The Covid-19 pandemic has left organisations, especially SMEs exposed to their worst nightmares. As indicated by Sage – “Almost 90% of the bookkeeper accepts that a cultural and social change in the Accounting business is prompting technological changes.” The Financial Controllers, Accountants, and CFOs need to rapidly accept digitisation into the core of their business processes which will be vital to surviving in the future and scaling the business.” 

In a matter of days, accountants and bookkeepers will be completely working on cloud-based accounting software. Choosing the right one (Dext, Hubdoc, and Xero) can help you evolve your business through tough times, so the software should be ranked in the number one position in different parameters. It should be easily accessible with any device from anywhere. Also, the data security system should be top-notch with fully backup updates.  

Why has digital bookkeeping become a necessity? 

Digital bookkeeping allows you and your client to handle data in real-time and streamline the whole bookkeeping process. Here are a couple of ways it can assist your business with getting effective and efficient. 

Paperless Invoicing 

Those days are long over when paper invoices were popular. Up to 25 per cent of your firm’s office space could be used for the storage of paper documents. That’s a big overhead and it may prevent you from taking on more staff. Invoicing through email is the favoured technique, for organizations and their clients.

But with the help of advanced bookkeeping software, like – XERO, Dext, Hubdoc; you can send a receipt straightforwardly through your software. When you send a receipt electronically, your clients are bound to see your receipt and start handling it right away. Besides, both you and your client will have an electronic record of every exchange.

Effortless Access 

Digitising bookkeeping allows you to take a look at your accounting data within seconds from any compatible device with a stable internet connection. Your employees (working from anywhere in the world) can install single software and work on different projects within that software. 

Authentic records

The FTA regularly precludes anything they can’t analyse properly. An electronic record never blurs and, with suitable protections, hardly gets lost or harmed. You can likewise connect your bank account with your bookkeeping software so that financial exchanges are consequently recorded continuously.

When you connect your bank with software, remember to pay providers utilizing a payment option and set up an immediate debit framework to gather payment from clients. 

Everything at one place 

With Bookkeeping software, it’s not difficult to see your bookkeeping information in one place. Follow trends and make reports that empower you to settle on better business choices. Allowing you to check and create quarterly and yearly journal entries, P&L statements, and monetary records.

You must get a genuine cloud bookkeeping tech that is appropriate for your business as soon as possible. Ensure it can report all the financial and business knowledge data to the supervisory group and other groups that need the information to be productive. These reports must be apparent on your Cloud FMS dashboard and not re-worked in Excel by one of the groups.

How does Zyla handle everything with perfection? 

Zyla accountants leverage multiple software that helps us with various cycles so we can put our accountant’s experience and abilities in assisting our customers. 

Dext (previously known as Receipt Bank): For firms that need deep detail in their financials, which means point by point records of each cost, we use Text as our first choice. It helps in setting up the books for our customers in cloud-based technology. Dext has eased the dissatisfaction felt by both our customers and our staff with regards to the detail required. Before Dext, we needed to email constantly, download attachments, physically enter the data, save the report, etc. It was a tiresome measure. Dext dealt with the issue and saved both our customers and our staff hours of work.

Hubdoc: In case you’re hoping to automate the manual bookkeeping process and help stay away from human mistakes, this is a decent alternative. We chose this software because it helps in integrating with other accounting software such as Xero and Quickbooks Online. With the effortless extraction of data from documents both from a feed and a scan instantly, Hubdoc is your best accounting partner. 

XERO: Zyla loves Xero in light of the fact that it offers absolute control. They can see initially how they’re doing and on the grounds that it’s so natural, keeping their information new is easy. This accounting tool gives various highlights like paying bills,  extracting data, claiming expenses, accepting payments, and reporting. Xero is additionally one of the quickest developing SaaS organizations worldwide.

To sum up: 

If you’re looking for business growth, you must replace your manual accounting procedures with digital accounting. it’s time to find an accounting solution that works best for your business. Keep the above aspects in mind when choosing a digital accounting solution.

Digital bookkeeping is far better than paper records and will smooth out the trading of business data, more exact recordkeeping and help guarantee that you are compliant with various tax laws. 

At Zyla Accountants, we offer different kinds of accounting help to small firms operating in Dubai and London. To know more, feel free to get in touch with us. 

+971 58 535 6176 or

+971 04 871 6770 or 

Email us at: [email protected]

 

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