With the ongoing Coronavirus pandemic seeing unprecedented levels of home working, businesses are looking more and more to technology to aid them.
Record levels of companies adopting online tools such as Zoom and Microsoft Teams has brought accounting software firmly to the fore, to ensure businesses can continue to function and keep records up to date, during what continues to be a very tough period.
Cloud accounting software, such as Xero and QuickBooks, has many benefits but at present the ability to work anywhere has never been more crucial. Multiple users can be set up, with varying security levels, ensuring that everyone can access real time information. Accountants are able to collaborate with clients, quickly and easily, offering advice on up to date figures.
Both QuickBooks and Xero comply with HMRC’s Making Tax Digital for VAT legislation which is due to expand in the coming years, with VAT Returns being submitted directly to HMRC from within the software.
Other benefits include being able to link directly to your internet banking, allowing transactions to flow from your bank statement to your software without the need to rekey information.
Many software companies are now including “receipt capture” as standard. This allows you to scan or photograph a receipt or invoice and forward to a dedicated email address. The scan will then be partially machine read to complete some of the posting fields. You are then able to add remaining details and post into your accounts, whilst also retaining a copy of the invoice on your cloud system.
The system learns as it goes, so over time manual input can become minimal.
Sales invoices can be raised both online or through a mobile telephone app and be with the customer in seconds via email. Invoices can also be linked to payment services, allowing a “pay now” button to be added to the electronic invoice. This can then speed up customer payments and save time on credit control.
As information is held on secure servers, there is no longer a need to hold data back-ups, which can become cumbersome. However, information can be easily exported to programs such as Microsoft Excel.
We have experienced staff, fully accredited with Xero and QuickBooks, who are happy to demonstrate software to you. We can also help with program setup, training and ongoing support. All can be completed on Zoom or Microsoft Teams. Data currently held on many desktop packages can be converted to new systems, so no information will be lost.
If you require any further information please get in touch with us.
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