How easy is Digital Accounting? Making Tax Digital for Self Employed People
We talked about the best digital software for accounting back in 2021 and since then we've seen a stream of new clients coming onboard with Quickbooks and Xero Accounting Software. But just how easy are these Accounting Software Programs to set up and use for the average small business owner or Sole Trader? Hubu Accountants in Wales investigates.
Once you have decided which Accounting Software you are going to use for your business bookkeeping, the next thing to do is to get everything set up and tell your Accountant.
1 - Set up your business accounting software
This involves inputting your business information - the standard stuff such as name, address, email; as well as what type of business you are, whether you have a VAT number etc.
You will also need to connect your business bank account details, so that the accounting software can automatically track any transactions made to and from this account.
You will then need to link with your Accountant - for us this means that as your Accountant Hubu can access all information within the Accounting Software and your bank transactions; therefore enabling us to see everything in real time and get on with dealing with your accounts for you with no delays. It also means that we can see and highlight/fix any mistakes for you.
2 - Payments & creating invoices
We understand how frustrating it can be chasing payment for services rendered. the great thing about these digital accounting apps is that not only can you quickly and easily create and send invoices to your customers; but you can set up reminders to send after a certain amount of time has lapsed, and also the Accounting software makes it easy for you to match the invoice to the payment when it comes in, highlighting it for you in your banking dashboard.
3 - Adding expenses
It really is as easy as 1) remembering to keep your receipt, 2) take a photo of the receipt 3) upload the photo and write a little note about what the expense is, e.g parking for meeting with bank manager, 4) sit back and you're done - the next bit is down to your Accountant!
If you would like more information about setting up Digital Accounting Software for your Business, or you are looking for an Accountant in Wales, please give Hubu Accountants a call on 0800 206 2625 or email us at firstname.lastname@example.org