Tag Archive for Accounting software

Quickbooks review and pricing: is it worth the cost?

By Alice Feilden on Small Business – Advice and Ideas for UK Small Businesses and SMEs
QuickBooks – best for fast-growing businesses

Parent company Intuit was founded in 1983 and the QuickBooks brand was introduced in 2002, with QuickBooks Online following two years later. Today, QuickBooks has 2.2 million users across 225 countries.
Getting your head around small business accounting software can be tricky. Many small business owners fret about whether they will understand the software, whether it is worth the cost and if they really need the added security. This handy guide will explain some of the reasons QuickBooks is worth its salt for multi-tasking entrepreneurs.
What is QuickBooks and what is it used for?
QuickBooks is an accounting software designed to be used by small businesses. It is one of the most popular software of its kind. Businesses often use it to keep track of their finances and manage income and expenses. It can also be used to invoice customers, pay bills, generate reports, prepare taxes and track cash flows. QuickBooks accounts tend to either be managed in-house by business owners themselves, while others outsource to a bookkeeper. Whatever your choice, QuickBooks offers a number of products to suit any business, from one-man-band

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New EU VAT regulation – how accounting software can help

By Alice Feilden on Small Business – Advice and Ideas for UK Small Businesses and SMEs

In the age of the pandemic, online shopping significantly increased. Businesses small and established alike took to e-commerce and shipping overseas, with the advent of social distancing and the closure of non-essential shops. But, the new EU VAT regulation could cause challenges for these businesses.

On 1st July, the European Union made changes to the way VAT is reported and paid. While the UK is no longer a member of the EU, the changes could impact businesses selling products and services online to customers.

The change to EU VAT reporting, which is designed to simplify tax reporting, increase online cross-border transactions and promote e-commerce, should help small businesses new and old operate in a post-Brexit, post-pandemic world.

What changes have been implemented?

Since 2015, the EU has been working to simplify VAT obligations for goods and service providers. In short, the EU made to ensure each country was benefitting from the correct taxes on goods arriving from elsewhere. The changes have been implemented in stages, with the 1st July introduction concluding the process.

One of the main changes to take note of is that for sales to consumers, VAT is

Read more...

New EU VAT regulation – how accounting software can help

By Alice Feilden on Small Business – Advice and Ideas for UK Small Businesses and SMEs

In the age of the pandemic, online shopping significantly increased. Businesses small and established alike took to e-commerce and shipping overseas, with the advent of social distancing and the closure of non-essential shops. But, the new EU VAT regulation could cause challenges for these businesses.

On 1st July, the European Union made changes to the way VAT is reported and paid. While the UK is no longer a member of the EU, the changes could impact businesses selling products and services online to customers.

The change to EU VAT reporting, which is designed to simplify tax reporting, increase online cross-border transactions and promote e-commerce, should help small businesses new and old operate in a post-Brexit, post-pandemic world.

What changes have been implemented?

Since 2015, the EU has been working to simplify VAT obligations for goods and service providers. In short, the EU made to ensure each country was benefitting from the correct taxes on goods arriving from elsewhere. The changes have been implemented in stages, with the 1st July introduction concluding the process.

One of the main changes to take note of is that for sales to consumers, VAT is

Read more...

Why businesses should rethink their accounting software for Making Tax Digital

Though Making Tax Digital is not here yet, small businesses should consider switching to using online/cloud accounting software so that they are ready for when the new regulations are fully introduced. From the consultation documentation available HMRC has no plans to provide their own free software, which is going to force the majority of businesses
The post Why businesses should rethink their accounting software for Making Tax Digital appeared first on Small Business.

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