Technology and Accounting Bristol

Using a computerised accounting system can be one of the best decisions you make for your business. It can save you both time and money while providing valuable insights into your business operations.

Cloud-based Accounting Software:

• Data flows into the software daily.
• You have real-time data at your fingertips, enabling better control of your finances.
• Access to real-time knowledge about your financial health, even before your year-end accounts are prepared.
• Live bank feeds.
• Reduction in errors.
• Reports available at a click.
• Attach invoices and receipts to each transaction.
• Provide access to multiple users, including your bookkeeper and accountant.

What Software is Right for You?

While we can work with most software providers, at Dolmans Chartered Accountants Bristol and Chipping Sodbury, we provide full software support for our partner platforms, FreeAgent and Xero.

• FreeAgent is designed for small, simple business structures or individuals. It’s even free if you have a Mettle or NatWest bank account.
• Xero offers many basic automation functions, allowing you to complete tasks quickly and easily. Xero automations, for example, help reconcile bank accounts and send sales invoice reminders to clients. It’s suitable for all business structures, including larger and more complex organizations.

Both FreeAgent and Xero are cloud-based, meaning you can access them anywhere with an internet connection. They also have useful mobile apps for when you’re on the go.

Monthly Tasks:

The data you input into your accounting software is only useful if it’s accurate, so it’s essential to ensure that your entries are correct.

Regular bookkeeping and performing simple checks can significantly reduce the work your accountant will need to do at the end of the year, saving both time and money.

Here are some tips to ensure accuracy:

• Regularly review and check your accounting data while it’s fresh in your mind. This helps you remember transaction details more easily than trying to recall them months later.
• If you’re unsure how to code a transaction, ask your accountant. Remember, there’s no such thing as a silly question.
• Ensure your software’s balance matches your bank statement. If there’s a discrepancy, “tick back the bank” by ensuring every line on your bank statement appears in the software. Personal transactions should be allocated to drawings, not deleted.
• Check who owes you money and who you need to pay.
• Ensure all transactions are reconciled.
• Review the trial balance to check if any transactions have been posted to the wrong account.

Before Submitting Your Software for Year-End Accounts:

Before submitting your data to your accountant, there are some simple checks you can do that may save time and reduce accounting fees:

• Investigate any discrepancies between your software’s balance and your bank statement.
• Reconcile all transactions and request any missing information.
• Ensure your accounting software’s bank balance matches your bank statement at year-end.
• Make sure all transactions are fully reconciled.
• Sense-check the trial balance report to catch any miscodings.

Support Available

If you need help, Dolmans Chartered Accountants Bristol can assist with:

• System implementation
• System training/support

By following these steps and ensuring your bookkeeping is accurate, you can save both time and money, making your business operations smoother and more efficient.

Contact us to find out more.