March 2, 2021

Small Business Accounting Software 2020

Small Business Accounting Software 2020 everybody welcome to the Juniper links accounting Channel my name is Caroline and today we're gonna look at bookkeeping software so you've got your limited company setup you've got, your business bank account sorted the next thing you're gonna want to do is pick your bookkeeping software just because you're going to need to start. Tracking those transactions as one of your main directors responsibilities so this is part three of our limited company essentials accounting course without further, delay let's get started. With the video all right we're in my computer and we're gonna discuss bookkeeping software as part three of our limited company essentials course, so I will be going through some things here for you in a second step one well not step one but why do, you need software so as a company director you will need to track business transactions basically so, that's this is like one of your basic duties as a company director you need to be aware of what's going on. The company keeping receipt keeping records if you're that registered you will need to keep track of all of that your company is paying and billing and keeping.

Receipts for the v80 portion as well so. If you're spending a lot in v80 then you need to keep the appropriate VAT receipts you would normally need to have, receipts anyway but when you're doing that you will also need a VAT receipt and I don't mean you have to have two receipts for, every transaction I just mean if you are buying things and they have that, just make sure you get a receipt that shows the fat as well as the main receipt just ask for that receipt when you buy something that should cover. It software makes all this kind of stuff easy and actually, manageable for one person as well like it can get out of control if you don't regularly, update your stuff and with the new making text digital stuff coming out as well this year and also next year then it's gonna be something – it's gonna be essential basically.

So essentially yes alright actively track your company's available funds such as dividends and what your corporation tax bill is going to be so this, is very important actually when you've got software and, you can update it you can have basically a real-time transactional history that shows your company's profit and available funds so this means you can. Always make sure that you never take too many dividends.

From the business because you'll know exactly what is available to take after all taxes that have been deducted and this is the great part about software this is my favorite part you never have, to worry about taking a directors loan you never have to worry about receiving a benefit in kind like a beneficial. Loan from your company because you can keep on top of that when. You're actively tracking the company's transactions and ultimately it saves time money and prevents costly mistakes this is true all of that is true and I'm not pushing. Software in your face or anything I'm just kind of pointing out, some really good things that really good ways that you can benefit you basically so, we have some recommended software's here for you there are plenty more than. This of course so what I would recommend is go ahead look at the ones that seem to be the most user friendly to you because everyone. Has different preferences check what features it has which I'll go into in a minute to see exactly, when you are experimenting with the software the things to look out for to make sure it has for you so our top one is free agent, at the minute it's the most user friendly in my opinion and it also has a clear carried forward balance for your available dividends and this, is really helpful because once you update. It you can basically be like right this is the amount of dividends I can take as long as I don't take more than that I'm fine everything else can be paid, for like all my vApp deals on my.

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