How often do you find that the invoices that you send to your suppliers are all over the place? And when it’s time to do the end of year taxes it’s just a headache right? Running through your bank account looking at money paid in and out and then all the numbers begin to blur!
I want to share with you some amazing accounting features that you could install onto your website today that have direct links to the HMRC portal, this will help you do your taxes easily. No more rummaging through receipts, invoices and bank statements. It will also be well organized, and your accountant will love you for it.
Xero simplifies the standard accounting process for small businesses. It was built for the web from the ground up, and it supports every major financial element you expect in a double-entry small business accounting solution: sales, purchases, bills and expenses, inventory, and payroll. You can create records for customers, suppliers, employees, and items; and you can use these in standard customizable transactions, such as invoices, purchase orders, and quotes. Xero also lets you manage fixed assets something other competitors don’t do. It is compatible with many web builders and the customer service team are very informative.
Sage 50cloud is more complex in many ways. It would best suit a company that has many suppliers and products/services. The complexity and the cost of subscribing may make it less appealing to smaller, simpler businesses as there is a lot of learning involved. It’s best suited for companies who need that kind of complexity, whose employees work remotely but need access to some of the software’s data.
There are three versions of QuickBooks that are designed for small businesses, all of which look and work very similarly and offer a 30-day free trial. Prices start from £12 per month and is designed for small and microbusinesses. You can track expenses and income, create and send invoices and estimates, connect to your bank accounts, run basic reports, and track sales tax, among other features. The £20 per month Essentials plan does all of that and adds bill management, support for up to three users, and time-tracking. For £30 per month, the Plus plan also lets you track inventory and project profitability and allows access for up to five users. They are currently running 50% off sale on their products for the first 6 months of subscription.
A quick word of warning, it is best to get a web designer/developer to help you install these features onto your site. Payment portals need to be handled with the upmost care to avoid potential hackers. Remember to invest in a high secure portal to always keep your data safe. Our team at On Command would be happy to help you.