migrate from one system to another. A mistake or misapplication of systems can result in the loss of valuable data and months of work. Experts should also handle any customization as the margin for error is extremely high and may end up being costly to rectify.
3E Accounting has the industry experience to ensure a seamless transition for all your accounting needs. As professionals in the setup of accounting system services in the UK, 3E Accounting can adapt accounting systems to fit your business’ unique needs. Contact 3E Accounting today for a quick chat with our accountancy experts for the best customizable solutions.