Accounting software for consultants
If you work as a consultant on a self employed basis or run your own business, you need to take care of your accounting.
Using software is a simple way to make sure your accounting is correct. There are lots of helpful features to look out for to help make your job easier.
Sync your business bank account
When you sync your bank account to your accounting software using bank feeds all your transactions will be automatically imported. All you need to do is record them in your accounting.
Record transactions quickly
If you’re importing bank transactions you’ll likely have a lot to record! Choose accounting software that has features like bulk recording and automatic matching to help make the process smooth.
Bulk recording allows you to record multiple similar transactions at once which saves a lot of time. Automatically matching transactions will identify if the same transaction is duplicated anywhere, making sure you only record transactions once. It helps you to reduce errors and feel confident that your accounting is correct.
Make invoicing easier
Invoicing for your work is a regular activity. When you use accounting software with integrated invoicing you can save time and have accurate accounts. By keeping everything in the same place, there’s no more switching between software.
Integrated invoicing software can help you make invoicing easier. By choosing software that allows you to save customers and items, you can save time creating invoices. When you’ve sent it to your customers, all the information you need will be in your accounting. All you need to do is mark it as paid and record it.
Prepare for your taxes
Taxes can be a hassle, but if you’re prepared then the process can run smoothly. When you do your accounting regularly using software, you’ll have all the information you need to submit your tax return.
For Self Assessment tax returns, you can simply use the figures in your Profit and loss report to fill in your return.
If you have an annual turnover of £85,000 or more then you need to register for Making Tax Digital and submit a VAT Return. Choose a software that lets you submit an automated VAT Return using your accounting, so all you need to do is check it’s correct and submit it straight to HMRC online.
Take advantage reporting
Reporting helps you get an overview of your finances. Accounting software with automated reporting means you don’t need to do any calculations to see how your business is performing.
Whether it’s setting money aside for your tax return or strategising for the future, you’ll get the information you need to make the right decisions by checking in on your reports.
Manage your expenses
Keeping track of your expenses is really important. When you can claim allowable expenses back on your tax return you don’t want to forget anything. Instead of having a last minute panic looking for receipts in tax return season, try managing them with accounting software instead.
From integrated expenses to receipt upload apps, there are lots of helpful features to look out for. When you do your expenses regularly you’ll always know how much you’re spending,and what you can claim back on your tax return.
Do it all with Bokio accounting software
Bokio accounting software has all the features you need to take control of your finances as a consultant.
With Bokio you can do your bookkeeping, invoicing, and manage your finances all in one place. Bokio helps you prepare for your Self Assessment tax return, submit your VAT Return for Making Tax Digital and view automated reports whenever you want.
Whether you do your bookkeeping yourself or work with an accountant, you can do it all in Bokio.