Category: Featured

If someone were to ask you what accountants do, what would you say? For most people, they wouldn’t be able to provide much detail beyond “someone who looks after financial accounts.” Well we don’t blame you. There’s a lot of misconceptions around accountancy and what accountants do day-to-day. It’s for this reason that we thought we’d shed a little light on the subject. We can even promise you that it’s not nearly as boring as people think!

The overarching responsibility of an accountant is to prepare and analyse financial records for their company or their clients. It is the responsibility of the accountant to ensure that all financial ingoings and outgoings are expected, accurate and most importantly, accounted for. They must certify that all monetary movements are included in the financial records of the company or client for various different reasons. One of the most important of these reasons being tax.

Financial records have to be precise to ensure that a company is taxed appropriately. If the numbers are off, this could mean that tax is over or under charged. An issue which can have significant consequences for a company depending on the level of inaccuracy. Something that we accountants are here to help businesses avoid at all costs.

With the introduction of Making Tax Digital (MTD) this month, the inputting of tax is now a far more efficient process. All taxes now being computed digitally. This means that tax returns and timely payments are much more achievable (without hundreds of paper receipts flying around the office). Especially as the preparation of tax returns is another crucial responsibility of an accountant.

Accountancy involves a great deal of analytical ability. Accountants need to know how to observe and interpret numerical data and then apply that analysis to financial advice and planning. It’s not just about sitting around number crunching all day long. Accountants devise financial strategy and ways to improve financial efficiency for their clients. They make recommendations to reduce overheads, optimise revenue and generally improve profits. Their keen eye and familiarity with their client’s financial records mean that they are aware of how the financial records should look. Therefore, they are able to spot abnormalities (be it overspending or underpayments), as they appear. Not only that, but they are then able to pinpoint where these abnormalities are likely to be coming from. They provide an indispensable eagle eye on all things financial and can be a key component in resolving financial mistakes and devising a plan to optimise financial performance.

An accountant is more than just someone who handles your business receipts. Accountants are hugely important elements to any successful business or company and can be a true asset to a team, particularly when it comes to boosting profits. So while you can rest assured that your tax returns and receipts will be well taken care of, there’s definitely a little bit more to us accountants that you might first think.

With Total Accounting you get a dependable, established & focused accountancy firm. We really are here to help. Find out more about the Total Accounting team and see who you will be dealing with here.

Be sure to check out our great articles on the new Marking Tax Digital (MTD) requirements and an overview of the QuickBooks accounting Software.

For more information call us today on 0141 887 7766.

Cloud technology is everywhere. In fact, the vast majority of us will use some form of cloud technology on a daily basis, whether that’s through a Google Calendar, storing files via Dropbox or even simply browsing through Facebook. Cloud technology basically refers to any software which enable its users to access shared storage, networks or applications through various devices.

These technologies have revolutionised the way the world works and the way in which people exchange information, especially within the accounting and finance industry. In fact, it’s cloud technology that has been the driving force behind Making Tax Digital (MTD) – which refers to the mass digitisation of the taxation system across the UK. With cloud-based business accounting software, such as Xero and Quickbooks, becoming ever more important to businesses large and small, there’s never been a better time to fully get to grips with Cloud Based Technology.

The burning question is, which is best? Which software is most efficient within its purpose and functionality? What should your business invest in and rely upon for its tax upkeep? We’re here to answer those questions and to help you delve properly into the pros and cons behind the two different software options – determining which is best for your business.

Quickbooks

Quickbooks is very much the flagship of accounting software, particularly when it comes to small and medium sized businesses. Quickbooks currently hold 80% of the small-business market share within the industry, firmly establishing them as the reigning market leader by a considerable margin. But why is this?

First and foremost, Quickbooks was the first on the scene of digital accounting. Their early entrance into the market has bode in their favour throughout their continued success, allowing them to become closely associated with small-business accounting. This reputation has certainly contributed to the success of Quickbooks but when it comes to the actual functionality of the software… does it still come out on top?

Xero

There’s also Xero to consider. Xero offer a similar digital accounting software service to that of Quickbooks and since their emergence into the accounting world, have steadily built up a customer base that has established themselves as a key player within the industry.

Xero allow their customers to process online invoicing, inventory tracking and purchase ordering all with the help of smart reconciliation and a mobile application that allows customers to carry out these tasks wherever or whenever they need to. This has helped Xero accumulate a user base of 1,000,000 people and it currently stands as the primary accounting solution for over 16,000 accounting firms.

In fact for the most part, both of these accounting software providers offer a very similar service in terms of both function and quality. So why do we choose Quickbooks?

The key reason behind our preference for Quickbooks is reliability. Quickbooks have been in the industry the longest and have unquestionably got the most experience. We place a lot of stock on their knowledge to ensure that great service is at the forefront of our digital accountancy. In addition to this experience, Quickbooks is extremely easy to use on both desktop and mobile, which is perfect for our business and client needs. The accessibility that Quickbooks offer enables our clients to view, edit and understand their digital accounts from any device they like. It allows a truly modern accounting experience where things can be found with the click of a button – as opposed to having to contact your accountant and then wait for them to find the expense you are enquiring into – which Quickbooks allows you to do independently.

Along with continued, immediate support from your Total Accounting advisor, Quickbooks is our tried and tested method of software. Our expertise in this software quickly led to us becoming an online Advanced Certified Quickbooks ProAdvisor. So it’s fair to say that we believe very strongly in this fantastic product.

For more information call us today on 0141 887 7766.

Be sure to check out our article on Marking Tax Digital (MTD) coming into law this year.

If you’re part of the accounting world, you will most likely have heard of QuickBooks. We’re here to shed some light on what QuickBooks is and how it could be an asset to your business.

QuickBooks is the world’s leading accounting software, which can simplify your company’s financial management system. It allows business owners and their finance teams to streamline their accounting practices, enabling them to manage their invoices, pay bills and track cash flow more easily. You can even scan your receipts into QuickBooks through your phone. Allowing you to wave goodbye to lost receipts and overdue bills impacting your financial reports and prospects. QuickBooks is built with small to medium-sized business owners in mind, offering various functions designed to serve those organisations.

Manage Sales & Income

QuickBooks takes the dread out of accounting, as business owners no longer have to constantly generate their own sales reports. The software offers users accurate, live data on company sales and income, including an insight into what customers owe them at any given time. An exceptionally useful tool considering the average small to medium sized UK business is owed a whopping £40,857 from overdue invoices. With QuickBooks, it’s simple to keep tabs on those who are still to pay and exactly how much they are due. Business owners are able to gain an understanding of their current financial performance at a glance, in conjunction with being able to access a log of existing and past due invoices, so that they always have a record on hand for reference.

Track Bills & Produce Financial Reports Immediately

As any business owner will know, regardless of the size of your enterprise, there are a lot of bills and expenses to be paid on a monthly basis. As any business grows, it is likely that these bills expand with the company. Therefore establishing a succinct and effective means of tracking them is crucial. QuickBooks can link with your bank and credit card accounts to download and categorize all expenses and is then able to generate a Accounts Payable Report within minutes – to show you exactly what is settled and owed. Easy!

What’s more, QuickBooks’ reporting capabilities are able to run Profit and Loss Reports, Balance Sheet Reports and Statement of Cash Flows in a matter of minutes at any given time. Reports are updated in real-time with every new transaction being logged into the appropriate report immediately. These are 3 key business finance reports which now require minimal effort from business owners to collate. All thanks to QuickBooks.

If your business is product-based then the benefit of QuickBooks in tracking inventory is a particularly useful tool as it is able to track and update your inventory by constantly monitoring your company’s transactions and can produce inventory reports to accompany this.

Pay Employees & Tax Returns Effortlessly

QuickBooks is able to automatically calculate and run payroll for your company, taking the hassle out of paying your employees accurately or on time. A poorly managed payroll system can negatively impact staff morale, damage productivity and can invite penalties from HMRC – which no business wants to endure. But with this software, these issues are eradicated.

Not only that but QuickBooks can handle the income tax for all of your employees and is more than capable of compiling all of your business’ financial records and paying your tax returns for you. With every transaction being tracked by the software, there’s no need to lose your mind during tax season trying to keep all of your receipts together. It’s simple and more importantly, reliable.

Accept Online Payments

The simplicity and convenience of QuickBooks doesn’t just serve your business, but your customers too. Through QuickBooks, your company is able to provide customers with the option to pay their invoices online directly to you. The best part of it being that all online bank transfers have no transaction fee for your company, so it truly is a win-win situation for your business.

Considering all the many benefits of QuickBooks, you may now be considering the introduction of the software into your accounting practices. But you may also be wondering where to start with adopting it? That’s where we can help. Our team here at Total Accounting are ProAdvisors in QuickBooks and have utilised it to the benefit of all of our clients. If you are in need of some QuickBook or Accounting consultancy and/or services, please don’t hesitate to get in touch.

For more information call us today on 0141 887 7766.

Be sure to check out our article on Marking Tax Digital (MTD) coming into law this year.

As we welcome in a new year, we find ourselves in the midst of a huge technological movement within the accounting and finance industry in the UK – as the sector undergoes the digitisation of it’s tax system. Now if you are British business owner and that sentence alone caused a serious acceleration in your heart rate, don’t worry, Total Accounting are here to unravel the mystery of Making Tax Digital (MTD),  just in time for its implementation on the 1st of April.

How will this impact your business

Currently within the UK, over 70% of small businesses manage their tax by manually logging their VAT figures on the HMRC website but in just a couple months time they will no longer be able to do so. Instead, businesses must upload a digital file of their tax records to the HMRC database from a cloud accounting software of their choice. This is all part of a governmental objective to make tax more simple to understand and manage for individuals and businesses alike, and ultimately allow everyone to stay on top of their financial prospects.

Expectantly with any significant change – especially one which centres around technology – there is a degree of resistance and reluctance to the implementation of Making Tax Digital. Many business owners do not feel entirely comfortable entrusting their sensitive financial information to this type of software, and in fact as much as 40% of UK business owners are not even aware of the impending arrival of MTD. This is a particular sticking point for those in traditional industries, like agriculture, or businesses which have successfully operated for generations with no intrusion from technology and are daunted by the prospect of getting to grips with alien software. But fear not. Allow us to shed some light on what Making Tax Digital means for your company.

Benefits of MTD coming into effect

Firstly, it means an end – or at the very least a huge reduction – in tax-related mistakes. All UK business owners have had the painstaking job of trying to grapple with their company taxes and submit them all on time. It’s a complex and time-consuming process but with the digitisation of this process, the intelligent software implemented takes care of it for you. Simply log in and see your tax balance as it stands at any time. The technology is more accurate, efficient and timely than any individual could be and means that your business isn’t faced with unwanted fees for late submissions or mistakes. It’s win-win really!

There’s also the small topic of paperwork. Consider that forever growing pile of tax paperwork and receipts piling up in that dark corner of the office no more with MTD. Cloud software streamlines your taxes so that is all in the one place which is easily accessible and allows you to visualise where you stand with your taxes at a glance. All you have to do is update your software with the required information and ensure that all data is correct every quarter and you can consider your taxes sorted. Not to mention, the resultant reduction in paper use and waste from Making Tax Digital which will have a significantly positive impact on the environment.

Cost of MTD to your business

It has to be stated, as you probably anticipated change often incurs a cost, and in the case of Making Tax Digital this cost presents itself in the form of a required investment into upgrading or purchasing new accounting software. As well as this staff training is needed to familiarise everyone with the new system, as is software set-up and pre-purchase research into the most functional and economical software product available on the market. However, we firmly believe that digitisation is the modernisation the industry needs and will result in a much more tax-savvy economy which will be to the benefit of everyone.  

Our Solution

As there is no standardised software available from the government to enable MTD, business owners must take advantage of existing products and that’s where we come into the picture! Total Accounting are pioneers of digital accounting and with our unique cloud accounting software, we have the expertise to ensure that the introduction of Making Tax Digital is a seamless process for your business this April.

See our Making Tax Digital page for frequently asked questions >

For more information call us today on 0141 887 7766.