Proud to be an elite member of the QuickBooks ProAdvisor program.
We have embraced cloud technology and have chosen QuickBooks online as our only software system for bookkeeping. We have our advanced certificate and are specialists at setting up the system and actually using it on a day-to-day basis. The key to a successful system is in the implementation so it’s wise to plan properly, use an expert to manage the settings, set up product codes and cost codes. If you don’t have the skills or the time to do the set-up, it can be costly to fix it at a later stage.
We look after over 100 QuickBooks Online customers and it’s steadily increasing. We love the awesome features of QuickBooks, such as the direct debit facility, the bank feed, invoices from your mobile, photos of parking receipts on your mobile, and the fantastic reporting facilities.
However, the thing we really love is when QuickBooks does the work automatically so we don’t have to do any bookkeeping at all! Then we can spend our time on tax planning or business improvement and still have time to network and socialise.
Making tax digital
The first phase of MTD VAT went live in April 2019 for those with a turnover of over £85,000. The second phase went live in April 2021 with further progress with digital records. It’s easy to comply with the new rules if you use QuickBooks. Don’t believe the TV adverts though, it’s not so easy to set up if you are not a trained bookkeeper or accountant. Invest in the right support to set up your system correctly and it will save you time, stress and accountancy fees in the long run.
MTD income tax is set to go live in April 2023. It will impact sole traders and landlords. You will be required to submit quarterly figures to HMRC. If you have been pulling together your tax return just in time for the January filing date, then it’s going to come as a bit of a shock to adapt to MTD reporting. Those who don’t comply will face penalties. Please don’t leave it until the last minute – we can help you to get ready s but March/April is a busy time for us so you will need to book in early.
QuickBooks have lots of videos and articles to show you how to use the software. They are easy to follow and if you do get stuck, you can telephone their amazing helpline and speak to a real person. There is no additional charge for this as it’s included in your software subscription. If you are new to QuickBooks, our Elite ProAdvisor membership entitles our clients to special onboarding sessions.
If you are ready to use QuickBooks advanced features you need a combination of accounting knowledge and software expertise to get the best solutions for your business. You can buy our advanced 1-2-1 training sessions to develop a bespoke solution. The most popular involves mapping your sales process and introducing automated processes.
Creating workflow system
Perhaps you have an e-commerce website using Shopify and Stripe or izettle. You will want to automate as many standard routines as possible. This frees everyone’s time away from data input, and onto what the figures mean. You can start measuring product margins, customer profitability, labour efficiency. Historically, only large companies could afford the software to do this. Now QuickBooks (and similar software) allows small companies to enjoy the same capabilities but without the high price tag. Our experience allows us to create templates and routines that you can then follow or can work automatically. We also build in risk management tools to ensure that your financial records are robust and can allow you to make better business decisions.
Lorraine and her team are just incredible. Lorraine is an absolute wizard, and clearly takes great pleasure in helping business owners to get to grips with their accounts. She always…Read more
I was truly blessed to find Simply Additions/Lorraine and her team. On every interaction they have been professional, informative and friendly. They make ‘accounting’ easy and understandable. Their knowledge of…Read more
Harmonised World Ltd
Lorraine and her team were instrumental in setting up and supporting my current company from its start-up in 2013 until my retirement this year. Simply Additions has also been involved…Read more