If you’re struggling with your small business finances, you’re not alone. Money management can be tricky, especially if you’re new to the world of business finances, and everything from complying with UK tax laws to tracking invoices can feel overwhelming. So, how could a team of bookkeepers using professional bookkeeping software help?
From reducing your unpaid invoices to improving financial decisions, discover how you can simplify your business’s bookkeeping and payroll with the right software.
A Quick Look at Making Tax Digital
Before jumping into the benefits of professional bookkeeping software, we wanted to introduce you to Making Tax Digital (MTD).
The UK government is phasing in MTD to change how self-employed individuals and landlords report their finances. This includes the new rules that you must record and file your finances digitally. Specifically, you’ll need to use MTD-compliant software.
While this doesn’t apply to all businesses, it does highlight the growing relevance of financial software and the shift towards digital finances.
For businesses that do meet the criteria for MTD, if you haven’t already switched to digital software, you might need to update how you manage and record your finances. If you need help making the switch, get in touch with our bookkeepers in West Sussex.
Not sure whether you need to follow MTD tax regulations? Read our article What is MTD for ITSA to learn more.
The Benefits of Professional Bookkeeping Software
If you’re not affected by MTD, finding bookkeepers who use software to manage your business’s finances is still a brilliant way to simplify your money management.
Why? Let’s take a look at some of the benefits.
Easier Communication With Your Sussex Bookkeepers
When working with a bookkeeping team, communication should be simple. The less time you spend sending financial documents back and forth the better, reducing tasks on your to-do list and making money management easier for both sides.
Professional bookkeeping software is a must for facilitating effortless communication. It allows teams like ours to securely access your invoices and transactions whenever we need them, without the need for phone calls, emails, and time-consuming meetings.
We’ll be able to see your real-time financial history, including income and expenses you’ve just received, and record your transactions as they happen for efficient financial reporting. This leaves you more time to run your business while we take care of your books.
Access Your Finances On-the-Go
While we’ll be taking care of your bookkeeping, you might still need to check up on your business finances.
At Angel Bookkeeping and Payroll Services, we use professional bookkeeping software, like Sage, that makes it a breeze to view your finances while on the go. Whether you’re in the office, at home, or abroad, you can view and manage your money online, thanks to cloud-based storage. You can even use mobile apps to stay on top of your finances, making money management more convenient.
Track Your Invoices in Real-Time
Both Sage and Quickbooks – two of our favourite software choices at Angel Bookkeeping – enable you to create, edit, and track your invoices.
From our team’s point of view, this makes it easier to monitor your income and reconcile invoices with bank statements. If there’s an outstanding invoice past due, we’ll spot it quickly and can then start sending out reminders to clients, helping your business get paid promptly for more accurate cash flow predictions.
It also displays a running total of your accounts receivable – the invoices that are due to you. If you follow the cash basis method of reporting your finances, which ensures that you only pay tax on income you’ve actually received, an automatic total can help you speed up your tax return and accounts submissions.
Streamline Tax Preparation
We use professional bookkeeping software to carry out a number of bookkeeping tasks, including recording transactions, tracking income and expenses, reconciling bank statements, and managing payroll. This creates a comprehensive digital record of your business’s finances.
When the tax year-end or the end of your accounting period rolls around, this organised approach makes it so much simpler to report your finances accurately. Save time tracking down invoices, automatically calculate your revenue, and maintain proof of your expenses for easy compliance.
Make Better Financial Decisions
Working with our team and gaining access to excellent bookkeeping software helps you take control of your business’s financial health. This, in turn, enables more informed financial decisions that drive business growth.
For example, by being able to view your accounts receivable, you have a clear picture of the incoming revenue you can expect over a set time. This enables more accurate budgets and fund allocation.
Not sure if you have the revenue to upgrade your equipment? Deciding how much to reinvest in marketing strategies? All of these crucial choices can be made simpler with bookkeeping that clarifies your finances.
How Can You Start Using Professional Bookkeeping Software?
As a business owner, finding the right bookkeeping software for your business isn’t likely to be a task you’d like to add to your to-do list. After choosing a financial system, you’ll then need to set it up and link it with your existing money management tools, like online banking, and transfer your financial data. It’s exhausting stuff, to say the least.
That’s where we come in. At Angel Bookkeeping and Payroll Services, we’ve been using top professional bookkeeping software for years. From Sage to Quickbooks, we’ll take care of setting up your financial software and connecting it to your existing finances so that you don’t have to worry.
Get Started With Bookkeeping in Sussex
Ready to make money management easier with our team? Gain access to professional bookkeeping software and make financial stress a thing of the past. Reach out today to take control of your business finances.