Cloud accounting

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.

Benefits of switching to Xero

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:

• Easier invoicing – send individual invoices using a simple ‘pay now’ button and automate professional recurring invoices, receiving updates when they’re opened
• Pay bills – manage your cash flow by scheduling payments and batch paying suppliers
• Faster bank reconciliation – your latest banking, credit card and PayPal transactions are imported and categorised, improving accuracy by reducing the need for manual entry
• Creating purchase orders – create and email custom purchase orders and copy to bills for payment
• Claim expenses – easy-to-handle personal expenses, just review and approve receipts
• Payroll – reduce manual data entry and increase compliance with combined payroll and accounting
• Anytime, anywhere access – work from anywhere in the world that has an internet connection, and on any device using the Xero mobile app
• Future compliant – Xero is fully compliant with Making Tax Digital, and also updates automatically, eliminating to need to install or pay for ongoing upgrades
• Specialist construction software – Xero has a CIS module for businesses involved in the construction industry

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.

Benefits of switching to QuickBooks

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:

• More efficient invoicing – send invoices in minutes, track them on the go and get paid faster
• Easy access to business information – see how your business is doing in less than 30 seconds; take control of cash flow and know where your money is going, all in one place
• Payroll that pays off – save time and money creating employee payslips, sending RTI data to HMRC and managing auto-enrolment; stay on top of PAYE, NI and other deductions with ease
• Expenses meet their match – automatically categorise income and expenses so you’re always ready for the taxman
• VAT made simple – calculate and track VAT automatically; prepare then submit accurate returns from QuickBooks and always be HMRC compliant
• Nail your CIS compliance – save time managing CIS, with contractor and subcontractor deductions worked out for you
• Anytime, anywhere access – work from anywhere in the world that has an internet connection, and on any device using the QuickBooks mobile app
• Future compliant – QuickBooks is fully compliant with Making Tax Digital, and also incorporates new legislation and software updates automatically, eliminating to need to install or pay for ongoing upgrades
• Outstanding connectivity – QuickBooks integrates with hundreds of third-party apps including inventory, invoicing, time tracking and expenses, extending the software’s support for your business.

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. 

Benefits of using Dext

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.

Benefits of using ApprovalMax

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.