Bookkeeping is time-consuming and often complicated, and despite numerous digital systems, there are still a huge number of businesses that prefer to use old-fashioned paper systems.
Cloud accounting software such as Xero, Quickbooks and Sage are just three of the many systems available to small and medium-sized businesses. Now that tax is digital, cloud accounting makes it easy to access financial reports and gives SMEs more informed decisions on bills and payments that can affect their cash flow. Lack of cash flow, money management and effective bookkeeping can make or break a small business.
These SaaS (Software as a Service) business model cost a small monthly fee making it easier for bookkeepers to access the records and complete end of year returns, payrolls and vat returns.
The company’s financial records are stored and managed in ‘the cloud’, and records can be accessed any time from any device with an internet connection and password.
While accounting software reduces the time spent on data entry as everything is synced with business bank accounts and credit cards, a general understanding of accounts is needed to ensure that financial reports are correctly prepared. This is the reason that many businesses use bookkeepers to maintain and review their books.
The majority of small businesses are now investing in digital accounting software, making it easier to manage their finances. Last year VAT returns had to be filed online and
These accounting systems improve from time-to-time as more functions become part of the overall provision.
The most basic functions of these digital accounting systems are:
Our team can guide you and give you valuable advice on these systems. We have seen excellent results when used properly and a great way to help our small business clients with data, tax and compliance. We can help you with Sage, Xero and Quickbooks, which are the most popular.
Why not give us a call, and we can discuss how we can help your business reach its full potential by using a good cloud-based accounting system.
If you would like to read and up-to-date review of the latest systems, go to Investopedia.com
(https://www.investopedia.com/best-accounting-software-for-small-business-5069679) or Startups.co.uk has a good comparison (https://startups.co.uk/accounting/best-accounting-software-small-businesses/). Both of these links were updated in March 2021.
Would you like our friendly, professional team to manage your payroll requirements? We can take care of your payslips, reports to BACS and P60s, giving you more time to run your business.
For a reliable, efficient and personal service please contact us and we can discuss this personally with you by phone or via zoom/team meetings.ENQUIRE TODAY