Samantha Burke – Bookkeeping Manager, D V Marlow & Co
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, with the right setup, your bookkeeping records can be a brilliant asset to your business, helping you to make crucial real-time decisions, and building a solid foundation from which your year-end process will be much more streamlined (and less costly).
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 Sam, your bookkeeping system can get up and running smoothly, making 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, in real-time.
- It’s easy to share data with your accountants and accounting staff – and ask any queries. They can log in to your software and correct errors, or talk you through any issues.
- 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 or Hubdoc.
- 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 be posted 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 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, therefore, money.
Final Words
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 cash flow 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.
Training
- 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 the latest accounting rules:
- As experienced accountants and bookkeepers, and an ICAEW regulated firm, we are always up-to-date with the latest rules and laws, and keep our clients informed of any development that is relevant to their business. In today’s economy, 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. This could be checking your VAT return before filing, or professionally reviewing your data periodically to give you added confidence.
- We can also take the bookkeeping off your hands all together; 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, including a free, bespoke, no-obligation quote.
