The Best Accounting Software for Bookkeepers

As a professional bookkeeper, you find yourself in the unique position of being privy to the most intimate details of your clients’ finances. Wherever the money goes, you’re tasked with keeping accurate records and being instantly accountable for this critical data.

That requires both attention to detail and a broad overview of the direction in which your clients’ finances are heading. What’s more, you need to be holding yourself to the same high standards when it comes to tracking our own finances. Bookkeeping is about trust, and a perfect track record when it comes to your own practice helps clients develop that level of trust in you.

As if that weren’t enough, working in finance means you also need to stay on top of fast-moving regulations and best practice. Perfect accuracy and a command of figures is fine, but if you’re not up to speed when it comes to the law, it won’t matter.

 

Best practice in accountancy for bookkeepers

When planning ahead, it helps to divide your time into daily, weekly, monthly and quarterly tasks. That way you can plan an efficient and straightforward method of checking everything gets done.

Depending on the demands on your time, daily tasks might include:

Tracking all business transactions to create a permanent financial history
Sending out any outstanding invoices
Making and recording any cash and electronic deposits
Analysing cash flow.

Weekly tasks could include:

A weekly cash flow report, cross-checked against each day’s results
Running reports on accounts payable and accounts receivable
Ensuring all your creditors are paid, this helps protect your credit rating
Sending reminders to any clients with overdue accounts receivable.

Monthly tasks consist of:

Preparing a full financial review
Checking inventory of any tools and equipment you use
Check all debits and credits are in balance
Providing clients with a monthly statement.

Quarterly tasks might be:

Ensuring clients have all the information they need for their own quarterlies. It pays to be proactive here
Meeting with clients and key members of your own staff to reflect and assess overall performance
Running and submitting VAT returns for your clients.

One thing that smaller bookkeeping firms sometimes overlook is petty cash. The opinion seems to be that since your business relies on pinpoint accuracy and larger accounts, petty cash is at best irrelevant and, at worst, somehow unprofessional. We’d recommend maintaining and recording petty cash as a precaution against any ad hoc problems which might spring up over the course of your day.

Whether you’re tracking your own finances or those of your clients, it can be tempting to view your record keeping piecemeal. It may seem like keeping some details in a spreadsheet, others online and others on paper makes for a more flexible system. In practice, however, this is rarely the case.

In reality, keeping data in different locations scales poorly as your business grows. In the early days it’s easy to keep track of a few sets of details, but we’re confident you won’t want to remain small forever. Once you’re handling more accounts on a larger scale, as well as tracking your own finances, it helps to have everything in one unified database.

Today, this means investing in the right online accounting software. The package you choose needs to stand up to the daily demands of your job and also leave room to expand later on.

 

Online accounting software for professional bookkeepers

As discussed above, the best accounting software helps streamline the day to day workings of your practice. Ideally you want one package which will cover all your record-keeping needs for your own finances and for all the work you do. This will avoid needless duplication of data further down the line.

Flexible: You also need a flexible software package. Nobody wants to start from scratch with a new set of records as soon as any changes in the law come into force. The right tools for the job are ones which help you embrace change!

Adaptable: In addition to this, you need to know that the software you’re using will let you add as many clients and staff as you need, there’s no sense in limiting yourself from the beginning.

Scalable: You know better than anyone what your clients need and what the demands of your job are. Choose software based on this, don’t limit your services based on what your tools allow. Whether you find yourself constantly needing to provide broad, digestible overviews for clients to review, or only running more in-depth periodic breakdowns, keep your options open.

Connectivity is another word which often gets thrown into the discussion. Even the most powerful software is useless when it’s only available on your office desktop and you’re out meeting clients. Cloud storage and multi-device functionality should be a must in your selection.

 

Sage One Accounting for bookkeepers

Sage One Accounting has been developed to meet the demands of those working at the heart of the financial sector. Whether you’re a sole trader working on behalf of a handful of clients or a busy practice handling dozens of accounts, it’s the same easy, accessible interface.

It stays updated and links directly with HMRC to help automate the most fiddly payroll chores and keep you up to speed with the law. You can also take advantage of 24/7 support from our dedicated, friendly team.

Wherever you are, on any compatible device, you can be sure your data is fully protected while still enjoying a streamlined service that puts no barriers between you and getting the job done.

Secure cloud storage also helps you stay reactive, able to report in detail on your accounts without spending hours chained to the office computer.

At any stage of your professional journey, Sage One Accounting empowers you to deliver the best service to those you work on, with total accuracy and accountability ensured with one centralised, reliable database.

It also helps you grow, with add-ons like Sage Payroll letting you branch out to handle more staff without needing a new system.

If you’re ready to take the next step, start your free trial today.