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A Guide on How to Keep Track of Your Business Transactions

Keeping track of your business transactions is important for several reasons. First, it allows you to see where your money is and what business areas generate the most income. Second, it helps you keep tabs on expenses to budget accordingly.

And third, it gives you a clear picture of your overall financial health. If you have not organised your transactions in the past, now is the time to start.

Here are a few tips on how to get started:

1. Use Business Bank Cards

One helpful tip is to use business bank cards for all of your business transactions. This way, you can easily track where your money is going. Business Bonsai Cash bank card will give you a statement to itemise all of your transactions at the end of the month. The visa card is also helpful as it can be used anywhere that accepts a Visa. This is a great way to see where you spend the most money and what business areas you need to cut back on.

If you do not want to use a business bank card, you can always get a personal credit or debit card with similar features. Just keep track of all your expenses, so you do not get overwhelmed at the end of the month.

2. Use Software

The easiest way for you to keep track of any business transactions done by your company is to use software to do it for you. Software like accounting software can track all the transactions made by your company. With this software, you can easily input all of your transactions, where they will then be sorted and organised for future convenience. No longer will you have to scramble around the office for receipts and invoices as everything will be kept tidy and in one place.

When it comes to using any software, there is a learning curve to understand how to use it fully. But once you have a grip on the software, it will be a breeze to keep track of all your business transactions.

3. Connect Your Bank Account to Software

If you use software to keep track of your business transactions, you can connect your bank account to the software. All of your transactions will be automatically entered into the software. As humans, we are forgetful creatures, and sometimes we forget to input all of our transactions. This is a great way to stay on top of your finances and ensure that all of your transactions are accounted for.

Connect your bank account to the software and let it do the work for you. This is a great way to get an accurate and up-to-date picture of your business finances.

4. Use an Excel Spreadsheet

Another way to keep track of your business transactions is by using an Excel spreadsheet. This method is best for those who are more comfortable with numbers and formulas. You can easily set up an Excel sheet to input and track all of your business transactions. The great thing about using an Excel spreadsheet is that it can be customised to fit your specific needs.

You can also create formulas to help you calculate and analyse your data. If you are not comfortable using software or do not want to invest in any, using an Excel spreadsheet is a great alternative.

5. Receipt Scanners

If you like to keep physical copies of their receipts, a receipt scanner is a great option. You can scan and save all of your receipts electronically with a receipt scanner. This way, you will have a digital copy of your receipt that you can access. Receipt scanners can be purchased for a relatively low price and are easy to use.

Scan your receipts and save them onto your computer or cloud-based storage system. You will never have to worry about losing or misplacing a physical receipt again.

6. Hire an Accountant

If you are struggling to keep track of your business transactions, you may consider hiring an accountant. An accountant can help you keep track of your finances and ensure that all of your transactions are accounted for. Hiring an accountant may be an additional expense for your business, but it is worth it if it means that your finances are in good hands. If you are not comfortable managing your finances, hiring an accountant is a great option. An accountant can also offer you valuable advice on better managing your money.

Keeping track of your business transactions is important for several reasons. You can easily keep track of all the money coming in and going out of your business by following these tips. This will give you a clear picture of your financial health and help you budget accordingly. Do not let another day go by without keeping track of your business transactions.

Extension Approved for Filing VAT Returns

The Federal Tax Authority has issued a directive extending the filing date for VAT Returns for the Tax Period ending 31 March 2020, from 28 April 2020 till 28 May 2020.

The FTA, the government entity responsible for the administration, collection and enforcement of federal taxes, was established in 2016 by the President of the United Arab Emirates, His Highness Sheikh Khalifa Bin Zayed Al Nahyan, via Federal Decree-Law 13 of 2016.

The payment of the VAT due for this Tax Period will also only be payable on 28 May 2020. This extension should provide an extended period for Taxable Persons to collect payments for Tax Invoices due to them to allow them to meet their VAT obligations to the FTA.

A VAT Return calculates how much VAT you owe by looking at: Your total sales and purchases across a three-month accounting period. The amount of VAT you owe for sales. The amount of VAT you can reclaim for purchases made by your business.

The FTA further announced that the extension will also apply to Taxable Persons that lodge monthly VAT Returns and that the VAT Return and payment of the VAT due for the Tax Period from 1 March 2020 till 31 March 2020 will also only be due on 28 May 2020.

The abovementioned directive from the FTA will only pertain to VAT Returns for the Tax Periods that ended on 31 March 2020, and does not affect any other Tax Periods where the deadline for filing Tax Returns and settling of payable taxes does not fall in April 2020.

Financial Services Firm Tilney Targets Smith & Williamson for Merger

Tilney is a financial planning and investment firm with head offices in Mayfair, London. The company is part of the Tilney Group and offers financial planning, investment management and investment advisory services to private clients.

The board of Tilney has confirmed that it is in exclusive discussions with Smith & Williamson about a potential combination of the two businesses.

Smith & Williamson confirmed that talks are underway and that the accounting arm of the firm is part of the ongoing talks.

Smith & Williamson, founded in Glasgow in 1881, is ranked at number eight in the Accountancy Daily Top 75 Firms annual survey. The firm’s business model is based on a mix of financial and professional services, with a significant managed funds business.

Its financial results, released in July, showed operating income increased 4.3% year-on-year to £278.1m while adjusted operating profit increased by 4.8% to £48.4m.

Professional services income, including revenue from tax and business services was up 6.5% to £104.7m, although the firm changed its reporting lines this year.

The funds under management and advice service line increased by 6.5% year-on-year to £21.4bn.

The bid from Tilney, reported in the Sunday Times, comes two years after listed wealth manager Rathbones tried to buy Smith & Williamson. In August 2017 Rathbones, which manages over £32bn of client funds through Rathbone Investment Management proposed a merger, but talks were called off the following month.

At the time, Smith & Williamson said it intend to pursue a public listing and confirmed this view on publication of its latest results.

If the deal goes ahead, the combined business would have about 250 financial planners, 240 investment managers and more than 100 partners in professional services.

There has been a flurry of mergers and acquisitions among wealth management firms in recent years, driven partly by increased regulatory supervision and the need for economies of scale.

Intellitek Systems Announces Launch of Accountancy Solution

Accountancy is the measurement, processing, and communication of financial and non financial information about economic entities such as businesses and corporations.

To help accountancy firms tackle digital transformation for both themselves and their clients, while also enhancing the profitability of their practices, Intellitek Systems today announced the launch of its Accounting Partner Centre of Excellence.

Accounting firms, payroll providers, and other business advisory professionals who join the Intellitek Systems Accounting Partner Centre of Excellence are eligible to re-sell Intellitek’s ERP, CRM, payroll, and accounting software white labelled and customised to match the partner’s brand.

In addition to revenue generated from offering the software solutions, partners will receive referrals from Intellitek Systems and have opportunities to further increase revenue opportunities by optionally offering software implementation services and receiving referrals from Intellitek Systems and fellow partners for their standard accounting, payroll, or advisory services.

“By expanding our accounting partner program into a full-fledged Center of Excellence, Intellitek’s network of accounting, tax, and business advisory professionals will have access to Intellitek Systems’ more than a decade-long experience of delivering leading ERP, CRM, accounting, and payroll technologies.

Likewise, Intellitek will benefit from having a network of trusted advisors that we can be confident will service our clients with the same level of excellence and integrity that we ourselves provide,” commented Matthew May, Founder and Chief Project Engineer at Intellitek Systems.

Integrating your company’s business processes and industry best practices into traditional packaged software is either an extremely expensive or outright impossible proposition. That is what separates IntelliTek Systems from the rest of the software industry.

Unlike the old guard software companies, IntelliTek Systems combines our practical business knowledge with your business processes to develop technology solutions that work the way you work. Technology should make running a business easier, not more complex.

That is IntelliTek Systems philosophy, and that philosophy is reflected in all of our custom-designed and developed solutions.

Battle of accountants versus machines

It is hard to go a day without seeing an article or a viewpoint in the media declaring Artificial Intelligence (AI) will make certain jobs redundant – but will it be the same for those roles carried out in the finance industry?

Technological advancements are at a faster pace than ever, with computers becoming more reactive and human-like in their responses and decision-making.

In January, a round on the American television quiz show Jeopardy was won by a computer named Watson, beating previous quiz show champions.

The rapid pace of technology advancement will no doubt see computers performing some accounting and finance functions, and this is already happening.

Recent innovations like mobile phone apps that can identify expenses from photos of source documents, and automatically allocate them to the accounting records, are already widely used across a range of industries.

In fact, last year HMRC confirmed it will begin rolling out AI to review tax returns and issue tax penalties.

Deciding to implement such technology in business must be well planned and researched. It is important that management make the decision in the context of their particular business.

For example, do they have the resources to employ this technology – certain pieces of software can be expensive and involve significant upfront costs before yielding any benefits.

Do staff have an appetite to adopt this technology? To maximise effectiveness, it is important that staff are trained and competent in using the technology on a regular basis.

How secure is the software and the devices used?

This is particularly important in the current world of big data, with the real risk of data breaches in large and small businesses across the globe, not to mention compliance with data protection legislation.

Whilst it appears inevitable that technology is developing to take over the more repetitive or basic accounting and finance functions, there are some positive aspects for use of this technology by accountants and businesses.

Not only will technology bring about new types of jobs that will be less repetitive and more interpretive (increasing employee job satisfaction), it will also free up management’s time to focus on value-adding activities.

Activities that can add to revenue (such as focusing on new markets, products and clients) or reduce costs within a business.

If firms are looking to the future but aren’t open to change, they will lose competitive advantage.

As Northern Ireland businesses increasingly compete on a global scale, the adoption of robotics and technologies is essential.

Rather than seeing technology as a threat, accountants and businesses should see it as a growing opportunity.

7 Facts About the Future of the Accounting Industry

Accounting, much like any industry, has seen its fair share of changes. It has proven to be a very challenging one too, but if you have a knack and drive for it then it might just turn out to be a really lucrative one.

Accounting is the measurement, processing, and communication of financial and non financial information about economic entities such as businesses and corporations.

People who are already in accounting or are planning to jump into it as a career, often think about the future of the industry and what will happen to it with the rapid technological development and automation being rolled.

Below is a list of 7 interesting facts about the future of the accounting industry:

1. You will not lose your job to technology

Yes, while we all harbour a small fear that we might just have to give up our work desk to a shiny robot, it is highly unlikely that an accountant will be replaced by a robot. However, with the advancements being made in artificial intelligence and enterprise resource software, you will be at the helm while the technology helps you do a better job.

2. The industry will keep thriving

With every day that passes entrepreneurship becomes increasingly popular which makes way for more and more start-ups to surface and eventually grow into companies. These very companies then seek out services in administrative procedures as well as financial ones which means accounting will never go out of business. Now is a time as good as any to be an accountant.

3. The more you are qualified the more you will grow

If you manage to get a master’s degree in accounting then you can rest assured that you will experience a career with a lot of room for salary growth. The extra time and money that you will invest in getting yourself a master’s degree will pay off twofold for you and more. So, take pass your official CPA exam as soon as you can and venture beyond that.

4. Having a specialty is sought out

It is true that hybrid careers have become the most sought-after ones such as people who have a degree in engineering as well as law or candidates who have a degree in finance and law as well. For accounting, however, if you can find yourself a niche and become an expert in it then you will be able to stick around in the industry for the long run. Try to take as many relevant courses as you can to grow your expertise.

5. International opportunities are abundant

With companies branching out and exploring new waters overseas, they send their delegates to form fronts and setups abroad. The core teams that go along include accountants so that they can cater to the corporation or enterprise away from home and it keeps it running as efficiently as they can.

6. There will always be opportunities in teaching

As future accountants enrol themselves for education in this domain, they will seek out business and finance schools to enable and provide them with the knowledge and the tools that they need. This is will be a cycle that will continue to go forever so you can try your hand in the field and in the classroom as well. Both experiences will benefit from the other.

7. Implications for Research

Accounting firms are conducting researches on the side as well to see the feasibility of new and upcoming technologies and the new kinds of frauds that come with those. Therefore, accountants with knowledge of digital technologies will help front the research endeavours which the entire industry will benefit from.