Tag Archive for Accounting software

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AI is changing everything. Here’s how to get on board

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By Jonathan Dowden on Small Business UK – Advice and Ideas for UK Small Businesses and SMEs

To demonstrate the potential of AI, Sage asked David Abrahamovitch, the founder of coffee chain Grind, to share the many ways he’s benefiting from it.

From empowering his finance team, to enhancing the way he works with his accountant, David finds generative AI and automation helps him perform faster and at a much higher level.

Read on for real-world takeaways you can implement today.

Become a strategic powerhouse

You’ve heard the grand promises about how AI is the future for small businesses. You’ve seen some impressive demos.

But how does automation and generative AI fit in with the things you actually do?

For David, the shift came when he realised generative AI could enhance how he works with his accountant.

He says: “I realised I couldn’t get the information, or the way that the accountant needed it, and it ended up just being like 50 or 60 individual PDFs.”

He used AI to consolidate everything he needed.

“In two minutes, I had [it] perfectly formatted,” adds David. “I was like, ‘OK, wow, this is amazing.’”

Automation is great but AI is even better

While automation makes life easier by automating process steps to get you from point A

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Hot Business News Today

Why targeted AI is a business game changer

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By Jonathan Dowden on Small Business UK – Advice and Ideas for UK Small Businesses and SMEs

For small business owners, smart use of technology drives performance and growth. This has been true since the invention of the personal computer back in the late 1970s, and it’s no different today.

You’ve undoubtedly heard about recent breakthroughs in artificial intelligence (AI) and how they promise significant time savings, greater accuracy, and a superior work-life balance.

Interested in applying it to what you do?

Before you dive in, it’s crucial to approach AI thoughtfully and with a considered approach. Adopting AI just because it’s trending could become a time sink and, even worse, might not actually bring tangible benefits.

The true improvements come from strategically applying AI to targeted areas of your business, aligning technology with clear, specific goals.

Here’s where to start.

Accessible AI for small businesses

Integrating AI might seem daunting if you’re running a business with limited resources. It’s easy to think that AI is only for larger concerns.

However, AI’s accessibility today has made it far easier for small businesses to adopt than ever before – and in fact, it’s with small businesses where it can prove most effective.

For example, Sage Copilot found within Sage Accounting

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Quickbooks review and pricing: is it worth the cost?

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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

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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

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Hot Business News Today

New EU VAT regulation – how accounting software can help

by  •  • 0 Comments

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...

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Why businesses should rethink their accounting software for Making Tax Digital

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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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