Is there something to be said for the traditional shoe box book keeping system?

Keeping everything in a box, rolled up tightly in an elastic band for safekeeping?

Yes, but only as a metaphor for good book keeping practice.

We tell all our clients ‘keep everything’. Keep bank statements, keep credit card slips and bills, keep invoices and keep payment receipts. We don’t, however, recommend relying on an old shoe box. One thing, a dusty old shoe box isn’t fire proof!

In this digital age book keeping has advanced quickly but the process of keeping track of everything and storing it safely isn’t lost on us accountants.

The fundamental difference is how information is stored and used. Instead of relying on scraps of paper and endless spreadsheets, today thousands of businesses are choosing Cloud book keeping accounting software.

Why Cloud book keeping software?

Rather than worrying about spilling a cup of tea and ruining a pile of receipts, now if you spill your tall, double latte on your keyboard it doesn’t matter.

You’re safe in the knowledge every financial transaction related to your business is stored securely in the Cloud.

You can log in from any machine, anytime and at a glance you know the exact financial position of your business.

You’ll know:

  • How much profit you’re making
  • Who still owes you money
  • Who you still owe money to
  • How much VAT you should pay

Here’s 10 ways your book keeping becomes easier

  • Tracking down and correcting errors quickly and easily.
  • Tracking overdue payments (both in and out)
  • Easy reporting: plot graphs of profit and loss or income and expenditure,
  • Helping you save and budget for the next tax bill (up to 21 month in advance)
  • Storing your data securely off site
  • Storing your transactions (legal requirement for 6 years)
  • Monitoring and managing seasonal peaks and troughs for cash flow
  • Automating repetitive tasks to save you time and money
  • You make informed decisions about your businesses future.
  • Keeps HMRC happy as the system is compatible and automates form submissions.

Book keeping and tax returns.

It’s worth elaborating on the benefits of robust systems and the relationship your business has with the tax man.

HMRC doesn’t want to make life difficult for business owners, doesn’t keep changing the rules and doesn’t change the information it wants from you. Therefore keeping track and recording every business transaction your business will withstand any scrutiny, avoid fines, penalties or even full blown investigations.

You’re not only saving yourself time and worry you’re keeping yourself out of trouble with the tax man.

What’s the next step

At Murrison & Wilson we’re firm believers that if you understand the numbers behind your business, you’re fully in control of your business and recommend Kashflow software to all of our clients seeking book keeping support.

Watch this video as Stephen Fry talks eloquently about Kashflow and discover why it’s the favourite book keeping accounting software for thousands of other businesses just like yours.

If you would like to chat more about our Book Keeping Services you can arrange a Free Book Keeping Consultation by calling Simon Murrison on 0141 290 0262

I would like to wish you a very Merry Christmas