You may have seen the adverts on TV or maybe you’ve just heard of this thing called Quickbooks but what exactly is it?
Quickbooks is a cloud accounting software that you can log into through any browser.
You can also install an app on your phone and access it from there.
Cloud accounting software allows you to do your accounting more easily by having information ‘on the go’. Some of the other benefits are:-
- You can raise sales invoices and email them directly from the software
- You can link your bank transactions to it so there is no more manual input
- On the app through your phone you are able to photograph receipts or invoices which can then be uploaded
- Automated matching of your invoices can then take place against your sales and purchase invoices through the bank reconciliation area
There is also this handy dashboard where you can see at a snapshot the invoices you are owed, expenses, total sales so far and also how your profit looks.
Both you and your accountant can have access to this, saving time and making it easier when it comes to preparing your year-end accounts and tax returns.
Currently there is no requirement to have your accounting on accounting software unless you are a VAT registered business with turnover above the threshold of £85,000.
This was part of the first phase of the government scheme ‘Making Tax Digital’. However, there are plans to make this a requirement for more businesses going forward.
