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Avoidable accounting mistakes that many SMEs make

With the advent of cloud accounting has come the ability for small businesses to control their finances more effectively. Many SMEs are beginning to adapt to the world of online accounts software, but there are still a number of firms whose reluctance to embrace the cloud is costing them dearly. We have previously covered two of the most common errors that are rife among small businesses, namely not having a real-time understanding of their finances and not regularly backing up data files. Part two in the analysis will take a further look at how small businesses can improve their accounting: Unqualified staff members If you find that expense reports aren’t accurate and financial transactions don’t quite add up then it could mean that ...

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Common accounting mistakes that can have a drastic impact on your business, and how to avoid them

It’s fair to say that nobody is infallible – mistakes are a part of everyday life. From forgetting to take your keys with you when leaving the house to choosing the wrong brand of coffee for your wife, we are surrounded with the opportunity to get things wrong. These kinds of ‘human error’ are all well and good if nothing critical depends upon your getting them right (your wife’s wrath aside) but if the financial integrity of your firm depends on not making little errors –which it does – then taking all possible steps to avoid mistakes is essential. Below are some of the most common accounting mistakes small business owners make – and how to avoid making them. Problem: Not keeping up ...

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How can online accounting software save my business money?

Irrespective of your business size, be it a large multinational enterprise or a back garden start-up, one of the most vital and intrinsic office functions is accurately accounting for cash and stock flows. There are a number of ways to properly keep the books, from employing an accountant, to investing in desktop software, to storing and managing data on the cloud – each has its own advantages and disadvantages. For a small business running on a tight budget, employing an accountant several times per year can be an unnecessary expense, but this doesn’t need to mean that accounts should be overlooked. On the contrary, there are a number of alternativesto this traditional pen-and-ink method. Widely accessible and powerful The most widely accessible and powerful ...

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Want to differentiate your practice – become a Liquid Accounts reseller

Want a scalable solution that can grow with your clients businesses ? Want the high functionality of Sage 50 but in an easy to use online version ? Liquid Accounts stands above all other online accounting software competitors when it comes to serious functionality and security. There are many bookkeeping solutions available but only award winning Liquid Accounts provides you a portfolio of accountancy products to meet all your clients’ needs. Our software is packed with the functionality you would expect from a cloud accounting solution, but delivers much more including: invoice factoring capability; batch invoicing and receipting; CIS construction facility; a fully functional costing module; stock control; remote salesman module; multi-currency capability and Liquid’s own payroll module (not a 3rd party bolt-on). Liquid's ...

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The benefits of working remotely

The advent of cloud accounting has brought with it an age of simplified and efficient business operation; use of browser-based software reduces the need for accountants and businesses to meet face-to-face. But how accurate is the assumption that such a degree of separation might lead to deterioration in business relations? Below we take a look at some of the main benefits of remote accounting: 1.       Not limited by geographic location Perhaps the most tangible benefit of remote accounting is that distance and geographic location become immaterial. Businesses were previously limited to a finite selection of accountancy firms within a certain radius of their operations centre. Cloud-based software makes the selection of accountants more inclusive, offering businesses the opportunity to ‘shop around’ for a ...

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Are accountants too traditional in their approach to bookkeeping software?

The relationship between accountants and small business is changing. A recent survey conducted by a major cloud service provider has found that nine out of ten small businesses are now willing to work with financial advisers over the cloud. With many more businesses making use of online software solutions every day, it is now down to accountants themselves to utilise the many benefits it has to offer. Too traditional ‘The Changing Role of Accountancy’ report highlights a trend in SMEs wanting to work online, with 58% willing to pay for cloud services. Similarly, the report found that accountants are “too traditional” in their approach, acting in the somewhat outdated role of financial adviser. 82% of small business owners surveyed now expect accountants to be ...

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Making the leap to cloud accountancy

Cloud computing has been around for longer than many people might think, but the technology necessary to make it work smoothly and efficiently has only really come to fruition over the last few years. These last few years have seen a number of businesses adopt the technology for its many clear advantages to traditional computing, particularly with the advent of broadband and its now near universal spread. In fact, cloud computing has become so commonplace that it’s probably not appropriate to call it a phenomenon any longer. But what can it offer to the world of accounting, and why have firms been so keen to make the change? Data security Primarily, the main reason for this is improved data security - many accountants find that ...

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Why is the cloud the best place to store your records?

You might have thought that securely storing your company records in a bomb-proof vault at the bottom of the Mariana Trench (you just never know) was about as safe as it could get....and you may well be right. However, aside from the clear disadvantage of having to retrieve them each year for tax purposes, there is another solution to the problem of data security. Many businesses and accountancy firms are now making use of the cloud for its numerous clear benefits. If you’re not overly familiar with what the cloud can offer you, we have briefly run through its key elements below: Highly-secure online data storage Ostensibly a large network of inter-connected storage devices, ‘the cloud’ operates as an easy-to-access and highly-secure online ...

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Looking for new online accounting software – trial Liquid Accounts today for free !

  One of the originators of cloud accounting, Liquid Accounts has reinvented itself to meet the modern day needs of SME’s, accountants and bookkeepers.  Liquid was developed by accountants for accountants and larger companies who wanted the advanced functionality of a traditional installed package but in an online cloud version. Others became aware of Liquid’s success and set out to emulate it. Given the complexity and time required to develop such a functional solution, many just sought to write a basic program that looked good. Liquid chose a different route however, one which led them to become experts in accounting and masters of advanced functionality first before embarking on mass market penetration. Last year saw substantial new investment arrive into the business, and ...

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