Decided to use bookkeeping/accounting software but not sure where to begin?
I can set you up with your preferred software from scratch or transfer data from your current bookkeeping software
Both packages give you access to up to date financial information for your business whenever you need it. They are both Making Tax Digital ready which means your VAT returns can be submitted directly to HMRC. This can save you time and money.
How to Choose the right Software
Choosing which software to use is certainly important. Especially if you will be using it a lot. It needs to be user friendly and have all the capabilities you need. The more you enjoy using it, the more you will use it. It’s that simple.
Most software suppliers offer free trials and this can be a good way to ‘try before you buy’.
Whichever software you are looking at make sure it has all the functions your business needs. For instance, If you are an employer will you require Payroll? And if you are VAT registered you will need to make sure the software allows for submission of returns and digital record keeping. You can find a list of compatible software on the HMRC website.
Asking friends, colleagues, customers and suppliers what software they use and how they rate it may help with your decision making. You can also find reviews and recommendations online.
Happy to do your bookkeeping yourself?
As a Certified Xero and Quickbooks Advisor I can offer you software subscriptions at a discounted rate, help set it up, provide training and offer ongoing support.
What are the benefits of using software?
Cloud-based accounting software has significant advantages over the traditional ways of bookkeeping. Moving to online software can make things more efficient and give you an overview of your business finances at any time.
- Create estimates and send invoices on the go
- Connect it to your online banking
- Take a photo on your phone of a purchase invoice and transfer it directly to the software
- Track sales, purchases, debtors and creditors
- Estimate tax payments
- See a clear picture of your current financial position, in real-time, anytime
- Have your accounts 100% online, with no software to install and free automatic updates
- Avoid upfront accounting software costs – upgrades, maintenance, system administration costs and server failures are no longer an issue
- See your results, who owes you money, who you owe to and your business bank balance from your phone
Making Tax Digital
It is the government’s plan that Making Tax Digital will a key part of making tax easier for individuals and businesses. Making Tax Digital will change the way the tax system works. HMRC want to make tax administration:
- more effective
- more efficient
- easier for taxpayers to get their tax right
Having the right software will be essential due to the requirement to keep digital records. It will also be a requirement to submit returns directly from the software to HMRC. This may save you time and money. Making Tax Digital will begin in April 2019 with Making Tax Digital for VAT. It is likely that Income Tax and self assessment will follow in the not-to-distant future.
Change can be hard and the move to digital accounts or bookkeeping is no exception. Good training and support can make things easier and I can offer you both. So get in touch if you need help. Also, see the latest posts about Making Tax Digital