First Class Business

Whether it is your annual tax return, general bookkeeping or trying to work out how to pay your employees in the most effective fashion, working with the accounts of a small business can be a nightmare for those who are untrained in the practice.

Hiring an accountant to take charge of everything can be expensive and bringing in a full-time member of staff to deal with the payroll will probably affect your finances equally as hard. Fortunately there is cloud accounting and maintenance software to help out with these problems, which at a low initial cost will help your business continue to run smoothly. What exactly can accounting software do for you?

Accounts

Keeping the HMRC up to date with your finances is vital for any business, but unexpected tax bills and fines could ruin small businesses before they even get going. If you are at all uncertain about how to fill in VAT returns, produce correct, professional invoices or deal with your expenses, installing software to deal with your accounts may be a smart move. Sage One Accounts provide a service that can cover all of these bases. With this program you can easily track incomings and outgoings, manage your clients and their invoices in one place and even work remotely with your accountant to ensure that you stay on the right side of the HMRC.

Cashbook

You might not yet have got to the point where you have to deal with having employees and are currently operating as a sole trader. You wouldn’t need a full accounts package for this purpose, as you are more than likely dealing in cash and cheques only. Sage One Cashbook is the type of software you are looking for to manage your records. With this type of program, deposits of cash and cheques can be recorded so that you don’t lose track and simple statements can be produced for your network of clients, whose details are stored on the software as well.

Payroll

It is not financially viable to employ a payroll team until you make the step from a small business to at least a medium-sized one. Until that point, there is software to help you keep track of your payroll for up to 15 employees, such as Sage One Payroll. Your pay runs will be made easy and stress-free using this program, with the payslips printed before you know it. It keeps track of all the year-end data so you have less stress at the end of the financial year. It is also worth noting that the system is RTI-ready in order to guide you through the big payroll change taking place next year.