In the emerging technology, digital bookkeeping is a must for all of us as accountants and every entrepreneur too here in the UK. As accountants, our challenges are to adopt with the digital accounting and help the clients as well. In this blog, you will read how we can support on your digital bookkeeping needs for your business venture.
What is Digital Bookkeeping?
Digital bookkeeping is an electronic format (instead of using the traditional method of papers) where all accounting transactions including outgoings, incomings, VAT, cash flow and more are conducted in an electronic environment.
Why You Need to Consider Digital Bookkeeping?
From April 2022, all VAT registered businesses are subject to the Making Tax Digital (MTD) compliance regardless of their turnover, unless exempted. However, you have a range of benefits as follows in using digital bookkeeping:
- Smooth and efficient document processing that you have access at anytime from anywhere
- You have get rid of the paper mountain and no need to prepare folders for the quarter ending
- Less space required for filling cabinet and can utilise that space for other purpose
- More accurate bookkeeping rather than manual and always clear overview
How We can Help on Your Digital Bookkeeping?
We use most common accountancy software including; IRIS, Sage and Xero for your accountancy, taxation and business support needs. Here is the brief note how you can maintain your digital bookkeeping with us using Xero software. Please note that we are Xero certified advisors.
In our example, Xero is the main software for digital bookkeeping purpose whether you are VAT registered business or not. Once having Xero software, it means that you are benefited from:
- Automatic “bank feed” connection and no hassle for manual entry
- Create your invoice in few clicks and then ready to send digitally to your clients
- Entry bills to pay and reconcile with the bank
- Maintain expense claims including mileage records and then reimbursed by authorised person
- Integrate with POS (point of sale) and no hassle for manual sales record
- Facility to add payment service software including stripe, PayPal and so on
- Multiple currency and hence no hassle for currency rate and adjustment for gains or loss
- Connecting with other a range of app including Hubdoc
Hubdoc is a software that extracts key information from your receipts, invoices and bills. No more hassle for data entry and no more filing, simply take the photo of receipts using mobile app or upload documents from your computer. You may not have additional costs for using Hubdoc with Xero.
You may have trouble in maintaining your petty cash and to resolve this, why not consider Pleo. Please note that we are Pleo partner and you may be eligible for discounts as our clients. You will be benefited from: spending solution (seamless expense management), smart company cards for employees and reimbursements with invoices once using Pleo software.
Here to Help on Your Digital Bookkeeping?
At The Stan Lee, we can confidently help on your Digital Bookkeeping affairs with competitive and reasonable fees. For further information, please get in touch with one of the friendly team and let’s find out how we can help on your digital bookkeeping needs.
We set up the digital bookkeeping for our client at no additional fees