Benefits of accounting software for consulting businesses

According to the Management Consultancies Association (MCA), the UK consulting agency is now worth about £11.3 billion pounds. That amounts to a lot of consultation and, more importantly, a lot of income for consultants to keep track of.

Luckily, there’s some great accounting software out there that can help consulting businesses manage their finances. 

So, whether you’re a self-employed consultant, or you own your own consulting firm, accounting software can offer you benefits like these: 

• Accounting software built into your business account
• Life is easier for you and your customers
• Fewer bookkeeping mistakes
• Easy invoices and billing
• Real-time profit and loss information
• Automatically categorised transactions
• Instant receipt capture
• Accurate tax estimates
• Account access for your accountant
• First class support
• Instant access and notifications wherever you are

All these benefits can be found in accounting software like the kind you’d get with Countingup’s business app, so let’s look at them in more detail. 

You’ll already need a business account as a business owner, so it makes sense to have one that comes with accounting software. 

Having a separate business account used to be one more thing to manage, but a business account like Countingup comes with accounting software that will actually reduce your workload by taking care of the tedious aspects of bookkeeping. 

All your financial information will be in one place, directly linked to your bank account. 

Accounting software isn’t just for your benefit. It makes invoicing and billing much easier, so you can send and receive payments from your clients quickly and accurately. 

Basically, it’ll save everybody a whole lot of time, meaning you can both get on with what you do best. 

It’s easy to make bookkeeping mistakes when recording all your business’ income and expenses. Things can be incorrectly recorded, or even forgotten entirely. Simple mistakes like these can cost you time and money. And the chances of a mistake will only increase as your business grows.

Accounting software like Countingup will remove any chance of silly mistakes by automatically recording any amount that goes in or out of your business account. 

Accounting software like the Countingup business app will let you bill and invoice clients quickly and easily, meaning fewer mistakes, and less time spent writing up tedious invoices. 

Your invoices are sorted, matched and filed automatically, so you’ll know who’s paid you at a glance. This feature is incredibly useful for businesses that can have a lot of different clients at one time, like a consulting business. 

Countingup’s accounting software keeps a digital record of all your transactions, giving you insights into long-term profit and loss projections. 

It’ll show you where you’re losing money, and where your main profits are coming from, so you can make the best future decisions for your consulting business. 

An accounting app like Countingup will automatically categorise all your transactions into different sections like:

• Accounts payable – payments made for services that haven’t been received.
• Accounts receivable – payments due to you for services you’ve already supplied. 
• Tax deductible expenses – Expenses that you can deduct from your taxable income, saving your money on your annual tax returns. 

Having all these transactions on the same page can quickly become a headache when you need to check out your books. 

Automatically categorising your different financial transactions with accounting software means all the information is readily available and easy to understand, whenever you need it. 

The receipt capture feature lets you record and store receipts, and organise them according to different clients. With accounting software on your phone, you can just take a quick snapshot and it’ll be uploaded and stored. 

This will save you loads of time, you won’t have to keep paper copies that could get lost, and all the information you need will be safe and readily available. 

Countingup’s accounting software will track your monthly income throughout the year, showing you accurate tax estimates. 

This will save you loads of time when tax season comes around, you’ll know exactly how much to set aside throughout the year, and you won’t be caught out by any nasty surprises. 

As a business owner, you’ll immediately see the benefits of accounting software. But, your accountant will appreciate it even more. 

You can allow your accountant access to all your financial records, meaning they have all the information they need in one place, and won’t have to waste time pouring through it all

Accounting software like the Countingup business app also comes with first-class customer support. 

If you’re ever having any trouble, you can check out the Countingup website where you’ll find detailed articles and FAQs to help you solve any problems you might be having, and detailed troubleshooting instructions that will walk you through common questions in simple steps. 

If you still have questions, there’s a dedicated Customer support team on hand Monday to Friday to help you out.

With an accounting software downloaded onto your phone as an app, you’ll get instant notifications about your business accounts wherever you are. You can check your accounts at any time, so you’ll never be out of the loop. 

Having access to your accounts on the go is a huge advantage, especially if your work involves a lot of travel. It’s simple and easy to keep track of your accounts wherever you are. 

The Countingup business account makes it easy to manage all your financial data in one simple app. The app comes with free built-in accounting software that automates the time-consuming aspects of bookkeeping and taxes.

All the benefits and features we’ve talked about here can be yours in one easy-to-use app. Seamless, simple, and straightforward.

Find out more here.