The switch towards digital services and cloud technology –driven to an extent by the Making Tax Digital (MTD) initiative – has seen many more businesses move their accounting activity online.
Although the transition may have potentially compliance driven in the first instance with the MTD requirements, businesses from all sectors are now also enjoying the increased efficiency and flexibility provided by cloud accounting.
They are finding that the systems provide much more benefits; from checking balances, sales, and upcoming bills on the dashboard, to connecting to your bank accounts, creating purchase orders, paying bills, and much more, the cloud based packages give you a much greater insight into how your company is performing and can be accessed from anywhere on any device with an internet connection.
With many of the cloud based systems, users receive 24/7 email support as well as online libraries chocked full of content such as video tutorials and guides.
We have listed below a few of the most common accounting systems and add-ons we use but we have experience in using a wide array of systems and applications which can be used to make your financial processes more efficient.
If you would like to explore a cloud based accounting or would like to look at a particular software package in more detail please get in touch with our Outsourcing team to request a demo. Alternatively if you have a particular area in your financial process which is time consuming or inefficient we are always happy to discuss options or ways that this can be made more efficient.
We do also offer full System Reviews which can be useful if you have been doing things the same way for some time or are using old or out of date software and may not be making full use of the technological advances and efficiencies available.
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Xero is the UK’s leading cloud-based accounting software and is at the forefront of the transition to cloud based accounting. This flexible, efficient and effective package enables you to access your financial data anywhere and at any time, using a simple, award-winning system.
For many SMEs, Xero is the ideal cloud-based accounting solution. It is designed specifically to make small business easier – taking control of the numbers, so you can get back to what you do best.
Xero simplifies the bookkeeping process, moving all aspects online – including invoicing, credit control and VAT returns – while also offering management accounts, data transfer and client reporting.
All of this is possible on a subscription basis, and without the need for any major software installation, as Xero is entirely website driven.
Xero also offers outstanding connectivity, integrating with more than 700 third-party apps including inventory, invoicing, time tracking and expenses, extending the software’s support for your business. Meaning businesses can create a bespoke cloud-based ERP system for their business, hand-picking the modules they want to use. This can be very cost effective and works on a monthly subscription basis as well avoiding big install and implementation costs of desktop based systems.
As a Xero Platinum Partner, the team at Price Bailey can work with you to make the move to cloud-based accounting as smooth and seamless as possible. Benefits from switching to Xero include:
QuickBooks is another of the cloud-based accounting systems at the vanguard of the cloud based accounting revolution.
QuickBooks Online (“QBO”) is one of the world’s most successful SME cloud-based accounting solutions, with around three and half million users worldwide. QuickBooks offers a range of packages tailored to businesses of various sizes, designed to increase efficiency, improve access to financial information and simplify bookkeeping and accountancy processes for SMEs in all sectors.
All of this is possible on a low-cost subscription basis, and without the need for any major software installation, as QuickBooks is entirely website driven.
As a QuickBooks provider, the team at Price Bailey can work with you to make the transition to cloud-based accounting as smooth and seamless as possible. Benefits of switching to QuickBooks include:
QuickBooks cloud-based accounting software gives you more effective and efficient control of your business. To find out how we can help get in touch.
Sage is a veteran in the accountancy software market and if you ask most accountants, it is likely the system they were brought up on. Sage has always been a great solution for start-ups, sole traders and owner managed businesses.
Sage Line50 is Sage’s main product with the newest version being Sage 50Cloud, which combines the convenience of the cloud with the power of desktop accounting software, giving you a complete view of all your business finances in one place.
This solution does still require desktop software to be installed in order to access the accounting data and may be better suited to larger businesses, which is reflected in the pricing. The system can be installed on a server which can be accessed from various points on your network or remotely.
Sage have also entered the cloud based accounting market with Sage Business Cloud Accounting, this system is completely cloud based, like Xero and QBO, but it is a scaled down solution with slightly less functionality than other options available. However, if you are already familiar with Sage then it may be a nice first step into the world of cloud accounting.
With Sage desktop applications, some clients choose not to have an onsite server, preferring instead to rent space on a hosted server solution. Remote hosted desktops, otherwise known as cloud desktops, are suitable for businesses of all sizes, and allow you to work securely from any location.
You will have access to all of your files, apps, emails, storage, disaster recovery and business continuity from one seamless virtual platform. Hosted server solutions will keep your organisation safe and your data secure, while potentially accelerating productivity through the use of enterprise-grade servers to handle your computing.
If this is the ideal option for your business, we can put you in touch with trusted cloud solution suppliers.
Dext simplifies your receipt management by publishing your receipts and expenses straight to your accounting software or to your accountant for their review.
With Dext’s receipt and invoice scanning software you can conveniently snap, scan or upload receipts or invoices wherever you are, from a wide range of devices and apps.
Manage your receipts from anywhere with the Dext smartphone app, email documents directly to your Dext account or use the receipt scanner app to extract data from your financial records with 99%+ accuracy.
Dext uses optical character recognition (OCR) technology to extract key information from your financial records, to then automate the processing into your accounting system.
When you send an invoice into Dext, it will extract the key information such as dates, supplier names and references and amounts and will then automatically prepare the transaction for posting into the accounting system, ready for your review and confirmation.
We use Dext in order to make our book-keeping services more efficient and cost effective but we can also offer Dext subscriptions directly for you or your internal finance team to use. Our partnership with Dext means we can offer considerable discounts to those available through Dext directly.
ApprovalMax fully replaces paper- or email-based manual approvals of PO’s, bills and supplier invoices with automated approval workflows. Offering completely customisable approval routes through from purchase order, right through to supplier payment.
A great tool for improving spend control, allowing approvers a clear real-time overview of all budgets impacted by the documents they are approving. Approvers can collate the amounts of pending purchase orders and bills with existing budgets before making their decision.
Within ApprovalMax you can create, approve and then send purchase orders to suppliers using the mobile app or the web interface. Defining who’s allowed to order specific goods or which suppliers everyone in the organisation can order from is quick and easy.
Supplier approval workflows automate the supplier vetting and set up process, implementing controls on which suppliers are used and what products can be purchased from each supplier.
ApprovalMax allows received invoices to be matched to already approved purchase orders from the same supplier to ensure correct coding and facilitate additional spend control. With the approval workflow settings you can prevent the approval of unmatched bills.
Approval routes can be based on amounts, departments, projects or supplier allowing the document to be automatically forwarded to the right person(s) for approval. Approvers can do their job anytime anywhere using the web-based portal or mobile phone app – allowing for significantly shorter approval turn-around.
We use ApprovalMax with clients that want to introduce simple and effective controls to the finance processes. We can set up the approval routes and workflows on their behalf and offer a complete implementation service. We can then maintain the books and records in line with the purchase controls which have been put in place.
Expensify is a preaccounting system, allowing you to capture, analyse and approve expense claim information from your employees.
The Expensify receipt scanner allows employees to snap a photo of a receipt, SmartScan then automatically captures all the details in an expense report. It also allows users to import personal or business card transactions for automatic receipt merging and coding.
Allow employees to create, submit, or approve reports based on their position. Create custom approval workflows to fit your company’s structure and customize your expense policy rules to flag expenses that need a manager’s review.
Employees can upload expenses in real-time as they are incurred, using the smart phone app, giving full visibility of the costs being incurred rather than waiting for a manual claim to be submitted. Approvers can do their job anytime anywhere using the web-based portal or mobile phone app – allowing for significantly shorter approval turn-around.
You can also reconcile your corporate credit cards, confirming statement amounts, review unsubmitted or missing expenses, and manage corporate spending.
We use Expesnify with clients that want to introduce simple and effective controls to their employee expenses processes. We can set up with the expenses system, including creating the approval routes.
Expensify integrates with cloud based accounting systems so that once approved, the expense information can be sent straight into the accounting system, we can then pick these up for processing, and also schedule for payment through the payroll, providing a completely joined up service.
Contact us today to find out more about how we can help you
From bookkeeping to annual accounts and tax returns, our efficient accounting services are available to ensure you fill all your obligations as a business, whilst also helping you grow and become more profitable.
Meeting your needs and providing you with much more than the accounting essentials
Our fully outsourced finance service is completely tailorable to suit your needs and budget.