020 8429 9245

BUSINESS TIPS

When do I need specialist accounting software?

As part of a review of any business’ accounting requirements, one issue that comes up time and time again is the business’ book-keeping processes and particularly the accounting software a business uses to keep its day to day accounting records.

For small businesses, Microsoft Excel, or a similar system can be ideal.  This is particularly useful when the business is small and in its early stages, or the business has simple accounting requirements.

However where the requirements are more complex, purchasing specialist accounting software may be required.  Some of the factors that may influence this decision include:

  • Does the business operate with multiple currencies?
  • Does the business have stock which needed to be recorded and reconciled?
  • Are customers offered credit and is there a need to monitor the outstanding debts owed to the company?
  • Does the business have a large number of suppliers?
  • Does the business run a payroll with employees and where employment benefits are provided?

If one or more of the above apply to a business, then serious consideration should be given to purchasing specialist accounting software.  The software that is right for your business will depend on your exact requirements, but Wisteria’s recommended accounting software in most cases is Sage.

For more information on book-keeping and accounting services, please contact us on 020 8429 9245.