Having the right online accounting package in place has never been more crucial, businesses should now be looking for accurate information available in real-time to make key decisions and manage the tough economic challenges you are faced with.
Our dedicated online accounting services team can help your business select the most appropriate software package, whilst tailoring it to your exact requirements and providing the training to get you going.
We have a unique independent approach to online accounting software. We have partnered with several software providers which cover a wide selection of the market. Our staff are fully trained and certified which each product giving you peace of mind. We can assist in choosing the right software for you, the setup and the configuration. We will choose the most appropriate provider for you and your business.
Some providers have the facility to bolt on additional applications to help your business manage those day to day functions that are so important to you.
Automatic bank reconciliation - this feature is a live feed imported from your business bank account, PayPal or credit card and is then categorised so that your bank reconciliation can be carried out automatically by the software. Custom banking rules can be created to match more complex transactions.
Advanced financial reporting is essential, it is pointless updating on a daily basis if your reports aren't available to show you the data. Providers normally have a dashboard facility which you can design to your own needs to ensure that you keep on top of business performance with our guidance and assistance.
Online invoices are received by customers much faster than snail mail, therefore, you are much more likely to be paid quicker. The process is more efficient and you have a record when the invoice was opened as proof of delivery. A payment link can be placed on invoices to various payment options.
As long as you have an internet connection your data is available at your fingertips, anywhere, anytime.
Unlike a desktop application, you don't pay for the number of users able to access your software. Multiple users can be assigned and managed. Predefined roles are available to set users functions to what you want them to use and see.
Quick entry tools allow you to enter high volumes of data, such as bulk purchases or invoices, saving time, improving efficiency and reducing errors.
As well as having the numbers covered, some cloud packages have introduced their own partnerships to offer additional services you may require to help run your business and to provide you with timely meaningful information.
Receipt bank is a popular added application. You can simply scan in or take photos of your invoices and it will send to your accounting software predicting where to post based on historical postings.
A customer relationship management system (CRM) is available as an added application making it much easier to manage customer data. The application assists with internal and external communication. A cloud-based option offers complete flexibility.
Stocktakes are a key part in arriving at meaningful financial information, verifying what items are held and value of these items at your period end. Linking this to your software will again save time and increase the flow of information in real-time.
Whatever you feel will be of benefit to your financial reporting process, just let us know, and we will find the best solution for you. Making Tax Digital commenced in April 2019 for all VAT registered entities with a turnover above £85,000. Vat registered businesses with turnover below this amount are not required to use the system but can choose to do so. They will also be able opt-in for other taxes, benefitting from a streamlined, digital experience.
Making tax digital will extend to other areas of tax, the next big one being, self-assessment tax returns in April 2020.
MTD for VAT is new legislation that requires all VAT registered businesses with a taxable turnover, above the £85k threshold, to keep their records digitally and submit their VAT returns using MTD compatible software. Businesses affected by MTD for VAT will no longer be able to use HMRC Online Services.
VAT registered businesses below the threshold can join voluntarily.
No, you won’t be automatically signed up to MTD for VAT. This is because HMRC needs to verify your information and migrate your record to their MTD system.
You’ll need to sign up your business with HMRC using your existing Government Gateway Login and VAT Number.
We recommend that you sign up as soon as you can with HMRC, so you’re prepared before you need to be. If you pay HMRC by direct debit you must sign up at least seven working days before your VAT period deadline.
Cloud accounting software is accounting software that is hosted on remote servers. It provides accounting capabilities to businesses in a fashion. Data is sent into "the cloud" where it is processed and returned to the user. Xero, Quickbooks and FreeAgent are primarily the cloud packages we use which we will assist in selecting the most suitable software for you.
Businesses below the VAT threshold can choose to adopt MTD for VAT, but it’s not compulsory. They can continue to submit VAT Returns using the Government Gateway.
Yes, we most certainly can.
Spreadsheets can be used to keep digital records – businesses will still need bridging software to submit VAT Returns digitally however.
You will have bank feeds, rules and live reconciliation which will speed up the processing and give you timely up-to-date information. You can log in anytime, anywhere with an internet connection. You are no longer tied to your office. You no longer have to worry about updating your pc(s) and network – bonus!
Once you have registered with HMRC, it can take up to 72 hours to receive confirmation from them. When you receive confirmation from HMRC, you will be able to use online accounting software for your MTD VAT Returns.
These show the link between the output and input tax in your records – as well as the output and input tax on your return.
Further information can be found in HMRC’s Notice 700/22 (the link is at the bottom of the Making Tax Digital for VAT section).
The same information as before – the standard nine-box values, plus details identifying your business. Additional information might be required in the future, but the details and timings haven’t been specified
Call us now to discuss further how we can help you or if you would like a quotation.