Online software for accounting
and invoicing!
Online accounting has many advantages, so it is no surprise that a growing number of companies use it. The biggest benefits of cloud bookkeeping are its low price compared with the services offered by accounting firms, as well as its very easy day-to-day use. Because it is available online, you do not have to search for someone to run your books. All you need to do is find the right platform, sign up, fill in your details and accept the terms. It takes a few minutes and you can already start issuing invoices!
Online accounting is an excellent solution above all for small businesses and sole traders, who generate only a small number of documents each month.
Cloud accounting platforms
Popular online accounting platforms in the UK include FreeAgent, Xero and QuickBooks Online, which provide all the essential functions and tools you need to run a business — invoicing, expense tracking, VAT returns and bank feeds, all in one place.
In short
Online accounting (such as FreeAgent, Xero or QuickBooks) means running your company's finances in the browser: issuing invoices, recording expenses, filing returns and staying in touch with your accountant without paper documents. The main advantages are time savings, access from anywhere, automation of repetitive tasks and integration with your shop. For WooCommerce stores, the key feature is the automatic exchange of order data with your accounting — no manual re-typing.
What are the advantages of online accounting?
Time savings
All your tools and information are always available in one place, so you do not have to waste time searching for them. On top of that, online accounting software makes it easier to meet various obligations towards clients and tax authorities.
Convenience
The tools offered to business owners are very simple and, above all, intuitive to use, so you do not need any extra skills to operate the software and run your business.
Security
A good accounting system provides security and you can always turn to experts for help. The procedures built into the software ensure safety and reduce the risks associated with the software itself, as well as the possibility of unauthorised access to the data it stores.
Mobility
Keep your business under control wherever you are — all you need is an internet connection and you can check how your company is performing from any location.
Money savings
If you wanted to hire an in-house bookkeeper or use the services of an external accounting firm, you would have to pay anywhere from several hundred pounds a month upwards, which looks far worse than online accounting for a few pounds a month on a cloud platform.
CRM
-
Automatic retrieval of customer data:
You can pull customer details automatically from official company registers based on a company number, and save them to your contacts, without having to fill in all the information manually every time.
-
A practical and functional calendar:
The calendar lets you note the most important information and will remind you of upcoming deadlines for paying liabilities, taxes or insurance, as well as the dates of meetings with business partners, and so on.
-
Working as a team:
The business owner, who is the main administrator, can freely assign access to individual modules for different employees.
-
A to-do list:
To streamline your business even further, you can assign specific tasks to complete to both your employees and your business partners. This allows for more effective management and helps you set priorities and deadlines.
-
Everything in one place:
Every customer you add lands in your customer database, which you can enrich with additional information such as phone numbers, a physical or email address, meeting dates, delivery terms and a transaction history.
Online accounting
Online accounting offers a huge range of tools for the day-to-day bookkeeping of micro-businesses and SMEs. The whole system is automated, so information from your completed company profile is pulled in automatically when issuing any documents, which makes recording the most common business transactions and settling your taxes remarkably easy.
With online accounting you can also easily prepare your tax filings for VAT and Self Assessment. Beyond standard online filings, you can prepare annual returns and submit them directly to HMRC under Making Tax Digital. Integration with online banking also lets you monitor your company's cash flow and react to overdue payments from business partners.
Payroll
If you think that running payroll is complicated, you should take a closer look at what online accounting software offers. On a single dashboard you will find everything you need to pay an employee. The system lets you easily run payroll as well as handle PAYE and pension contributions.
Invoicing
Easy, clear and professional — these are the main advantages of an online invoice generator. Online invoicing lets you issue all types of invoices, in any form, paper or electronic. You can issue invoices in several languages and in foreign currencies. Many tools also let you personalise your invoices by choosing the right template and adding your company logo. A consistent brand image will be an extra plus in the eyes of your clients.
Inventory
Professional stock management has never been easier. There are plenty of benefits to a built-in inventory module. Above all, you can easily optimise and monitor your stock levels, so you are always prepared for changing customer demand. The system will also generate stock-level reports and analyses of purchases and sales for a given period or for specific products, which makes managing sales and production easier.
Expert support
If you have questions, doubts or problems while you work, you can use support from experts, who will help you with accounting, payroll and technical issues.
30-day free trial!
If you want to find out for yourself how online accounting works, most platforms let you sign up and use the bookkeeping features free for 30 days, with no commitment! See for yourself all the advantages that business accounting software has to offer.
Run a business or an online store? Automate it and sell more
SEMTAK Marketing Agency builds stores and systems that save time and genuinely sell:
- WooCommerce store development — a store ready for sales and integrations.
- Online store SEO — more customers from Google.
- SEO audit — a diagnosis of what is blocking your sales and visibility.
