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How To Keep Financial Records Accurate

By | Financial Records | No Comments

For most businesses, keeping financial records accurate is fairly important. Whether you have deadlines coming up or want to use finances for planning, they must remain accurate. We have several tips on the best ways to ensure complete accuracy.

Coleman & Co work with all businesses and individuals in Lisburn. If you require financial advice and want to keep financial records accurate, we can always assist.

Avoid Using Cash

Recording your finances can be a particularly tricky process, especially if you are unsure when finances are being used. Avoiding cash is often good advice as it means all transactions and recorded in bank statements and transactions. If your business regularly has cash out, it can mean you are unsure what cash has been spent on and also how much cash is leftover.

Cash may be used to purchase milk for coffees or ice lollies on a hot day. However, you should try to avoid using cash where possible, even if this means cutting down on treats. This will ensure financial records are kept accurate throughout the year and cash is not lost on small purchases.

Completing Tax Obligations

Rather than estimating your tax returns at the end of each year, monitoring tax regularly maintains the accuracy of financial records. You should always record tax returns throughout the year, ensuring the correct payments are made to the HMRC. Both business tax and tax deducted from your staff’s pay should be recorded all year round.

Failure to record taxes could lead to final tax returns being incorrect due to estimating certain costs. By recording tax returns throughout the year, this process is made much simpler and eases the pressure on accurate finances. You are less likely to make errors and therefore will avoid any potential fines.

Your business must record tax payments throughout the year from payroll and other transactions. This will always give you the financial records you need to maintain accuracy for all annual accounts.

Use Accounting Software

Whilst manually recording transactions and financial records is manageable, using accounting software can simplify this process. Accounting software ensures that all transactions and finances are recorded easily and can be used in the future. There is also a reduced amount of errors as accounting software will maintain accurate financial records.

Accounting software can also help with a range of other financial features and as it reduces errors, the accuracy of your finances will often improve. You should use the best accounting software for bookkeeping, payroll and other financial needs for maximum accuracy regarding all transactions.

Check For Errors

You may think all finances are completed perfectly first time. However, regularly checking for errors in balance sheets and cash flows could resolve many issues. This may not even be in the finances you’ve recorded but your actual business transactions. If you notice a cost or income that seems higher or lower than usual, checking for errors can provide a quick solution to maintain the accuracy of financial records.

Your finances cannot always be kept completely accurate and you should always be prepared to amend any possible errors. Any errors could have a knock-on effect for end of year accounts and tax returns. It is important bookkeeping is completed effectively throughout the year to avoid any finances and checking for errors can assist with this.

Contact Us

If you would like more information on the services we have available in Lisburn or advice on how to keep financial records accurate, contact Coleman & Co today. We can always give businesses the assistance they need regarding any issues. Call us today on 028 9266 3599 or fill in our contact form to make an enquiry.

The Importance Of Recording Transactions

By | Bookkeeping | No Comments

Bookkeeping is essential for every business and recording transactions correctly must always be done. Not only will this assist for legal purposes, but it could also prevent any disputes you encounter with your customers.

Coleman & Co can work as bookkeepers for all businesses in Lisburn, recording transactions correctly. We ensure your finances are always managed by our team to prevent errors from occurring.

Spending & Charging

The main reason for recording transactions is to ensure you are charging and being charged accurately. Nobody ever wants unwanted costs and this includes your customers. If you are paying fixed monthlies or one time payments, transactions should never be more than what you expect. With effective recording, you ensure transactions are correct and do not cause any issues.

This can happen to both big and small businesses, but should always be avoided. Most recently, “British Gas paid 32.65m in refunds”, according to BBC News, after overcharging customers. Whilst this is often worst-case scenario, it shows, regardless of who you are dealing with, payments can be incorrect.

Your own customers should always be charged the correct amount. In order to keep your expenditure low, constant recording and management of transactions is required.

Legal Record Keeping

In addition to keeping all charges accurate, recording transactions will have a significant contribution towards legal requirements and record keeping. When owning your own business, whether this is private or public, your finances must be recorded. Record keeping can help massively with a lot of business processes, including your tax returns.

Once the recording of transactions, invoices and other financial information is complete, you should store this securely. It may be required in the future and tax records should always be kept for a minimum of 5 years, giving you another reason to efficiently record and store details of all transactions. If any legal problems arise in the future, you can refer to previous transactions for both the HMRC and customers.

When recording transactions, there are several people you should be sharing your financial data with. By outsourcing to professional accountants, we have the best software available to make these records easily accessible for all clients, whilst maintaining security.

Manage Your Costs

Recording transactions helps with many business processes but can also improve your profit massively. By reducing costs and ensuring customers pay on time and the right amount, you will gradually improve profit. Customer payments should always be managed correctly to avoid cancellations and inaccurate cash flow forecasts.

This will also reduce your business expenditure in several ways. Recording transactions allows you to prepare finances for tax returns, therefore meeting deadlines and avoiding penalties. Your tax returns should always be completed across the year and well in advance of any deadlines, ensuring any minor errors can be altered before it becomes a big problem. Having all the transactions recorded will always make this process simpler.

Additionally, you can manage your outgoings much more effectively by tracking your transactions. If you notice any unusual payments or an unexpected rise in costs for the month, your records could explain this. By making comparisons each month, you can reduce your expenditure, identifying where money can be saved.

Contact Us

The importance of recording transactions should never be underestimated by a business. If you would like more information on the services we have available, speak to Coleman & Co today. We are happy to provide advice in addition to accurate and professional bookkeeping services for all businesses in Lisburn. Call us today on 028 9266 3599 or fill in our contact form to make an enquiry.

Why Accounts Preparation Is Essential For Businesses

By | Accounts Preparation, Financial Reports | No Comments

Whether you choose to do it yourself or outsource to an accountant, accounts preparation is vital. Completing this will prevent any payments being made incorrectly and ensures you know exactly what payments must be made.

Coleman & Co offer accounts preparation for all businesses, regardless of what payments must be made.

Dealing With The HMRC

The main reason that accounts preparation must be completed is to deal with the HMRC correctly. Completing accounts preparation of your annual accounts means the HMRC can see your finances and ensure the correct tax payments are made every year. There are several people who you should send your annual accounts to, including:

  • Companies House
  • Company Meeting Attendees
  • HMRC
  • Shareholders

Whilst your annual accounts will have different deadlines, you should ensure tax returns are never late or inaccurate. Once annual accounts are completed and sent off, this can then be compared to your tax returns, so that no errors have been made.

What To Include In Annual Accounts

There are several features of every annual account to give the HMRC and others a good understanding of business finances. All features of your annual or statuary account should be organised during accounts preparation. This then makes it an easy process when creating your annual accounts for the past year. There are several main factors to include:

  • Account Notes
  • Balance Sheet
  • Director’s Report
  • Profit and Loss Account

Any balance sheet that is included must also include a director’s name and signature. Therefore, the reliability of the account will be improved and it shows the accounts should be accurate. All finances within this account should be completely accurate. Not only could you face fines from the HMRC but shareholders will be unhappy with any false information they receive.

Accounting Records

Throughout the year, you should always be recording your accounts, making it easier to complete accounts preparation. All expenditure and income should be recorded, as well as any liabilities and assets you currently hold. You should also include details of your staff payroll information, including every financial detail.

By accounting for all financial records throughout the year, your accounts preparation process should be quick. You can easily look at your records from the previous business year before creating a report for your statuary accounts. Without recording throughout the year, accurate annual accounts are possible but more difficult to create.

It is always possible to keep track of your income and expenses throughout the financial year. If you are struggling to manage this, outsourcing your bookkeeping could be the best option to avoid inaccurate finances during the year.

Regular Statements & Accounts

Accounts preparation is not just useful for your end of year accounts and can be used at any time for your business. Regular financial statements can be created every month, meeting all legislative requirements and giving you the financial information you need. Month upon month, we can organise your tax records for the end of the tax year. Tax will always be calculated correctly by our team, regardless of which tax must be paid.

Accounts preparation can also be used whenever significant payments are made elsewhere or to keep shareholders updated. Your business must always be in control of finances, with accounts preparation being just one way this is achieved.

Contact Us

Coleman & Co can help all businesses in Lisburn regarding your annual accounts and accounts preparation. Contact our team today on 028 9266 3599 or fill in our contact form to make an enquiry. You will always receive a fast response from our team for any service you require.

Is Your Business Using Financial Reports?

By | Business Advice, Financial Reports | No Comments

Financial reports are a great option to keep your finances under control. Regardless of worries you have, reports will offer comprehensive detail of your financial performance, giving you the guidance you need.

Coleman & Co create detailed financial reports for all businesses. No matter what requirements you have, all finances will be included within statements and reports.

What Are Financial Reports?

Financial reports or statements should be used by every business, regardless of your current financial performance. The report will usually be completed on a weekly, monthly or quarterly basis. Therefore, you have a good understanding of your performance over a longer period of time. Financial reports can be used for several different needs, including:

  • Cash Flow Comparison
  • Current Cash Flow
  • Current Financial Condition
  • Financial Forecasting
  • Financial Results
  • Meeting Financial Targets
  • Outline Business Transactions

With so many regular financial transactions taking place, tracking your performance can be a difficult and time-consuming task. Financial reports will reduce the stress on your role, whilst still ensuring you have the necessary information available.

Creating Accurate Forecasts

Financial reports and statements will often evaluate your current financial performance, whether this is over weeks, months or quarters. However, financial statements will also help you plan for the future by giving you a good understanding of your financial condition.

Financial forecasting will create an accurate forecast of your future financial performance and how your cash flow could fluctuate. You should always consider the future of your business and if you notice profit margins falling, accurate forecasting could be essential to turn your business around.

Cash flow forecasts will detail your future spend and revenue. Having accurate forecasts will allow you to budget your business correctly and improve financial results going forward.

Setting Financial Targets

Financial statements are much more than an overview of your performance. You should always have targets and goals in place for how successful you want your business to be. Hence, if these targets are not being met, changes need to be made. Financial reports will identify areas of improvement and where targets should be put in place.

Once you have found your areas of improvement, financial targets can immediately be put in place. This can motivate staff and improve the overall performance of your business. Some businesses may have the perfect financial report but if your profit margins could be higher, a detailed statement will help you locate the main financial weaknesses for your business and how to improve.

Recording Transactions

Every business should be bookkeeping effectively and legally recording their transactions. Whether this is for tax purposes or your own benefit it must be done. Despite this, bookkeeping can often be quite a messy process.

Regular financial statements can help record all transactions on a frequent basis, whilst creating a clear layout of all business finances. Accountants will manage all business accounts correctly and prepare for any payments including tax returns to the HMRC. Having financial statements will ensure you have the necessary records to make accurate and on-time payments.

Your Annual Report

You choose how frequently you would like financial reports and this will always help to create your final annual report. Your annual report will give you an in-depth report based on the entire financial year and assist with tax returns and other payments.

Over the course of the year, you will not always be consistently performing. Due to this annual financial reports can identify your best and worst performance, with a comparison of your financial condition over the course of the year. This should help you improve for the next financial year by finding the cause of any financial problems you encountered.

Contact Us

Financial reports and statements can be used for all businesses and are a great asset for all. Coleman & Co will help all clients throughout Lisburn, ensuring you have the best understanding of your financial performance. For more information on our services, call us today on 028 9266 3599 or fill in our contact form to make an enquiry.

Serious Signs You Have A Bad Accountant

By | Accountants, Business Advice | No Comments

Getting an accountant is the first step for any business who wants to be successful. Whilst this shows good aspirations to keep your finances controlled, it’s important you choose an accountant of the right standard. If your accountant is constantly making mistakes, it could be time to move on.

Coleman & Co can help all small businesses and medical workers with their finances. Working throughout Lisburn, we provide a private and personal accountant, with accuracy regarding all finances.

Who’s Responsible?

A bad accountant is a big worry and not just because they might make mistakes in your finances. Your accountant making mistakes can have a big impact on your business. When dealing with the HMRC and other legal payments, your finances are your responsibility. Therefore if inaccurate and incorrect payments are made, you will be held liable, not your accountant.

This can come as a big shock to most businesses and could leave you completely unprepared. When you think your accountant is in control of your finances, it could end up with your business facing penalties. Finding a trusted, qualified and quality accountant is a priority for every business and you should never settle for mistake-prone services.

Mispresenting Qualifications

Whether your accountant is experienced or a fresh face in the industry, you should always choose a qualified team. If a business misrepresents their qualifications and accreditations in the accounting industry, they usually can’t be trusted.

We aren’t saying that all accountants without qualifications are poor, but it can put your mind at ease knowing your accountant has good knowledge of all finances. Even if they are qualified, but also claim to be members of other trusted bodies when they are not, this is never a sign of good accountants.

Illegal Practices

Depending on how you run your business, most people look to stay within the law regarding their finances. Whilst there are trips and tricks within the trade, accountants should never step outside the law even if it benefits your business. If your accountant condones bad practice or suggests schemes that seem too good to be true, tread very carefully.

Even if you think this could significantly help your business, it is not an option you should take. There are many ways to save your business money without having to do anything illegal. Accountants can be caught out and you should never go along with any bad practices. Finding accountants who adhere to all laws is a much less risky option for your business and avoids the possibility of large fines.

Careless Errors

Everyone can make mistakes, even accountants. Whether it’s a mistype or miscommunication, errors will occur. However, most accountants will make a quick correction of any errors and will not be caught out on regularly. If your accountant is constantly making mistakes, you should seek a new one before it impacts your business.

Careless errors can not only lead to fines or investigations, but they can also appear to be covering something up, which could lead to investigations or enquiries from the HMRC. Whilst this may not result in anything, it does waste time that a better accountant would have prevented.

Leaving It Late

As a business, you want to have good knowledge and understanding of your finances. If your accountant is always leaving things to the last minute, it’s difficult to grasp whether your finances are under control.

Accountants should always organise finances well in advance, whether this is for payments or tax returns. By recording your finances with effective bookkeeping, you will have the best possible knowledge of business finances.

Contact Us

If you are unhappy with your accountant in Lisburn, changing accountants should never be a struggle. Coleman & Co are happy to help all clients in Lisburn, offering a comprehensive service regarding your finances. Speak to our team today and call 028 9266 3599 or fill in our contact form to make an enquiry.

Are You Optimistic For Future Business Growth?

By | Blogs | No Comments

Business growth is a worry in the mind of every business owner and trying to achieve steady growth can cause several problems. Having your finances under control and a clear vision for your business is a priority, but how can this be done?

Coleman & Co offer advice to all businesses in Lisburn, ensuring you have support for all financial needs. We aim to help every client achieve successful business growth.

Improving Prospects

59% of business believe that their prospects will improve in the next year. However, this isn’t going to happen overnight and making a significant improvement takes strong financial management. With one in three business saying their borrowing will also increase in the next 12 months, how can you continue business growth without having to owe too much money?

Whilst borrowing may seem like the easy solution to the majority of small businesses, it is not the greatest long-term option. If you are successful, it could work perfectly, but it is a big risk if your business does not take off with injected cash.

Is Borrowing Best?

In the last year, 38% of businesses believe access to finance has been improved, making it easier to borrow. Regardless of whether you are a start-up or well-established business, borrowing will always have its benefits. However, this does have to be paid back and could rack up expensive debts for your business. Borrowing can be a good option if:

  • Investment Is Required For Revenue
  • Reduces Risk
  • Revenue Outweighs Investment
  • Start-Up Costs Need Paid

If you are borrowing for the sake of having more money available, without making a positive cash flow, borrowing is not your best option. Many businesses can benefit from borrowing money, but it is not the right choice for everyone.

Budgeting & Forecasting

To plan for future business growth, it is essential that you budget and forecast correctly. 4 in 10 businesses fail to make the 5-year mark, which can often be due to lack of planning. Small businesses can often find it difficult to continue selling the same products for so many years and failing to budget early on could lead to your long-term demise.

Cash flow can become a major problem at any point for a business and budgeting should be completed constantly. By budgeting every part of your business and limiting your spend on unneeded items, you can build the amount of cash you have available in the future. By saving on a regular basis, if cash flow does begin to drop, you have the funds to reinvest into your business without a problem.

Your forecasting will ensure you are prepared for any changes to your cash flow. Whether you notice costs rising or revenue falling, you can always remain organised when finances don’t match your expectations. By creating a forecast, you will be prepared for this situation. You can then budget your business accordingly, ensuring costs will not outgrow your turnover.

Invest In Your Business

Business growth will only occur if you continue to invest in your business. Whilst budgeting is important to prevent overspending, you should still plan to inject your money back in. This is much more productive, rather than having your cash sit and collect dust.

By budgeting effectively, you will always have the money you require to invest and improve your business. With regular budgeting, business growth is always guaranteed, ensuring you will always have money available to your business.

Contact Us

If you would like to discuss the services we have available at Coleman & Co, contact our team today. We are happy to give information regarding all your requirements, advising and managing all business finances in Lisburn. Call us today on 028 9266 3599 or fill in our contact form to make an enquiry.

5 Tips For Organising Your Tax Returns

By | Blogs | No Comments

Whilst it seems like a simple thing to control, many businesses fail to organise tax returns before it’s too late. In the long-term, this could lead to hefty fines or tax investigations. Organising your tax records and returns in advance is the best route for your business, but how is this achieved?

Coleman & Co can help all businesses of any size organise their tax returns in the Lisburn area. No matter what you are struggling with, we can manage every aspect of your taxes.

Remember To Register

Tax returns are all about planning and failure to register will result in no tax returns being made. When you register with the HMRC, you will receive your logins. Whether you want a personal account or have set up a limited company or organisation, this will give you the account you need.

When taxable turnover has also reached £85,000 or you have started to employ people, you must register for tax. If you fail to register and try to sneak around tax returns, the HMRC will always find out! You should always consider telling the HMRC you haven’t registered for tax and they may treat your case more favourably.

Keep Your Routine

The best way to continuously record and track your tax records is to stay within a routine. When making regular sales, considering every transaction for tax should be completed and even one mistake could have a big influence on your final tax returns.

Every sale and every purchase should take into account the tax you are paying. By sticking to this routine every day, there are no surprises when your tax return comes around. All finances will already be accounted for and organised within your business. Stepping out of routine will only lead to tax being calculated incorrectly, which creates more work in the future.

Gather Your Documents

By creating a routine, it also means that all transactions for your tax returns should be well documented. Whilst you shouldn’t have to look at these documents all the time, it is important to keep them easily accessible.

Your tax records should legally be kept for a minimum of five years after the tax year they are used in. You may never need them again, but having them available will ensure there are no run-ins with the HMRC and any problems that do occur can be cleared up easily with a quick look at your records. Investigations can happen at any time to investigate any tax year, so keeping records handy should always be done.

Going Digital

Starting this year, tax information must be sent to the HMRC on a quarterly basis, with tax returns being completed online. As we live in a digital age, most businesses should be able to cope with the change of going digital. Digital tax returns could actually help businesses cut costs and time of tax returns, so it a good option to take.

Digital tax returns will also allow you to store your records for a long period of time, without having paperwork to deal with. Every business should be beginning the transition of going digital, with this being one of the best ways to successfully organise your tax return. With the help of digital tax returns, deadlines and accuracy will not be an issue.

Outsource Tax Returns

You may be very capable of filing your own tax returns. However, that doesn’t mean it’s the best option for your business. If you struggle with your tax returns, outsourcing is the obvious choice to ensure accurate returns before tax deadlines. This will prevent any possible fines or investigations being made and ensuring your taxes are completely accurate.

Even if you have no issues completing tax, outsourcing could still help you cut down costs with potential slip-ups, as well as saving time that tax returns take. Accountants will ensure all tax records are easily recorded and securely stored and your finances are always being taxed correctly.

Contact Us

For more information on the tax accountancy services we have available in Lisburn, call Coleman & Co. We are happy to discuss all requirements and advise you on any problems you encounter with tax returns. Call our team today on 028 9266 3599 or fill in our contact form to make an enquiry.

Simple Steps To Control Business Finances

By | Blogs | No Comments

Cashflow is often the most important thing for any business, large or small. Improving your finances must be done if you are failing to make a sustainable profit, but finding a formula to improve your business is no easy challenge. However, there are several steps you can consider to move towards a healthy profit.

Coleman & Co will help all businesses throughout the Lisburn area with their finances. No matter what advice or services you require, our team can improve your financial performance.

Chase Your Customers

The majority of your customers will make their payments on time and cause no hassle to your business. However, there will always be some clients who decide when their payments should be made. Even if this is just a small section of your customer base, every payment should be chased.

If you are failing to make a large profit, receiving all the payments that you expect will ensure your revenue matches your expectations. Whilst this may not be the perfect solution, it prevents too many customers missing payments. If this becomes a common factor, revenue will continue to drop. By chasing customers, you resolve the issue quickly and ensure payments are made on time.

Know Current Costs

Every business has expenses. Whether this is daily or monthly costs, it is important you know every detail and remain in control. Regardless of how little or large each cost is, by having the knowledge of your expenses, you can manage all costs effectively.

If you fail to manage your finances effectively, when costs rise or fall, you will be very unaware. This could lead to your costs increasing significantly without you being able to prevent this. By knowing your current business costs, you can create an effective budget to ensure you never overspend on a daily or monthly basis.

Plan For Growth

According to Bloomberg, “8 out of 10 entrepreneurs who start a business fail within the first 18 months”. Whilst some businesses may have enough cash to easily start a business, this is a worrying statistic for most start-ups. If you don’t have the right cash available to you, keeping your business afloat is the biggest challenge for anyone.

To be a success in the long-term, sometimes you have to take things slow in the short-term. Instead of trying to get your business to be the next big thing immediately, planning for growth can ensure your business doesn’t fail like many others. Budgeting from an early stage and planning for growth in the future means making an early profit much easier.

Managing Invoices

Another way to track your customer payments is by managing your invoices online. To stay in control of your own finances, using the best software gives you the platform you require. Invoice software not only allows you to send your customers their payments straight away but also means you can store and track their previous transactions.

You can use this to compare your current cash flow or ensure customers have made payments on time. The right software should always be installed for accurate and on-time payments or you should outsource to an accountant.

Your invoices are one of the best ways to track and record the payments your business receives. You should always have full management of your cash flow and invoice management will always assist.

Contact Us

For more information regarding the services we have available, speak to our team today. Coleman & Co will work throughout Lisburn to provide all clients with a personal and comprehensive accountancy service. If you require assistance with your current finances, we can always meet your needs. Call us today on 028 9266 3599 or fill in our contact form to make an enquiry.

Tips For Keeping Your Accounts In Order

By | Blogs | No Comments

Ensuring that your accounts are in order is crucial to the success of any business. Without organised records, it can be hard to conduct audits. With more spotlight falling on accountancy companies for poor audits, we have put together a few tips on how to keep accounts in order.

At Coleman and Co we offer advice and guidance on accounts preparation for our clients, ensuring that all paperwork is in order.

The Importance of Being Organised

This week it has emerged that KPMG, one of the ‘big four’ in accountancy, are being investigated for their financial audit of Bargain Booze owner Conviviality. In particular, the watchdog are looking into financial statements for the 52 weeks leading up to April 30 2017.

The FRC (Financial Reporting Council) have also stated that they are investigating another as yet unnamed member of the Institute of Chartered Accountants in England and Wales.

Last month another major accountancy firm PwC were fined £10 million for ‘totally inadequate’ financial audits. Whilst investigating the finances of BHS after it’s collapse, the firm have been criticised for their management of audits.

Audits are a big focus in financial news, demonstrating the importance of getting documents in order. With more pressure mounting on the documents kept by businesses, it is important to keep your documentation organised.

Preparing Your Accounts

There are a few things you can do to keep everything in order. Accounts do not have to be difficult to prepare and help to provide a history of a company. Along with this, they are also used when tax returns are being completed.

It is important to remember that keeping financial documents in order is a long-term process. It is far easier to do small amounts at a time rather than leaving it all to build up.

What are Statutory Accounts?

Providing copies of your statutory accounts to a number of people is a legal requirement. These accounts can often be referred to as annual accounts and offer an insight into your business, small or large.

The Government requires you to send these accounts to all shareholders, any person who can go to general company meetings, companies house, and the HMRC (HM Revenue and Customs). Different deadlines will be given for each of these to be submitted, so you should check up on this.

Statutory accounts must include a few things, such as:

  • Balance sheet – shows value of everything owned by the company, what you are owed, and what you owe
  • Profit and loss account – shows company sales, running costs and profit or loss
  • Notes about financial documents
  • Directors report (unless you are a ‘micro-entity’)

Any accounts submitted must meet standards set by the UK Generally Accepted Accounting Practice (UK GAAP) or the International Financial Report Standards (IFRS).

Using a Professional Accountant

An easy way of keeping your financial documentation in order is to use a professionally qualified accountant. Choosing an accountant that works with your type of business is important to ensure that they can correctly prepare any accounts. Having an accountant reduces stress, saves you time, and ensures that your business meets outlined regulations.

At Coleman and Co we work closely with the HMRC to save you time. Our trained accountants are able to prepare full annual accounts and help you with any tax returns you may have.

Contact Us

To find out more about our accountancy services, please give us a call on 028 9266 3599 or fill in our online contact form.

How Is Accounting Software Changing Small Businesses?

By | Blogs | No Comments

Not all small businesses have made the transition into using accounting software, but this is a process likely to happen. Accounting software offers several benefits to all businesses and is changing how businesses monitor their finances.

Coleman & Co can train all businesses to effectively use accounting software. No matter what requirements you have, we work throughout Lisburn to improve financial management.

Specialist Software

Many previous softwares that have been used for business accounting have had a range of features. Whilst some softwares do offer benefits as they can help with a number of processes, they often specialise in none.

If your accounting software does not specialise in any processes, whether this is payroll, taxes or cash flow management, it becomes very difficult to effectively manage your finances. Switching from traditional and manual software to specialist accounting software is always the best choice for your business.

As there are several accounting softwares to choose from, you have the tools to manage every aspect of your finances.

Use On The Go

Mobility is a big factor for every business and being able to access finances everywhere is a must. Whether you are walking back to your workplace or far away on a sunny holiday, accessibility is key. You never know when small businesses will require access to their finances and having specialist software available will ensure this can always be done.

Accounting software can be accessed from several different points, whilst also guaranteeing the complete security on the application. You can manage finances regardless of the issues that occur or what changes need to be made.

Security Updates

By using accounting software, your security should be guaranteed. Most software is already very secure and will also complete regular updates and bug fixes. Maintaining a high level of security is essential for all small businesses and using the correct software is one of the simplest ways to do this.

In a digital world, security should always be a priority as more and more threats are created. If you are still using manual or unprotected software, your security is not at the level it could be. This will not be an issue with accounting software, keeping all finances protected at all times.

Accuracy, Speed & Organisation

The efficiency of accounting software will always be superior to other, non-specialist software. Accounting softwares are purpose-built to be used for your small business finances, no matter what processes are completed.

Payroll and taxes can be completed accurately and quickly, leading to a more efficient process within your business. Managing your finances can be a time-consuming task, but the right software will always make this simpler. In addition to this, using accounting software will leave you with good organisation. As all finances and data can be stored, managing your finances regularly is much easier.

Improving Small Businesses

Finally, accounting software is changing small businesses for the better. By giving you a better chance to improve your financial management, creating a successful business with a positive cash flow is much more likely.

Staying in control of finances is one of the toughest tasks you will face and having the right tools available allows you to keep finances in check. Not only will the right software help you reduce your expenditure through good management, but it will ensure payroll and tax returns are always accurate.

Contact Us

For more information on accounting software, do not hesitate to contact our team. Coleman & Co will support all small businesses throughout Lisburn for effective financial management. Call our team today on 028 9266 3599 or fill in our contact form to make an enquiry.

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