5 Clever Accounting Tricks That Can Make Your Life Easier

Software tools have made accounting so much simpler. With their abundance of features, those age-old obstacles that stop you from quickly completing all your tasks are taken away. Making the best use of this software, however, involves knowing all the tricks. Here, we outline five key functionalities of accounting tools that will make your life significantly easier. Use direct bank feeds This feature means bank reconciliations are an effortless task. We're working on direct bank feeds for Pastel accounting products right now, and ensuring they are simple to set up, and will connect your bank to your Pastel software. After these are integrated, the process will never need to be completed again. From then on, it is simply a case of importing your most ...

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Sage 50 v25: The New Features

With every release of Sage comes a list of exciting new features to match. Sure enough, version 25 of Sage 50 arrives accompanied by an array of beneficial add-ons for users. Here, we take a look at them in closer detail. Tax You’ve undoubtedly heard about Making Tax Digital (MTD) by now. This is a new initiative being introduced by the government from April 2019, whereby any business with a turnover above the VAT threshold (£85,000 as of 2018/19) must process tax returns and maintain records in a digital format. For these companies, VAT returns will no longer be possible through traditional means such as via a postal delivery service. The latest updates as part of Sage 50 v25 are designed so that you can ...

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How HMRC Is Closing The Knowledge Gap On Making Tax Digital

Are you aware that Making Tax Digital (MTD) for VAT is coming into force from April 2019? ICAEW statistics show that over 40% of businesses that it will impact are currently unaware of the government initiative. That’s why HMRC have started an awareness campaign. The aim of this is not only to ensure that businesses know the digitalisation of VAT records and return submissions is happening, but to also clarify some of the information that has been provided so far. Here, we explore what you can expect from the campaign, and what the government has made evident so far. What communications can you expect? HMRC have begun closing the knowledge gap by releasing a new webpage. It details how businesses can prepare for ...

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VAT and Making Tax Digital – how will it affect my business?

From April 2019 all VAT registered businesses with turnover above the VAT threshold will be required to maintain digital records and will need to send their VAT information to HMRC using third party commercial software. HMRC’s online portal will remain available to all other businesses that complete a VAT return but have turnover below the VAT threshold. Who's in? MTD for VAT will apply to VAT registered businesses with turnover above the VAT threshold. This includes unincorporated businesses, companies, LLPs, and charities. Businesses registered for VAT but with turnover below the VAT threshold can opt in and file their VAT information via MTD if they wish. What we know so far... Start date We expect that a business will have to keep digital records and ...

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Making Tax Digital: Do You Really Need To Prepare For April 2019?

Have the warnings for Making Tax Digital (MTD) been falling on deaf ears? Or has there not been enough information about the government’s plan to turn all tax submissions digital? This remains up for debate, but there can be no questioning that thousands of businesses are nowhere near ready to make the move to MTD – and now the British Chambers of Commerce (BCC) are taking action. As the national representative body of more than 50 accredited Chambers of Commerce across the UK, the BCC is campaigning for HMRC to halt the MTD roll-out until the beginning of the 2020/21 financial year. This has left some taxpayers a little confused, and many are asking whether they even need to prepare for MTD anymore. Here’s ...

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Pastel Introduces The Ultimate Solution For Manufacturers

Many manufacturers are still favouring old-fashioned approaches when it comes to money management and production. With the new Pastel UK & Ireland module, however, things are about to get very different for SMEs in this industry. Available for use in conjunction with Pastel Evolution and Pastel Partner, this magnificent module offers multiple benefits for business owners in the manufacturing sector – actively enhancing the capabilities of existing accounting software in the process. Read on to learn why we’re so excited about being able to offer this module to our customers.   What is this new Pastel advanced manufacturing module? Our new manufacturing process system guarantees seamless integration with two core Pastel products: Evolution and Partner. Offering a sophisticated solution for accounting procedures, this heavy-duty software ...

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Pastel Mobile Scanning – new version released 1 December 2017

MOBILE BARCODE SCANNING SIMPLIFIES YOUR INVENTORY MANAGEMENT Barcodes are widely used because they provide a fast, accurate, cost-effective, and easy-to-implement method of tracking. With a barcode tracking system in place, every step of the supply chain benefits from access to the same, up-to-date information on parts and components as they make their way from warehouse shelf to factory floor to end destination. Make inventory management fast, reliable, and easy with Pastel’s Mobile Scanning system. These are the basic features of the barcode scanning application: The scanner reads picking lists from sales orders and purchase orders entered into Pastel Evolution. It then writes back the “confirmed” quantity once you have finished scanning. Can read GS1 and HIBC barcodes (used in the healthcare industry) ...

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Cloud Convenience: Why Accounting Software Makes Your Life Easier

The broad, distant form of the Cloud is now a permanent part of modern business parlance. Tens of thousands of apps, websites and software tools now run on this technology, and Gartners has predicted that the total net value for the Cloud sector will be up 18% from 2016 when the year is out. Unsurprisingly, some of the most pertinent uses of the Cloud revolve around your finances. For such an age-old issue – cash management, bookkeeping etc. – it’s refreshing to know that solutions exist to mitigate problems and wasted time. Here are some reasons why Cloud accounting software is an investment worth taking… Automated reconciliation It’s tough to match up your dates and payments cohesively with paper bank statements. Some ...

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Business accounting – anxiety and how to beat it

With the new tax year well under way, here is why the smart money's on the forward planners: Life as a business owner can be hectic and involve the wearing of many hats – HR expert, accountant, marketer, sales person – the list is endless.  So often the dry, intimidating areas of running a business, such as the accounting, get pushed to the bottom of the “to-do' list.   There's also that considerable delay between the end of year accounting work being done and the results being filed with HMRC and Companies House, which can lull some into a false sense of security.  This can lead to a terrifying realisation months down the line – that they are totally unprepared to pay ...

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