Bookkeeping is one of those tasks that’s essential for your business, but not always at the top of your ‘tasks I love’ list!
However, it often gets a bad rap, purely because it seems more complicated than it is.
With the introduction of cloud-based bookkeeping software, bookkeeping can be simple, intuitive and automated.
With our top tips from DVM’s resident bookkeeping expert Jade, your bookkeeping system can get up and running, and will make that job much easier for you.
Tip 1: Get accounting software – Our favourites are Quickbooks Online (QBO) and Xero
Why get accounting software?
• Keeps information in one place
• Gives access to accounting information at any time, which can help with cashflow, budgeting and making business decisions
• Most packages are now Making Tax Digital (MTD) compliant
Tip 2: Head into the cloud
• Using Cloud software like Quickbooks online and Xero, you can access your accounts wherever you are
• It’s easy to share data with your accountants and accounting staff
• It is quick to find info on the go, and helps with day to day running of the business
Tip 3: Consider receipt software – i.e. AutoEntry, Dext (formerly Receiptbank), or Hub doc.
• You can take photos or email invoices and receipts
• Handy on the go; no more losing receipts
• It’s paperless – keep all of your receipts in the Cloud
• Some receipt software like ‘Autoentry’ will automatically read the receipt and pick out the relevant information, which can then post directly into accounting software. This can save hours of time manually inputting invoices and receipts.
Tip 4: Set up bank feeds
• Bank feeds are secure and automatically pull the banking transactions from your bank into your software
• They can save hours of time compared to manually typing up the statements
• This keeps bookkeeping in ‘real time’ giving you a better picture of your accounts.
Tip 5: Don’t be afraid to ask for help
- If you are unsure of anything, ask for help. if it’s a software issue, most providers like QBO and Xero offer free technical support and help pages to customers. If it’s a bookkeeping or software question, ask your accountant; most accountants have new and innovative ways of doing things to meet your needs that can save you time and in therefore money
Keeping your bookkeeping up to date saves time when your VAT return, year-end accounts and tax returns are due, and helps with your business cashflow and decision making.
How DVM can help
Data conversions/getting started on software:
• We can set you up with the best software for your company
• We can help you move your books from spreadsheets or from one software to another.
• We can set you up to be MTD compliant
• We can help with setting up invoice templates etc.
• We offer training on software so that you can easily do the bookkeeping yourself, or so that you can learn how to use the data to keep an eye on your business activity and cash flow
• We offer basic bookkeeping training so that you can manage your day-to-day bookkeeping
We have experienced staff and are always up to date with latest accounting rules:
- As experienced accountants and bookkeepers, we are always up to date with the latest rules and laws, and always keep our clients up to date with anything that is relevant to their business. In today’s economy and with the COVID rules constantly changing, this is more important than ever.
Innovation and new ideas
- We are always looking for better ideas and new ways to make your bookkeeping efficient and best for your business needs
We offer a fully outsourced bookkeeping service:
• We offer tailored bookkeeping services to best suit you and your business needs
• We can also take the bookkeeping off your hands altogether; this gives you time to concentrate on your core business goals
Please contact us if you would like more information on how we can help you.