When you are running your own business, time is a precious commodity. How much time do you spend on keeping track of your company’s finances & Cash Flow position?
In today’s blog, here at Tulip Thistle Accountancy, we are going to make a case for how Accounting Packages such as QuickBooks and Xero can help small to medium sized businesses to transform their financial management.
As a business owner you want to focus on what you do best; serving the needs of your customers, building your company’s reputation & growing your business.
You need access to your business’ financial information when you want it and wherever you happen to be at that point in time. Providing 24/7 access is one key benefits Cloud Accounting Software such as QuickBooks and Xero offers, as you can work seamlessly from anywhere and on any device (desktop, laptop, tablet or mobile phone).
Your business dashboard gives you an overview of the key financial measures, including unpaid invoices, overdue supplier payments, bank balances, credit card statements as well as an up-to-date Profit & Loss position.
Have a look at the two short videos on my website (these videos can be found at the bottom of the page and are no more than 2 minutes long).
Cloud Based Accounting software allows you to create professional, fully branded invoices & quotes to your customers with just a few clicks, and the system will e-mail your documents directly to your customers. And because you can access this functionality from the associated QuickBooks or Xero App, you can invoice a client or send out a quote when & where it suits you.
QuickBooks and Xero packages make invoicing a straightforward & simple process and enable you to raise your invoices sooner, also resulting in your business getting paid quicker by your customers, improving Cash Flow!
Both QuickBooks and Xero packages offer extensive reporting modules, which can offer new insights into the financial management of your business. Bespoke reports can also be created to meet the specific needs of your business, for example to show profitability of different locations or individual products or services.
Switching to cloud based accounting software will also mean that all your financial information is automatically backed up and you will not have issues with outdated, non-supported software and IT costs for servers etc.
One of the really challenging jobs every month is often the Bank Reconciliation. With QuickBooks and Xero your financial information will automatically flow into the system from bank accounts and other sources (e.g. business credit card statements). The system will suggest matching transactions further simplifying the work.
If your business submits a VAT return, QuickBooks and Xero offer excellent VAT modules which automatically populate based on your sales & purchases/expenses. An added benefit of using a cloud accounting software package, is that you will be “Making Tax Digital” initiative compliant (requirements start in April 2019 for VAT registered businesses). See my earlier Making Tax Digital blog post for more details on this.
Payroll modules in QuickBooks & Xero packages are a “one-stop” shop and cover all aspects, including Auto-enrolment and also cover the automatic filing of “Real Time Information” required by Her Majesty’s Revenue & Customs (HMRC) .
To enable your business to capture all available efficiencies & process simplification opportunities available in these Cloud Based Accounting software packages, I advise spending some time on implementing and setting-up the system correctly. You can either do this yourself but if you need to migrate data from an existing system or, if you want to ensure the full potential of the system is realised, I would recommend getting some professional advice.
At Tulip Thistle Accountancy we offer a full installation & set-up service for QuickBooks or Xero, taking care of the move of your business to the new platform, including data migration from your existing system & full training for all staff involved. We can also offer all inclusive packages covering Annual Accounts, VAT & relevant Tax Returns.
If you would like to discuss how QuickBooks or Xero software can transform the financial management of your business or want to get a demonstration of these packages, please get in touch!
Until the next time!
The information contained in this blog is for general information purposes only. The information is provided by Tulip Thistle Accountancy and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the blog or the information, products, services, or related graphics contained on the blog for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
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