Cloud Accounting - How it Works
Benefits in summary
- Paperless accounting – imagine your van without paperwork scattered all over, becoming sun bleached, or coffee stained, or even blowing out of the window!
- Beat the competition to the job with smarter quoting, and parts purchasing
- Your accounts up to date in almost real time, allowing you to see the current state of your business, plan accordingly, including your cash flow and tax bills
- An experienced accounting firm available to help you be more successful, without worrying about the fee clock running – its free unlimited support!
- Your spare time given back to you to spend as you see fit, instead of dealing with preparing quotes and invoices.
- No more chasing around trying to pull your paperwork together, some of it up to 18 months old, to get it to your accountant.
- Fixed fees, agreed up front, and paid by monthly instalments, saving finding that big lump of money annually.
- Knowing what your tax bill due in January is, in the late spring/early summer instead of just before it’s due to be paid!
Cloud accounting - how it works
Cloud accounting is a game changer for both clients and their accountant. It takes away the mystery of what we do in our offices with your paperwork, and puts it right there on your laptop, tablet or smart phone, for you to see. Because of the technology available to us today, we can automate the bookkeeping element of your accounting, and as long as you engage with the system, provide you almost real time accounting. You can use it to produce your quotes and invoices, on the spot, whilst in a customer’s premises. You then email the invoice to them, instead of waiting until the evening, when you are back home, and waste valuable family or leisure time producing them, and then having to get them to the customer, leaving you to either chase for the job a day or two later, or your money when the job is complete. With less effort than now, you can achieve so much more!
- Xero, which allows you to raise quotes, and invoices which are then automatically posted into your accounts, allowing capture of your sales in real time.
- Heating Spare Parts found at www.heatingspareparts.com allows you to identify the component, order it for next day delivery to the customer, and even have the customer pay for it on the spot, saving you valuable cash flow, and potentially helping keep you under the VAT threshold. Because of the next day delivery, you can arrange to attend after delivery, and install the part, ensuring you get the work ahead of the competition.
- Entryless, which captures purchases. Documents can be scanned in, photographed with a smart phone, or emailed in direct from suppliers that send invoices via email. Once the voucher is in Entryless, we take over, ensuring the invoices are submitted to Xero within a day or two.
- Bank feeds into Xero. This downloads the transactions from your bank account, into Xero, keeping the bank reconciliation and your accounting bang up to date.
Entryless is a third party software system, acting as the link between you, and Xero. It uses OCR technology to read your invoices and vouchers, totally removing the need for any keying in, either by you, or your accountant! As purchase invoices are received, they can be photographed using the Entryless App, on your smart phone, which takes seconds to capture a clean image. You can and should ensure the image is a good one, and then simply click on send. The invoice/voucher may then be destroyed! HMRC accept the digital copy as good evidence of the expenditure.
Alternatively, you can use your scanner attached to your home or business pc, to create a PDF of the invoice, once you have checked the image is a good one, click and drag it into Entryless. Once again when this speedy operation is complete, you may destroy the invoice/voucher.
Finally, for those suppliers that send you invoices by email, simply give them your unique email for Entryless, and your invoices will go straight into that system for processing onwards into Xero.
The opportunity to know where you are today, and where you can be tomorrow!
Xero is probably the world's leading cloud accounting system. It allows you to see the current position of your business on your dashboard. This shows your bank balance, unpaid sales invoices, highlighting the overdue ones, and your purchases awaiting payment, again highlighting the overdue ones. You can also see and use the expenses system for those out of pocket expenses, as an alternative to Entryless.
There are a number of reports you can select and view, to take a more in depth look at how your business is doing, and of course you can call Trades Accountant during office hours to discuss any aspect of your accounts, and we can see the same items as you, at the same time.
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Cloud Accounting 30KB