Online accounting software can no longer be considered a new concept or a tool limited to tech enthusiasts – it’s standard practice for thousands of businesses.
What’s more, it’s effectively becoming a legal requirement, with the Government’s Making Tax Digital scheme already in force for VAT-registered businesses and set to extend to other taxes in the future.
Even without that incentive, the benefits of online accounting are significant, especially if you can find software that works well for your business.
At Knight & Company, we endorse a number on accounting software because no two businesses are the same and neither are their software requirements. We are partnered with 4 main software providers, we work with are Kashflow, FreeAgent, QuickBooks and Sage. Due to the partnership, we can offer discounted prices, training and more access to support.
Here are a few of the main features of the systems we offer to clients.
They all use the cloud
They are cloud accounting tools, which store files remotely and securely on the internet, giving you access to your financial information any time you require.
They come with several advantages – it means the software is portable, as you can use it from any location and any device, and it means there’s a lower risk of losing files if your hardware breaks.
The data in your bank feed is also updated in real-time, so you’ll be able to see an up-to-date picture of your finances at any point in time.
Keep track of expenses
It also allows you to create and send purchase invoices, as well as setting them to repeat automatically.
With features including mileage calculators can help to reduce the stress of managing expenses.
Each system then offers its own unique qualities which make different ones more suited to different business, e.g. app functionality, raising quotes, recording foreign currency transactions, etc.
Comply with MTD
It’s been just over two months now since Making Tax Digital (MTD) for VAT was introduced, bringing more than a million businesses into the mandatory scheme of digital record-keeping and reporting.
The scheme is set to be rolled out to other businesses for corporation tax and to individuals for income tax and capital gains tax in the coming years, making it important to get up to speed on modern bookkeeping methods.
All the systems we promote are compatible with all the requirements of MTD, and approved by HMRC, making it an easy option for any business looking for a digital accounting solution.
One of the most useful invoicing features these software’s offers is their automation – you can set up automatic invoices, as well as reminders to your regular customers.
This, along with the option to include an online payment link, can help you to make the problem of late payments a thing of the past.
Manage your banking
Once you link up your bank accounts, you’ll be able to see all your feeds in one place.
The reconciliation feature means you can automatically match up your bank statements with the records on your account.
If you want to know more or need training on the software, we’re happy to talk you through it.
Get in touch for more information.