Making Accounts Digital

 

To Xero and beyond…..   How are you getting on with Xero, and beyond, making tax digital? Hasn’t it been fun? Well actually it’s been a little tougher than expected, not least because of some of the IT issues that have driven many of us crazy.

Hopefully, you are now in full swing and getting to grips with this whole new process of digital accounting

 

Beyond Xero, there is more to add….

If you are a Xero, QuickBooks or SAGE Cloud user have you considered some of the add-ons which can be used with these online platforms?

We have long advocated the use of Receipt Bank, and similar products, for being able to capture data from your expenses and post them into your accounting software. This can save a lot of time and also minimise errors in selecting which accounts these expenses go to.

But there are other advantages as well –

·         good copies of the invoices are obtained so they can be stored in your accounting software
·         HMRC acceptable, allowing you to bin those rows of lever arch files and
·         increasingly as so many invoices come automatically by email, you can simply forward them onto the likes of Receipt bank and Auto entry saving time and, ultimately, money

·         Both Receipt bank and Hubdoc will also auto fetch invoices from major companies. Less calls from the accountant chasing that missing paperwork!

Add-ons to predict the future

But what else can you do? The next Accelerator Club, on Thursday 12th September, will be looking specifically at some of the additional apps you can use. One of these will be Fluidly, an award winning package which has two principle aims, one to show you how your cash flow is happening (using data within the cloud software itself) and secondly to help automate cash collection, automating the process of chasing your debtors for you.

Adding more to Xero

With Xero, for example, the package has expanded over the years so payroll is now much more efficient and recent introductions include C.I.S. for those in the construction industry scheme. Assisting you to make timely submissions, calculate and prepare your deduction statements and deal with all things C.I.S. Another recent addition is Projects which allows you to track costs against specific  jobs to see how profitable they were and  crucially, helps you see if you are getting your costings right in the first place!

 

Adding more for you

We can help with all of these things add-ons and suggest you invest the time and effort to learn how they can work for you. Why not start by attending the next Accelerator Club on Thursday 12th September, book here!

 

Remember NEVER STOP LEARNING to Xero and beyond….