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What SMBs Want... from their accounting software

22nd Dec 2015
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By Nick Longden, Vice President – Accountants, UKI at Sage

With Christmas on our doorstep and the new year just around the corner, a question on many business owners and accountants’ lips will be how do I remain competitive and grow my business in 2016? Here at Sage, we are constantly working to bring value to our customers and ensure we are helping them achieve their business goals.

Earlier this month, we announced that Sage One had reached 100,000 subscriptions in the UK – a significant milestone highlighting how more and more small businesses and accountants are choosing to manage their accounts effectively in the cloud. But what are the key features that users look for and derive value from with this type of cloud software? We surveyed almost 500 accountancy firms and small businesses, including Sage One users and prospects, to find out.

The results revealed that the most important accounting tool feature for small businesses is the ability to submit VAT to the administration, which accounted for almost a quarter of the main value SMBs derive from an accounts package. This type of software not only enables the submission process to be simple and quick, but also keeps users compliant by providing automatic updates on VAT legislation changes.

Two other features scored highly in the findings. Firstly, the dashboard providing a general overview of the business’ health at a glance is an important feature, enabling any potential issues to be spotted and dealt with quickly. Secondly, the ability to automatically import bank transactions via bank feeds to streamline the bank reconciliation process. These three features alone provide almost half (48%) of the value of such accounting tools.

Given that this software enables users to work from anywhere, is simple and easy to use and enables accountants to collaborate with customers online in real-time, we knew time saving was a key benefit to users. But we wanted to see just how much time can be saved and how accountants utilise this extra time.

The research revealed that users save on average two whole days per month by using Sage One software and when asked what they do with the time saved, the resounding response from accountants was to target new customers to grow their business (40%).

The prospects for 2016 are looking good, and accountants that understand what services and support prospective clients are most interested in are best placed to grow their business. By removing the VAT headache for clients and using technology to automate the process, accountants can focus on business advice and adding even more value to clients. This will be fundamental to unlocking growth and making 2016 a year to remember!

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