9 unexpected benefits of online accounting software

There are all sorts of benefits of using online accounting software over spreadsheet-based or paper-based bookkeeping tools.
The main benefits are self-explanatory. Online bookkeeping is quick, cheap and accurate. But there are other, less well-known benefits that are also worth considering.

Inflation puts income squeeze on freelancers

Record levels of inflation could hit freelancers and other microbusiness owners harder than other workers if they have higher than average travel costs.
With inflation rising faster than average earnings, freelancers are facing a large squeeze on incomes.
Inflation, as measured by the Consumer Prices Index (CPI), hit a five year high of 3.0% last month.
Prices outstripped wage growth by 0.9%, with earnings only increasing by an average of 2.1% since the start of the year.

Xero: Fifth of Accountants still use ‘Dark Age Technology’

Cloud-based software company Xero has urged British firms to embrace new technology and step out of the ‘dark ages’ of accounting.
If they fail to update their systems, businesses and their accountants could be left behind in the middle of upcoming changes like Making Tax Digital.
The New Zealand software company kicked off the London-leg of the Xerocon 2017 tour by releasing a new ‘Digital or Die’ report, highlighting some of the most important issues facing the accountancy industry.

Xero enter into a partnership with Curve
Editor | 26 October 2017
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Xero, the online Cloud Accounting provider, have entered into a partnership with Curve to simply expense processing to such an extent that they claim they can make “expense admin disappear”

The beauty and simplicity of Curve is that it enables you to link multiple bank cards to one single Curve card which then links directly into Xero enabling Xero to import the right data for every single transaction.

With a fast and intuitive setup process and interface Curve is looking to remove as much of the manual administration possible from entering expenses. If you’ve ever had to go through your wallet to find those rail tickets and meal receipts you need to complete your expenses form you will know some of the pain that Curve can take away.

If you’re interested in Xero, Curve or Cloud Accounting in general then get in touch with us today and we can talk you through the benefits of each and have you up and running within 24 hours.

2% of small business owners have faith in late payments commissioner

Survey evidence has revealed that a tiny proportion of the smallest UK businesses believe that the newly appointed Small Business Commissioner will tackle the late payment crisis.
Research from cloud accounting software company FreeAgent shows that just 2% of UK microbusinesses believe that the new Commissioner, Paul Uppal, will take the challenge ‘seriously’.
Other research from the company shows the scale of the problem.

Small businesses waste 120 days a year on admin

Small businesses spend an average of 120 working days each year on repetitive administration tasks, with accounting tasks costing firms the most.

Sage, a market leader in cloud-based accountancy software, found that around 5% of a small businesses man hours are taken up by administrative tasks globally.

Compared with other countries in the study, Britain performs slightly worse with around 5.6% of staff time spent on back office tasks like invoicing and recruitment.

Sage argues that productivity is suffering because small businesses are spending too much time on tasks that don’t add value to the business.