Bookkeeping for your business
Do you hear the word ‘bookkeeping’ and picture a process that is necessary but time consuming, complicated and boring? Plenty of people do and, let’s face it, they’re probably right. That’s why we’ve tried to develop software to ease the pain of keeping the books and ensure your business can get ahead, rather than leave you with your head stuck in your accounts.
So, what does bookkeeping really entail, how does online bookkeeping work and how can we help? Let us explain all…
What is bookkeeping?
Bookkeeping is the process of maintaining your financial records as a business. Bookkeepers will find themselves:
- Logging receipts
- Entering data
- Handling invoices
- Tracking ingoings and outgoings
- Filling in financial paperwork
The Federation of Small Businesses reckons that firms spend more than 30 hours a month on accounting, banking and tax.
In days gone by, all of these essential bookkeeping tasks had to be done by hand. Not only was this time consuming but it was also tough to get right, requiring you to crunch a fair few numbers and handle a lot of tricky sums.
Online bookkeeping software reduces the workload here, with computer programs able to handle complicated calculations, including tax and VAT. However, while most programs make the sums simpler, not all packages are easy to use and you might be forgiven for thinking that you’d need a degree in accounting to be able to make any sense of them.
That’s why we’ve spent time coming up with a user-friendly interface. Our bookkeeping software is suitable for everyone from freelancers and contractors right up to businesses employing a team of staff.
At the click of a button you’ll have all the bookkeeping features that normally take hours to master, such as:
- credit control
- an invoicing tool that converts quotes into invoices easily
- export and import features
- stock control
If you have little or no bookkeeping experience – and there’s no reason why you should when starting a business – it helps to have all of your record keeping completed and managed in one place. This helps you to stay in control of your business and can save you big bills when compared to paying for external support.
Online bookkeeping also comes with the added benefit of being easier to access. Businesses can update their records wherever and whenever they wish – and don’t have to waste valuable office hours on this if they’d rather take it home.
Keep your books safe and secure
Some businesses might be nervous about switching from standard software to web-based bookkeeping. However, online bookkeeping sports a number of features to put their minds at rest. These include:
- Secure servers
- The chance to set your own log-in and password information
- Data is stored in the cloud, meaning financial details are ‘off site’
- 24/7 product support
Not only that, but online packages also offer a number of features which boost the convenience for the user. These include:
- Not taking up too much hard drive space
- Working equally well on PCs or Macs
- Features and reports that naturally link with services such as Dropbox and Paypal
What happens if you fail to keep your books up to date?
While you should aspire to keep your records up to date so that you are in full possession of the facts about your business, it’s also important to recognise that you could face a big penalty if you fail to file financial information with the tax man.
The fine issued by HMRC for a first offence is typically £500, but could rise to as much as £3,000. By using software, you’ll reduce your risk of falling behind with your bookkeeping.
As bookkeeping procedures evolve it’s important to keep on top of current practices. Why not brush up on your knowledge by downloading ‘The essential intro to modern bookkeeping’ for free?