Keeping your own records - Article Kelso : Rennie Welch

Keeping your own records

Many traditional businesses still operate traditional book keeping records, and work on the notion that “if it ain’t broke don’t fix it!”  Time and expense spent on updating to a computerised system can be seen as unessential in times where margins are tight, but the benefits can outweigh the initial cost.   If you currently use a ledger book and hand this into your Accountant at the year end, they will then need to spend time analysing and entering it onto their own software.  A compatible system can cut this time spent, and save you money.  A computer system will also allow greater control of where your costs are going, rather than waiting for the year accounts to be prepared.  Furthermore, keeping track of who owes you money can greatly help your cash flow.

When deciding to change systems it can be difficult to know what system to get, but your Accountants Practice can help with this decision.   They will have their own recommendations and some are accredited Business Partners of various software companies.  Asking your Accountant for advice will also ensure that what you get will link into their systems. 

There are two basic options - a PC installed program or a “cloud” based solution.  Generally a PC installed program will be put onto one computer where all the processing will be done.  A “cloud” solution allows you access wherever you have an internet connection so a PC, Tablet, Mobile etc.  Many “cloud” options also include links to download your bank statements directly from internet banking, to keep you up to date with your bank balances.

Next you need to consider what you actually want the program to do for you – would you like to be able to raise invoices, do you want to be able to use budgets, enable your customers to pay online?  Getting a demonstration of a couple of different programs will help you decide which features you need.

Finally set up and training needs to be considered.  It is of little benefit to have a shiny new program and no idea which buttons to press!  It is worth investing in training and again your Accountant can usually help – they know your business and are able to tailor both the system and training to meet your personal needs.

If you are looking at upgrading your accounting system we are happy to advise on the various software and cloud accounting packages available and which of these will best suit your needs.

Gail Kristiansen
gail.kristiansen@renniewelch.co.uk       

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