Surrounded by boxes of receipts? Using Word to produce your invoices? Excel to keep track of your earnings and outgoings? It’s time to get your small business books in line!
Nowadays there are all sorts of easy to use online bookkeeping systems that can help you manage your invoicing and purchase transactions and keep you on top of everything. They can be accessed any time, any place you have an internet connection.
These systems offer a lot more than keeping track of income and expenditure; they provide a total management platform. Features such as invoicing and statements with built-in card payment facilities; payment reminder letters for overdue accounts; quotes that you can later convert to invoices and a purchase order system are all geared towards making the life of the small business owner so much easier.
Online Bookkeeping Systems: So Many Benefits
Most online bookkeeping systems will link with your bank accounts, allowing you to see precisely what you have in your accounts and on your cards, and what you owe at any given time.
You can mark invoices as paid; run reports to see who owes what and work out your cash flow and profit and loss position for any time period. Receipts can be scanned in so you have all your records in one place, so there is no need for paper filing systems. You can also prepare your VAT returns and even submit them through some of the platforms. In other words, you will be able to keep your business running smoothly, and stay on top of your current financial position. And with all this information readily at hand, it makes everything so much more a piece of cake when it comes time to submit your annual returns.
Your accountant can also usually be given access to the platform so their work for you is cut down too. They can run management reports and journals to help you keep one step ahead when it comes to your tax and VAT position.
Free Trials and Useful Links
Many online bookkeeping systems offer a free trial, which is great for making sure you are comfortable with it before you commit. Billing is usually monthly or yearly.
Here are some useful links for you to a range of online bookkeeping systems. Why not have a look through and see which one could be best for your particular needs?
Free Agent: https://www.freeagent.com/
Financial Force: https://www.financialforce.com/financial-management/accounting/
Still not sure? Why not have a chat with your bookkeepers? They’ll know what will suit you best and will also be able to help you get set up once you make your choice.