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What New Features Are Available With Liquid Enterprise?

Did you hear? Liquid bespoke software just got bigger and better. We’re encouraging users to upgrade to Liquid Enterprise, which promises a whole suite of features to benefit your business. It’s time to leave your old software behind and embrace an industry-leading solution instead. In our latest blog, we put the magnifying glass on Liquid Enterprise features to show you what makes it distinct: Segmented Nominal Structure Module As your business grows, you’ll need improved reporting capabilities for accurate income statements and balance sheets. The Segmented Nominal Structure Module is built exactly for this purpose – offering your business an optimised chart of accounts. A breakdown of codes as parent and sub-accounts is available up to five levels, with default categories provided. Advanced Stock Module ...

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A Closer Look At Liquid Time

If you follow Liquid Accounting closely, you’ll know there have been a lot of big developments over the past few months. Among the array of exciting new features we’ve released for our platforms is Liquid Time – a time-management and attendance software application that operates entirely within the cloud. Liquid Time is available now – and our latest blog is dedicated to telling you everything you need to know about this cutting-edge solution proven to enhance organisation and efficiency. How does Liquid Time work? Liquid Time has been created with every type of SME in mind – rendering it one of the few time-management applications suited to all small or medium-sized businesses, regardless of industry or sector. Many businesses need to create, update, ...

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6 Time-Consuming Tasks Accounting Software Can Automate

You’ll know that accounting responsibilities take up a lot of time - there’s just so many of them! As such, you might be reluctant to invest more time into finding and getting to grips with software. But the right tools won’t add to your workload; in fact, they’ll quickly lessen the amount on your plate, especially when they automate certain tasks. Here’s six time-consuming chores that can be eliminated from your to-do list with accounting software. 1. Bank reconciliations Checking your bank statements against your accounts is not only laborious, but one wrong figure entered can result in confusion and concern. Accountancy software can connect with your bank account to import the transactions. It’ll suggest categorisations for these, and rules can be ...

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Making Tax Digital: Do You Really Need To Prepare For April 2019?

Have the warnings for Making Tax Digital (MTD) been falling on deaf ears? Or has there not been enough information about the government’s plan to turn all tax submissions digital? This remains up for debate, but there can be no questioning that thousands of businesses are nowhere near ready to make the move to MTD – and now the British Chambers of Commerce (BCC) are taking action. As the national representative body of more than 50 accredited Chambers of Commerce across the UK, the BCC is campaigning for HMRC to halt the MTD roll-out until the beginning of the 2020/21 financial year. This has left some taxpayers a little confused, and many are asking whether they even need to prepare for MTD anymore. Here’s ...

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GDPR is just a few days away – here’s what we’ve done at Liquid

The GDPR deadline is 25 May 2018 and we’ve invested a lot of time and effort in preparing for it. Here’s what the Liquid team have done to ensure we’re ready for the General Data Protection Regulation: We did an audit to double check that we know what personal data we collect and hold, and what we use it for We’ve added tick boxes where needed to get consent and ensure that we’re processing data on an appropriate lawful basis We’re asking for marketing consent, and from the 25th May will only be communicating where explicit consent has been granted We have updated our Data Protection Policies to make sure they are GDPR compliant and will be publishing these shortly We ...

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A Step-By-Step Guide To Making Tax Digital

Digitalisation is influencing everything in the 21st century, and tax is no exception. Making Tax Digital (MTD) is the government’s own plan to use the tech evolution to transform the British tax system, reducing errors and enhancing efficiency across the board by 2020. Yet, despite the importance and significance of MTD, there remains a degree of uncertainty surrounding the scheme, especially given how it’s suffered setbacks since it was first announced. Everyone needs to know where they stand before MTD is officially rolled out, and certain business owners will need to prepare sooner than others for the onset of an all-digital tax world. That’s why Liquid Accounting have prepared an official step-by-step guide to Making Tax Digital. Over the course of five ...

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VAT and Making Tax Digital – how will it affect my business?

From April 2019 all VAT registered businesses with turnover above the VAT threshold will be required to maintain digital records and will need to send their VAT information to HMRC using third party commercial software. HMRC’s online portal will remain available to all other businesses that complete a VAT return but have turnover below the VAT threshold. Who's in? MTD for VAT will apply to VAT registered businesses with turnover above the VAT threshold. This includes unincorporated businesses, companies, LLPs, and charities. Businesses registered for VAT but with turnover below the VAT threshold can opt in and file their VAT information via MTD if they wish. What we know so far... Start date We expect that a business will have to keep digital records and ...

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Understanding Your Chart of Accounts: Improving the Nominal Code Structure

Your “chart of accounts” is the definitive list of all the different account codes your business deals with on a daily basis. Accounting software uses this list to create financial statements, so the smarter your chart of accounts is, the better. Any optimised chart of accounts needs to have specific features built-in to function seamlessly with cloud accounting software, and we’ve listed these important traits below. This will help you understand what a chart of accounts should look like and what they ought to include. What should I look for in a chart of accounts? Ultimately, there are three major traits every business owner must look for when selecting a chart of accounts. The first is the ability of the chart of accounts ...

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How To Get A Better Handle On Stock Management

Stock management may not be the most exciting thing in the world, but it can often prove to be the difference between staying in profit and shutting your business’ doors for good. At Liquid Accounts, many of our clients are tasked with keeping tabs on the products they have to hand, and in our latest blog we offer some useful tips and tricks on how to master stock management. Barcoding One of the best ways to maintain tight control of your stock is by barcoding items. Putting these black and white labels onto your products ensures you keep consistent track of everything that comes in and out of the premises, all the while improving transaction processing speeds. Categorisation Categorising and grouping your inventory ...

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