So you have selected your new online software and you are now in ‘The Cloud’ – what next?
Here are our top ten tips for getting the most from your cloud software:
- Bank feeds: make sure you set up an automated bank feed into your software for all of your bank accounts and business credit cards. It is also possible to set up a PayPal feed.
- Bank rules: set up rules for repeating payments, such as bank charges.
- Download the App onto your phone so that you can keep up to date whilst out and about.
- Add your purchase invoices: this can be done directly or, if you have a large number, use a third party to scan these in and create the accounting entries.
- Use non-tracked inventory items to populate your sales invoices.
- Repeating invoices can be used where you regularly invoice the same customers.
- Use the software to manage staff expenses. Encourage staff to use their smartphone to capture receipts and submit via an App.
- Prepare and file your VAT returns directly from the software. This way you will ensure you meet the new filing requirements for MTD.
- If you already use other software for different parts of your business, for example for time tracking, find out if it links with your accounting software.
- Improve your credit control by setting up automatic reminders for unpaid invoices. You can use smart lists to group particular customers together and target those known slow payers. We all know businesses are more likely to pay suppliers who regularly chase for payment.
If you are yet to explore cloud accounting software, please contact us for a demonstration.