Taking advantage of digital solutions
In this insight post we set out ways to help you get the most out of your current bookkeeping software to help improve accuracy and efficiency.
Are you still typing in supplier invoices into your accounting system? Stop! ReceiptBank links with the main cloud accounting software products and can also link in with Sage 50C.
Uploading receipts via ReceiptBank saves time and reduces the risk of making errors on input. In addition, the software can be used to calculate staff/director expenses. Snap each receipt as you get then instead of saving them in your wallet, purse or handbag and delaying the task for a later date.
Sage 50 reporting
If you are creating board reports manually from Sage 50, get in touch as we can set up one click reporting into Excel for you. We can work with you to design a report pack with all the information you need to share with your fellow directors, or whoever needs updates, including information of top customers, geographical sales break down and profitability from month to month.
Our top tips for 2021
Review your bookkeeping processes and look into creating “App Stacks”. There are lots of apps linking to Cloud accounting software which will help you enhance your internal processes and the customer experience. Examples include customer relationship management, inventory systems, people management, project management and credit control.
Make sure all areas of your office are as cloud based as possible to allow for remote working, ensure it works effectively by having the right technology in place for you and your team.
2021 is likely to be very volatile and businesses need to be as up to date as possible with their finances so they can react quickly to deal with whatever hits their sector, business or family as quickly as possible.
Speak to your accountant! We want to help you be as efficient as possible so you can spend more time on what you do best – running your business
What we can expect from digital accounting in 2021?
From a cloud accounting view, I think we will see more advancements within software with regards to reporting and collating of data. There will be more changes to the VAT areas following Brexit and the construction industry domestic reverse charge.
The beauty of the cloud accounting software is that you get all the upgrades for no additionalcost, and without doing anything. The amount of apps linking with Xero and Quickbooks will continue to grow and existing ones will develop. In 2021 the digital links for Making Tax Digital (for VAT) becomes compulsory so businesses need to be review their bookkeeping processes to make sure they are complying with the rules. https://mooreandsmalley.co.uk/insight/knowledge/timeline-for-next-phase-of-mtd-now-published/
Please get in touch with Judith Dugdale, Corporate Services Director and Head of Digital Solutions, if you need support, or alternatively contact us here.