Over the past few years bookkeeping procedures have changed significantly. We have moved from manual records, involving lengthy calculations and multiple cross-checking procedures, into a world where almost everything can be automated.
With the introduction of Making Tax Digital for VAT, it now becomes crucial that you ensure your current software subscriptions are up to date.
Whether you are using a cloud based platform or a desktop program, there are many options available to you to help improve the efficiency of your business and streamline your procedures.
If you issue your invoices via email then apps such as WorldPay and PayPal are widely available, and will appear as a link on your sales invoices, allowing your customers to make payment directly into your bank.
Apps such as GoCardless will allow your regular customers to set up Direct Debit payments for invoices.
Some packages have automatic reminders for unpaid debtors. Where this is not available, apps such as Chaser can be integrated with your software.
With the help of auto-recognition apps such as AutoEntry, ReceiptBank and HubDoc, you can scan, photograph or email your invoices directly into your accounting package.
Some apps have the added ability to retrieve recurring invoices from suppliers who generate your invoices online.
Most software programs now have the facility to link to your online banking and pull down your transactions directly into your software.
Bank feeds also introduce the use of ‘bank rules’. These allow recurring items to be automatically processed to the correct heading and VAT code each time they appear on the bank statement.
If you use an Epos system, then instead of manually entering your sales from Epos reports, you can possibly create an API link to import the information directly into your software.
Budgeting and Forecasting
While many of the current software packages include a vast array of reporting options, if you require more detailed budgeting or forecasting then apps such as Futrli and Insight can link into your data and provide powerful and insightful reporting options.
A more specialised Farming app called ‘Figured’ can provide benchmarking as well as stock management, cash flows, forecasting etc.
The above mentioned apps are only an example of the types of app which can be linked into your accounting package, or run alongside it. Please note that not all of the apps mentioned will work with all software providers. Your software provider’s website will be able to provide you with a more comprehensive list of compatible apps.
Rennie Welch LLP accepts no liability on the basis of this article and professional advice should always be sought based on specific circumstances. For advice or assistance please contact Tracy Lee at Rennie Welch LLP either by email at firstname.lastname@example.org or by telephone on 01573 224391.
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