IF YOU are in the market for accounting software, you might feel overwhelmed by all the available options.
Xero, Sage, QuickBooks, FreshBooks, and FreeAgent, to name a few.
There are many to choose from, and getting it right is important.
Modern and usually cloud-based accounting software helps to reduce the amount of time spent on data entry by allowing users to sync their business bank accounts and credit cards with the software, a function that traditional software could not do.
Once synced, transactions flow into the accounting software and can be categorised into various accounts, often with little manual intervention.
While most accounting software is easy to use, a general understanding of accounting principles is needed to prepare financial reports correctly.
And this is why businesses hire skilled bookkeepers or accountants to maintain or review their books.
An added function of modern software is the ability to store copies of the original source documents (the invoice) against the transaction, allowing the accounting software to act as the ‘full electronic record’ of your business transactions, eliminating the requirement to keep bulky paper copies of sales and purchase invoices.
James Milne Milne Chartered Accountants focus on Xero and their associated (free) product, Hubdoc.
Xero is an excellent option for all businesses, whether you wish only HMRC compliant record-keeping or more advanced management reporting.
With Hubdoc, you can import all your source documents and convert them into data you can use.
Hubdoc does the data entry by reading essential information from bills and receipts, such as Supplier names, amounts, invoice numbers and due dates, and turns this into usable data.
A transaction is then created in Xero, with the source document attached.
For an accountant, this is great – as the data is securely held in the cloud both you and your accountant can access it.
This allows your accountant either to monitor what you are doing and assist you, split responsibilities for record-keeping or you can hand over all the responsibilities to them.
Whichever way suits James Milne can help ensure that your record-keeping, VAT returns and, in the future, your Making Tax Digital (MTD) reporting is done accurately and timeously.
James Milne Chartered Accountants serves both personal and business clients across a diverse range of industries, from the Aberdeen and Aberdeenshire staples of oil and gas and agriculture through to retail, hospitality, fishing, haulage, trades, construction and many more.
The firm’s range of services, includes accountancy, business taxation, bookkeeping, payroll services and tax planning.
For more information on accounting software for your business, please contact the James Milne team.