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There really is no reason not to digitise your accounts , especially with the emergence of a number of apps that can support your business needs , particularly in niche sectors or for very specific types of organisations .
Some of the best we ’ ve seen so far , and are recommending to our clients , are below , all of which can link with Xero , our preferred accounting software :
As the name suggests , this is a one for e-commerce businesses . It collates data from multiple sales channels / payment platforms – like Amazon , eBay , Shopify , Etsy , Stripe , PayPal etc – itemising your transactions so you can see where you ’ re making sales , and providing data on expenses , refunds and reimbursements .
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Removing manual data entry is an essential time-saver for the likes of sole traders and Dext Prepare allows users to simply snap a picture of an invoice or receipt and it will pick out the information and feed it into Xero .
This is a brilliant app which allows landlords to register multiple rental properties and track income and expenditure across different tenants . It allows you to see how your properties compare to others on the rental market , and updates your tax statement in real-time , so there are no nasty tax surprises .
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This app allows users to automate their approval workflow , set up approvers for different areas of the business , and introduce multi-layered approvals , all while safeguarding sensitive data .
Businesses that are coming late to the digital party may well be scared about what the changes mean for them . It can become very daunting and there ’ s a temptation to bury your head in the sand . But it ' s not as hard as it looks . Talk to your accountant as soon as possible , because they will be able to expertly guide you , and give you confidence . And once the changes are made , life will be a lot easier .
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Forecasting of cash flow is incredibly important in the current financial climate and Float is a great tool that allows you to add in scenarios , such as bringing on an extra employee , and forecast how much extra revenue they ' d bring versus their cost . |