Whilst we oftenrecommend accounting apps to our clients, we know that many of you will have already implemented some form of accountancy or financial management software into your business.
But, if you already have a fundamental level of accounting software – like Xero, or Sage – what are your options for integrating further software?
Can you add additional solutions, like payroll or Making Tax Digital (MTD) bridging software, to your current system?
For this, we recommend you use ‘app stacks.’
What is an app stack?
In essence, an app stack, is a dynamic network of applications that operate together seamlessly on a foundational infrastructure.
You can think of this as a web or network where cloud accounting software, such as Xero, sits at the core.
This central platform functions as a hub through which all other specialised applications – handling payroll, MTD compliance, sales, R&D, and more – interconnect and communicate.
This interconnectedness allows for real-time sharing and updating of information across the entire system.
Real Time Information (RTI) plays a pivotal role in this ecosystem, enabling instantaneous data exchange and processing.
Every application not only talks to each other but also feeds information in and out in real time, creating a cohesive and comprehensive financial management system for your business.
This approach ensures that data entered into any part of the network enriches the whole, this synergy defines a well-constructed app stack.
Advantages of app stacking
The RTI aspects of app stacking offers several advantages to your business:
- Customisation: App stacks allow you to tailor your financial management system to your specific needs. You can choose the apps that address your unique requirements, creating a bespoke solution.
- Efficiency: By integrating specialised apps, you can streamline processes. For example, payroll and MTD bridging software can automate tasks, reducing the risk of errors and saving time.
- Comprehensive reporting: With app stacking, data from various sources flows seamlessly into your primary accounting software. This enables you to generate comprehensive reports and gain a holistic view of your finances.
- Scalability: As your business grows or your needs change, you can easily add or remove apps from your stack. This scalability ensures that your financial management system remains agile.
- Compliance: Specialised apps often come with features designed to help you comply with specific regulations. This is crucial for staying on the right side of tax laws and other financial regulations.
- Competitive advantage: Efficient financial management can give your business a competitive edge. With accurate data and streamlined processes, you can make informed decisions and respond quickly to market changes.
Accounting app ecosystems (like Sage and Xero) offer digital marketplaces wherein you can browse and discover a wide range of complementary applications specifically designed to enhance your business operations.
(We can provide advice on which ones might be useful to your specific situation).
Where do we come in?
We can give you advice on which apps will most benefit your unique situation, both for the fundamental software and the more specific.
Our accountants are also able to show you how to correctly utilise and integrate accounting solutions into your financial practices.
Or, if technology really isn’t your thing, we can handle much of the financial management aspects of your business for you.
This alternative – called outsourcing – would mean that you no longer need to rely on numerous apps and technologies in order to manage your accounts – we would handle it for you.
If you’d like advice on using, choosing, or integrating accounting software, please speak to one of our accountants. Or, if you’d like us to handle the responsibility for you, let us know.
