Software tools have made accounting so much simpler. With their abundance of features, those age-old obstacles that stop you from quickly completing all your tasks are taken away.

 

Making the best use of this software, however, involves knowing all the tricks. Here, we outline five key functionalities of accounting tools that will make your life significantly easier.

1. Use direct bank feeds

This feature means bank reconciliations are an effortless task. Liquid Accounts has a Bank Mapping Tool which is simple to set up, and will connect your bank to our software.

After these are integrated, the process will never need to be completed again. From then on, it is simply a case of importing your most recent bank statements into the system. It will instantly reconcile the data, allowing you to have real-time knowledge of your financial health.

2. Systematise your invoicing

Bank feeds aren’t the only thing that can be automated; your invoices and bills can be too. You’ll be able to use our invoice templates and issue repeat invoices, meaning you never waste time with repetitive tasks.

You can put in discounts if necessary, and set up quick pay invoices and bills. If you require them to be printed or attached to emails, you can easily do this from the system.

3. Automate VAT

The VAT return process is made much more straightforward with software. With Liquid, you can arrange for it to be automatically submitted directly to HMRC. The flat rate scheme can be applied if this is the one you’re registered for.

You also have access to a VAT Filer. We have introduced this so our clients will be well prepared for their new obligations before Making Tax Digital for VAT comes into effect in April 2019. Our 30-day trial allows you to test out the benefits for free.

4. Manage payroll

Liquid has a specific module that enables you to effectively organise the payroll for your business. You can easily set up payslip PDFs, and generate P60s and P45s when necessary.

There are also customisable deductions to assist with tax or other subtractions from payslips. The Liquid Time software can help complete payroll responsibilities, and it makes scheduling shifts and clocking the time worked much simpler. You can input different pay rates, as well as apply travel expenses with this tool too.

5. Integrate APIs

Your business works best when everything is in sync with each other, and Liquid allows for multiple business systems to be integrated. Custom-developed APIs (Application Programming Interfaces) can be plugged into our software seamlessly.

The types of systems you could connect include your stock control and sales and purchase order processing. With these in place, your accounting tasks will be much more straightforward, and less time will be required to complete them. As you can use our software on the go, the whole process will be even more efficient.

To discover more about how bespoke integrations work, or for further information on the features that will make your accounting effortless, give our team a call today on 0161 413 5050 or email info@liquidaccounts.com.