There are 4 different types of accounting system
- The Bob Cratchet accounting system – otherwise known as a manual book, it does work, but is old fashioned and takes time, and far more difficult to find line items, or run reports.
- Excel / Spreadsheet System – this is the usual default for most new businesses, however sequential numbering of invoicing, issues on overwriting data can often cause multiple problems.
- Desktop system – This is the first foray into a proper accounting system, but can come with additional costs for customisation, implementation, upgrading software, compatibility with machines and other systems
- Cloud Accounting – QuickBooks. This is the future of accounting, your finanical information is available 24/7, integrations with bank feeds, CRM and operational systems enable you to have a holistic view of your business in real time.
78%
of small and medium businesses in the UK have adopted Cloud Accounting
Set Up
At Orchard Accounting we specialise in QuickBooks, founder Katherine Knight is a Platinum Certified Pro Advisor, this coupled with over 20 years of experience in the field provides an excellent team to support you and guide you through cloud accounting.
There are multiple benefits of cloud accounting, however one of the biggest pitfalls is set up. It is easy to understand why, the marketing of cloud accounting systems make it appear easy to set up and get going. However if the systems are not set up correctly in the first place, and proper training given, then you can end up with more of a mess than when you started!
At Orchard we take a 4 stage approach for all our clients
- Find out about your business
- Set up QuickBooks that is right for you
- Train you and any team members that will be using it
- Support you, as you gain confidence in using it
4 Stages to Success
Find out about your business
Set up QuickBooks that is right for you
Train
Support
Making Tax Digital
The Government is introducing a key measure to ensure individuals and businesses get their tax right and keep on top of their affairs. The move to make tax digital by 2020 signals the end of annual tax returns for millions of people.
https://www.gov.uk/government/publications/making-tax-digital/overview-of-making-tax-digital
