Tools to help with small business bookkeeping
Thinking about record keeping for your small business finances is often a task that always gets moved to the bottom of the pile. But it is incredibly important to make sure that you are on top of your income and expenditure so that you can forecast where you think you will be by your financial year end. There are many different tools and pieces of software that you can use to help not only with the bookkeeping in your business but also to help you project your future budgets, report on your key performance indicators and also to help with any evidence you may need when looking into financing options.
Cheltenham Accountants Randall & Payne in Gloucestershire know how important it is to ensure that you are complying with the laws and regulations surrounding your document keeping for your business finances and also how enlisting the services of a Cheltenham Accountants can mean you start to utilise your financial data to help inform the future decisions that you make.
So what software is out there to help you?
Well, the answer is almost anything you require. When starting out in business you may find that keeping a simple excel spreadsheet works to help you track your income and expenditure and as long as it is kept up to data it will give you a snap shot of how well your business is doing.
If you are looking for an accounting software package that will not only record your income and expenditure, but will also allow you to reconcile your books with a direct feed of your bank account, provide you with the option to submit VAT returns, produce various reports an perhaps even help run your payroll for you then there are numerous packages available to you. Most, if not all of these work on a cloud basis which means that once you have registered and set your appropriate level of subscription you can log into your software account from any computer with internet access with your log in details and password. These types of software also allow for your accountant to log in at the same time as you so that you can discuss any anomalies that may arise as well as talk through your reports. Xero, Quickbooks and Sage Accounting are just three examples of software packages that fit into this category but a quick google search will give you a list that is much longer.