Setting up - Accounting
Choosing how to account for a new business is not the top of the list of priorities for a new start up. But this often changes as tax year or business year end approaches. If you haven't considered how to properly account for the business it can mean hours of bookkeeping using printed out bank statements and a box of invoices and receipts. If accounting is not your thing it is a dreaded chore.
The changes in how accounting is now performed from even a few years ago have been dramatic. Many years ago it would have started with a spreadsheet and bank statements or entry into a piece of clunky software on a desktop PC. But now with the cloud, artificial intelligence and robotic process automation to name a just a few of the technologic changes, there are a whole host of new tools available to reduce the administration and to improve the timeliness and accuracy of the accounting process.
A number of new accounting software tools are now available to automate the link to your bank account to notify you of new payments and bills in your account. You can scan expenses and the system will recognise the invoice and allocate the entries whilst at the same time storing a digital photography in case of any potential tax queries. There are tools to help manage your inventory and link it seamlessly to your accounting and bank records. Invoices can be raised in the system and payment can be chased and allocated following online payment into the accounting records and bank account. All this can be managed from a mobile phone, tablet or laptop computer from anywhere on the planet.
f you would like to learn more about new accounting tools or others topics related to starting your own business, then please feel free to contact me for a free, no obligation, meeting on 020 3151 8838.