Accountants are hardworking folk. Among other things, they have to;
- balance the books
- keep the tax man happy
- keep the contractors happy
- meet deadlines
- keep up with legislation
- take care of auditing
- remain compliant
- and find time for rest and relaxation (very important)
It's enough to make your head spin.
With all of that in mind, it's important for accountants to have reliable software to make their lives that little bit easier.
What challenges are accountants facing
First, let's outline 3 challenges that accountants face:
Managing Data - Accountants often spend significant time manually entering data into spreadsheets or accounting software, which is not only tedious but also increases the risk of errors.
Maintaining Compliance - Keeping up with constantly changing tax laws, regulations, and accounting standards can be challenging and time-consuming. Ensuring compliance while navigating these complexities can be difficult.
Caring for multiple customers - Managing multiple customers with varying needs and deadlines can be overwhelming and stressful, especially during peak periods
According to the article How Multitasking Affects Productivity and Brain Health on verywellmind.com, multitasking may increase stress levels and lead to poorer performance at work.
Wouldn't it be great if there was a nice, simple way for accountants to solve these issues without breaking the bank?
There is.
How can the right payroll software help accountants be successful?
Having the right payroll software can help an accountant in these areas:
- Data management
- Compliance
- Customer relationship management
Data management made easier
According to an HMRC UK business data survey, 65% of businesses that handle digital personal or employee data agree they have processes in place to deal with data protection complaints and 14% disagree (16% gave a neutral response, 5% don’t know)
Professional payroll software can help you to export data when required to fulfill obligations toward GDPR. Gone are the days of mammoth spreadsheets (sorry Excel). Reliable payroll software should allow you to add, remove and update your client data with ease. Spreadsheets have a tendency to grow and grow until they become unmanageable. In contrast, professional payroll software will be able to scale with your business.
Compliance made easier
Closely following on the heels of data management is compliance. According to data obtained by Price Bailey under the Freedom of Information Act, HMRC have added over 3000 staff to their compliance unit since 2021/22.
A spokesman for HMRC has said: 'Our job is to collect the tax people owe. This investment will further enhance our ability to tackle fraud and ensure fairness in the tax system.'
With this increasing focus on compliance from HMRC, we recommend buying payroll software that is able to adapt quickly and easily to legislation changes. Your chosen payroll software package should help not hinder your efforts to remain compliant. Professional payroll software should also use the latest tax figures from HMRC when making calculations.
Customer relationship management made easier
Professional payroll software should allow you to communicate easily with a variety of clients. Sending invoices, statements and other necessary documents should be automated and user-friendly. We recommend choosing payroll software that integrates well with your other software.
How can you find the right payroll software?
For over 30 years we have been developing professional payroll software for all sorts of businesses right here in the UK. We invite you to examine our software development services to find the right payroll software for your business or please feel free to contact us for more information.
