We can recommend accounting apps to you, but we are fully aware that many of you will have already implemented some form of accountancy or financial management software into your business.
So, if you’ve already got a fundamental level of accounting software – like Xero, or Sage – what are your options for integrating further software?
How can you add additional things like payroll or Making Tax Digital (MTD) bridging software?
We recommend you use app stacks.
What is an app stack?
Simply put, an app stack is a collection of apps built on top of an underlying infrastructure.
Think of it like a pyramid.
You have a primary infrastructure, like Xero, which serves as the basis of your business’s accounting platform.
Then, through integration, you build on top of this foundation using more tailored and specific apps.
Ones that handle specific functions – payroll, MTD, sales, Research and Development (R&D), etc. – can give your business a more structured and comprehensive financial management system.
The information you input into these more specific apps, when integrated correctly, trickles down into the main foundational app to make your information and reporting much more useful and up to date.
Advantages of app stacking
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.
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 get in touch with your Seymour Taylor representative or contact us on enquiries@stca.co.uk or by calling 01494 552100.
Or, if you’d like us to handle the responsibility for you, let us know and we can discuss the next steps.
This blog is for guidance only, professional advice should be obtained before acting on any information contained herein. The information was correct at the time of publishing on 2 May 2024.