Professional Accounting, tax and business advisors
Professional Accounting, tax and business advisors
This basically is a process to record your business transaction in a common format that accountants and book-keepers use to give business owners a view of turnover, gross profit, Net profit, and assets / liabilities.
In short no, however many of the online tools to allow you to do book keeping focus on Cash Accounting rather than the more traditional invoice Accounting. We go into this a little bit more detail in our "Quick Help section". In general though, in our experience if you want to save money and do book-keeping yourselves, then you should invest in an online business accounting tool and invest some time in understanding the different between Invoice and Cash Accounting.
The government introduced new rules stating that VAT has to be submitted using an Accounting tool basically - and many of the cloud based online business accounting tools can do this for you too. Se-up can be a little fiddly, so would suggest you get a bit of advice.
Needless to say that most online book-keeping providers have the ability to pull your bank transactions into the tools. So If you do all of the above correctly, then all you have to do is allocate the bank feeds to the customers and Suppliers. To do this correctly please invest some time into training, or let the experts do it for you.
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