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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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Is Cloud Accounting Safe? Yes, If You Follow These Tips…

Tired of seeing warning stickers for the General Data Protection Regulation all over the web? Don’t expect relief anytime soon. As the May 25th deadline creeps closer, panic surrounding the upcoming regulations is intensifying, with businesses under greater pressure than ever to keep their data safe from prying eyes. As a business owner, you’ll soon be held wholly responsible for any client information that goes missing, so it’s crucial to have effective measures in place to prevent breaches. If you’re playing with the idea of moving across to the cloud, a potential deterrent is the notion of security. With renewed importance on protecting personal data under GDPR, you need an accounting solution that will stand strong against all malicious threats. In truth, ...

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Advanced User management launched in Liquid Accounts

A regular request from customers of Liquid was to improve the User access controls, so that companies with several users were able to control what information was visible to those users, depending upon their role in the business. The development team have taken on board all of the feedback received and made enhancements to Liquid that we believe will benefit business with a multi-user set up. The new enhancements deliver... Full control of Company menu layout Full control of authorisation process per module, page, report and functionality per user The ability to exclude certain pages from certain users How to Use the New Functionality There’s a newly added table that displays summary of user data. The link View details will load User details in ...

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Things You Didn’t Know Accountancy Software Could Do

For many business owners, the chief benefit of cloud accounting software is that accounts are accessible from anywhere. The ability to update data in real-time ensures for added speed, accuracy and efficiency in accounting – enhancing company performance as a result. The fact that cloud accounting promises better results at a quicker tempo should be incentive enough to ditch spreadsheets and embrace online software. But besides productivity, there are a whole series of additional benefits to the cloud that you might not even be aware of. Here are a few examples… Integration with existing software It’s true that transferring to the cloud is a big step for your business – but it’s more akin to moving house than leaving the country. You can take ...

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January 2018 – functionality enhancements based on customer feedback now available

We are continuously assessing feedback received from customers, and are pleased to advise that a number of requested changes have now been implemented in Liquid and are available for you to use, as follows:   Home Page layout for clients with multiple companies - the number of default companies displayed have increased from 3 to 10, making it easier to flip in and out of different companies. The search bar is still present but has been made larger for easier use (forgive the blurred image, this is to anonymise the data in the screen). Batch Transaction Entry Speed – we have implemented some design changes to allow a straight line tab sequence when entering data on Batch Transaction screen: Calendar Popup on date ...

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Are Spreadsheets Costing Your Business?

The office desk has changed a lot in the past decade. Calculators, notepads and writing utensils – the instruments staff used to update company accounts – have all migrated to computers. For the most part, businesses have welcomed technological advancements with open arms and reaped the benefits as a result. Yet, one archaic accounting tool that many companies still can’t let go is the spreadsheet. Contrary to popular belief among business owners, Excel is not the answer for accounting procedures in this day in age. In fact, pursuing with spreadsheets in 2018 might actually be costing your business money. Here’s why… Data entry dangers Even the biggest spreadsheet fans would admit that Excel data input is problematic. Something as simple as a single ...

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Cloud Accounting: The Boat Keeping SME’s Afloat

According to the Office for National Statistics, only around 40 in 100 startups make it to the five-year mark. There are several reasons behind this; economic turbulence can slacken the strongest foundations, and even businesses with brilliant prospects are forced to close because they can’t source immediate capital. It happens every day. It’s rough out there, no doubt. But there is a way that SME owners can help themselves: cloud accounting. This essential resource can keep your business afloat in the short-term and help it thrive in the future. Here’s how… How traditional accounting holds your business back Businesses rarely have fluid, effective accounting solutions in place from day one. Number-crunching often finds itself at the bottom of the priority list, with financial ...

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