Recently, there has been a massive revolution in start-up/scale-up business accounting software. Online accounting software has become affordable and this allows SMEs to easily manage their finances.
Benefits of accounting software
Modern day accounting software is far removed from the old and complicated interfaces. Cloud-based accounting software, such as NetSuite, includes a range of intelligent, time-saving features that allow you to focus on growing your business rather than laboriously working on balance sheets and nominal ledgers. NetSuite is focused on automating the time-consuming elements of business accounting and it gives access from anywhere in the world. NetSuite can link to your bank for up-to-date financial integration.
Business accounting software will ensure you keep tabs on the financial health of your company. Netsuite can automatically generate reports such as cash flow, monthly P&L and customer profitability. It can even project corporation tax and help you understand your VAT position. Accounting software can also automate business filing such as payroll and online tax filing with HMRC including VAT, NICs, income tax and annual returns. As NetSuite is a cloud based system, accountants can access the system and provide you with support for your end of year accounts.
What to look for with accounting software
While it might be tempting to sign up for the first accounting software you try, it pays to use a software that can do everything you require. As this will be an investment that should be long term, you want to make sure you don’t have any hiccups or come across something that you cannot complete with your accounting software.
NetSuite has many features and is fully customisable, so you know exactly what you’re getting. This eliminates the fear that you cannot do what you require.
Some of these features include:
- Simple Interface
NetSuite provides you with an easy to use interface and ensures that you can access information expenses, income, liabilities and assets at the click of a button. The dashboard gives you quick access to customer details, suppliers, invoices and other business critical information. NetSuite also supports PAYE, VAT and end-of-year accounts filing with HMRC. - Customisable
At Cofficient, we can create your fully customisable NetSuite package. This means that no matter what industry you are in or what software you require, we can ensure that your package meets all of your requirements. - VAT Support
In the UK, your business must register for VAT once turnover exceeds £85,000 in a 12-month period. This means that it is vital for your business to correctly input financial information. NetSuite can automatically file VAT returns with HMRC, and handle both cash and invoice accounting for VAT. This ensures that no human error will come into play with your all important tax information. This gives you peace of mind that you can go about your business without the worry of spending hours rushing around to have the correct documentation. - Reporting Systems
NetSuite can easily and automatically generate reports on the financial health of your business. This vital feature allows you to access reports based on information such as year to date P&L, invoices, forecasting and balance sheets. All of this information combined allows you to keep a close eye on your business health. This allows you to manage cash flow among other things.
How Can We Help?
Cofficient can provide you with a fully bespoke NetSuite package. We also have an outstanding support team that can help you with every stage of the process. Cofficient is first and foremost a services business. We benefit from selling software solutions in the short-term, but it is the ongoing success of the solution, and the customer service that we provide, which is of real value – year on year.
