Accounting

AutoEntry and Receipt Bank

As a small business owner, you know how precious your time is and it is often in short supply as you try to keep on top of sales, paying invoices, networking, advertising – and all the other aspects of running your business.

Finding ways to help make your processes more streamlined and efficient can play a big part in ensuring you can run your business smoothly and with as little stress as possible.

Maybe you’ve heard AutoEntry and Receipt Bank mentioned on a business forum you belong to, or your bookkeeper or accountant have suggested using them.

In this blog I am going to explain what they are and how they can help you.

What are AutoEntry and Receipt Bank?

AutoEntry and Receipt Bank are two pieces of software that can help automate the task of entering purchase invoices and receipts data into your accounting software.

They can make the whole process of entering invoices and receipts into your accounting software more streamlined and efficient.

How can they help make it easier to run your business?

There are many benefits to using this type of software:

  • frees up your time to focus on other tasks
  • your data is stored securely in the cloud so you don’t need to store paper copies
  • less chance of you losing those small receipts as you can take photos of them while you are out and about
  • helps you to meet the Making Tax Digital requirements by attaching images of the invoices to each transaction
  • verifies the accuracy of the data.

Will AutoEntry and Receipt Bank work with my current accounting software?

You can use AutoEntry and Receipt Bank with a number of different online accounts packages including QuickBooks, Xero, Sage, Kashflow and Free Agent.

You can find a complete list of packages on their websites: AutoEntry and Receipt Bank.

How much does AutoEntry and Receipt Bank cost?

When it comes to pricing – each software works in a different way.

AutoEntry:

Uses a credit system where you pay for a set number of credits per month (any credits you don’t use are rolled over for a 3-month period).

The number of credits used for each upload depends on the features used (ie 1 credit for invoices/bills/receipts, 2 credits for line items extracted, 3 credits for bank and credit card statements – per page).

If you run out of credits you can use up to twice the number of credits for your current subscription – you are then charged at the same rate and added onto the next month’s bundle.

You can have as many users as you need at no further cost.

A free trial period is available.

Costs start from as little as £9/month for 50 credits.

Receipt Bank:

You are allowed to submit the number of items per month as your plan allows.

There is a fair usage policy where you are given a bank of the number of items for a 3-month period – if you need to submit more items one month, you aren’t charged extra as long as you don’t go over the total items allowed in that period. (For example, if you are on the plan where you get 50 items/month, you would get a bank of 150 items/3-months – if one month you submit 75 items, month 2 you submit 25, and month 3 you submit 40 – as long as you don’t go over 150 items in total you won’t pay any extra).

You are prompted to update your subscription level based on how you regularly use the system (ie if you regularly submit more items than allowed).

Single User plans (suitable for a sole trader) starts from £9.99/month for 50 items/month.

Multi-User plans start from £20/month for 50 items/month – you can have as many profiles on the multi-user plans as needed.

A free trial is available.

For work at home busineses, I recommend AutoEntry.

I use AutoEntry with several of my bookkeeping clients in conjunction with QuickBooks Online.

I have used it for uploading and entering supplier invoices into the accounts, and it made the process of entering the data into the accounts much easier and efficient.

The clients can have the app on their phones, and they can easily snap photos of parking receipts, train tickets, or refreshment receipts while they are out and about meaning they don’t lose the paperwork and it’s all uploaded to the accounting software.

By having clients send supplier invoices straight to the dedicated e-mail address provided, we’ve cut out a step in the process and made it far more streamlined.

If you would like to talk to me about how I can help make your bookkeeping processes more streamlined, please don’t hesitate to contact me.

Making Tax Digital (MTD)

What is Making Tax Digital and how will it affect me?

Making Tax Digital – better known as MTD – is the Government’s plan to make it easier for individuals and businesses to know what tax they have to pay before the end of the tax year.

Eventually, all businesses regardless of size and industry will be required to submit monthly figures to HMRC.

This will need to be done on Making Tax Digital (MTD) compatible software. So, anyone still using cashbooks, Excel or desktop accounting software such as older versions of SAGE 50, will need to move onto compatible cloud-based accounting software.

How will Making Tax Digital (MTD) work?

Everyone will have their own digital tax account that they can log into and check to ensure all the information HMRC hold on them is up to date and correct. HMRC will then use this information to ensure that each person is receiving all the services they should be. The theory is that by the end of 2020, customers will be able to see all their tax liabilities and benefits in one place.

How will Making Tax Digital affect my bookkeeping?

All businesses will have to use a software that is compatible with HMRC’s MTD software to keep their accounts – like QuickBooks Online for example. The software will send the necessary information to HMRC using an API key. All transactions in a business will have to be recorded digitally as paper records will no longer be accepted as meeting the legal requirements.

When will I need to be ready for Making Tax Digital?

At this point in time, only VAT registered businesses with a turnover above the VAT threshold of £85,000 will need to be compliant as of April 2019 and they only need to file their VAT returns. Eventually, all businesses within the UK will be required to file all information – including self-assessments and corporation tax returns – with HMRC using MTD compliant software.

When will Making Tax Digital start?

making tax digital timeline

What should I do now?

As further information is released by HMRC we will update our clients so that they are able to be compliant in time.

Currently bookkeeping clients of Ihelm Enterprises are one step ahead as we only use QuickBooks Online to maintain accounts and the software is MTD compliant.

If you would like to discuss how we can help you with your accounts and become MTD compliant please contact us on info@ihelm-enterprises.co.uk or use the contact form.

The Awards Ceremony

We needed to attend the awards ceremony which was a black-tie event held in Birmingham at the MacDonald House Hotel. I had never attended a black-tie event before so of course I started to panic about what to wear, what would it be like, would I feel out of place.

I had a dress worn to a number of events previously and I had jewellery to bling and a lovely pair of shoes, so at least I was sorted on that end. Michael even got himself some spiffy new clothes. The day before, I had my nails done by Sarah from Glamourize, and I was going to have my hair and makeup done at the hotel. I don’t think we turned out too bad!

I was really nervous about going as I didn’t really know anyone apart from talking to them on the FB Group. I was worried I wouldn’t fit in or have anyone to talk. I was so wrong! Charlotte (The Bournemouth Wrap Girl) was the first person to speak to me – she recognised me from the group and she was so lovely and friendly – it really put me at ease. The girls who did my hair (Deborah from House of Hair) and makeup (Alexandra from A.B Beauty) were absolutely fab and helped me to gain even more confidence.

There was a drinks receiption to start the evening, which was quite daunting. I tried to remain as inconspicuous as possible which is no mean feat when in a wheelchair. We went to the seating plan and discovered the theme for the night was “Superheroes”. I was pleased to see that Charlotte was sitting at the same table.

On entering the function room – all I can say is wow! The decorations, the atmosphere – it was all so amazing. There were gift bags at each table and a special sweet treat from Belles Cakery – omg the brownies were absolutely delicious!! The host for the night – Dave – kicked things off and really put everyone at ease and in the mood for fun and celebration.

Throughout the night the awards were given out between courses and everyone was encouraged to get to know each other. A young woman named Carris spoke to us about brain tumours and how the charity, The Brain Tumour Charity, doesn’t get any government funding and she hoped we would help the charity out. It was a moving talk – you could have heard a pin drop in the room.

As the time got closer to the “Against All Odds” category, I could feel butterflies in my stomach and I was really anxious. I didn’t win – the judges found it really hard to choose as all of us in the category had overcome so much – but it doesn’t matter to me because I am a finalist. It was the first business awards I had ever entered and I’m so proud of what I achieved.

The night ended with a raffle and dancing. Michael and I both won a raffle prize. We didn’t stay for the dancing as I needed to take my medication and get some sleep.

I’ve come away from the awards with some new friends and even more determination. I know my business can work – there are tons of businesses out there of all sizes that need a bookkeeper – I just need to find a way to reach out to them. There are plans for Ihelm Enterprises and I am going to work hard to put them in place. There are also other business awards out there, just waiting for people to enter them – and now I have more confidence in myself and in what I do – I will be submitting more applications.

Don’t let tax ruin your business!

The thought of paying tax is unlikely to fill anyone’s heart with joy.

For most business owners, sorting out your year end accounts and tax return is a job that will always remain at the bottom of the to do list.

Here at Ihelm Enterprises, we have clients who fill shoeboxes with receipts. Others use plastic bags. On occasions, even the glove compartment of their car.

We’ve all lost the occasional receipt. Accidentally damaged them. Or had the ones where the print magically disappears over time.

Whatever filling system you use within your business, and no matter how successful or unsuccessful you think it is, the reality is that a pile of receipts will always be just a pile of receipts.

With cash flow being the main cause of business failure, we recommend turning that pile of invoices and receipts into the data that will help you to make better business decisions. Such as knowing what sales you make the most profit on. Identifying your best customers. Budgeting so you don’t overspend and put unnecessary pressure on your cash flow.

Keeping your bookkeeping up to date will not only get rid of the depressing piles of paperwork, it will also ensure that you get tax relief on every eligible business expense. It will also mean that you know what tax you should pay in advance, so you can be proactive and begin to put the money aside. Taking the stress away from that last minute panic to find the required funds.

At Ihelm Enterprises, we believe that bookkeeping should be pain-free and cost-effective. We work closely with our clients to ensure that they get a bookkeeping package that meets their individual requirements and more importantly, puts them back in control of their paperwork and cash flow.

Accountants in Chorley & Surrounding Areas

Are you an accountant in Chorley, Lancashire or the surrounding area? Have you got an influx of clients that require bookkeeping? If you have answered YES to either of these questions, we are here to help you!

Ihelm Enterprises has been providing bookkeeping services to small businesses and accountants for over 11 years. We work closely with all of our clients to ensure they receive a top-notch service. We have worked with local accountants to help them provide bookkeeping services to their clients. By outsourcing the day-to-day bookkeeping to us, you will free up your time to be able to provide an even better service to your customers. As their accountant, you will be able to focus on providing them with more focused tax & business advice.

We have several ways that we can get the necessary paperwork from you. It can be sent electronically via e-mail, Dropbox or secure server. We can also arrange to pick up paperwork from your office is you are in Chorley or within 6 miles.

We currently have 12 hours per month per client that we can offer to help you provide the best service possible to your clients, and so you can start growing your business.

Contact us now via our Contact Us page to find out more!

Are you a UK Business Owner and use QuickBooks Online Simple Start, Essentials or Plus?  Are you unsure of how to use the software correctly?

If so, why not take a look at the 5-Day Online Video Training Course I have created to help UK Business Owners learn how to use the basic features of QuickBooks Online?

Over the course of 5-days, you will be guided through how to set up your products and services, how to set up for VAT, how to invoice customers and receive payments, how to track purchases and expenses, how to properly use the bank feed, and how to access some of the most common reports that every business needs.  You will have access to this course for life, so you can work at your own pace and keep going back to it!

For a one-off fee of £79.00, you will receive full access to the course and can continue to return back to it anytime you need to!

Visit: https://courses.ihelm-enterprises.co.uk/courses/the-basics-of-quickbooks-online-a-5-day-training-course/ to read more about the course and buy it today!


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