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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 ...
MoreRunning a successful e-commerce business involves managing a great-looking website, maintaining strong connections with suppliers, and finding the best marketing techniques for your brand. But working away behind the scenes of every lively retail site is also a highly capable accounting operation. Any entrepreneur worth their salt will dedicate as much time to keeping company finances in check as they do to other elements of their business. But balancing the books doesn’t have to be a chore. Liquid Accounts offer two cloud accounting solutions for e-commerce business owners – Express and Enterprise – which make effective financial organisation a breeze. Here are the main ways in which Liquid software can help you streamline your e-commerce accounting. Just starting out? You need Liquid Express… Have ...
MoreAre you aware that Making Tax Digital (MTD) for VAT is coming into force from April 2019? ICAEW statistics show that over 40% of businesses that it will impact are currently unaware of the government initiative. That’s why HMRC have started an awareness campaign. The aim of this is not only to ensure that businesses know the digitalisation of VAT records and return submissions is happening, but to also clarify some of the information that has been provided so far. Here, we explore what you can expect from the campaign, and what the government has made evident so far. What communications can you expect? HMRC have begun closing the knowledge gap by releasing a new webpage. It details how businesses can prepare for ...
MoreDid 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 ...
MoreIf 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, ...
MoreYou’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 ...
MoreHave 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 ...
MoreThe 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 ...
MoreDigitalisation 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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