Is now the time to switch software?
End of the tax year is the perfect time to switch accounting software! In this guide we take you through why it’s a great idea and how to make the change.
Why switch accounting software?
Switching accounting software can have a lot of benefits for your business. Maybe your current solution isn’t working for you or there are features you don’t use. The year end is the perfect time to switch software without the complications. Plus, you can save time in the process.
Streamline your solution
If you’re a small business, there might be a lot of features you aren't using in current software. If you know which features are key for your business, and which you don’t need, you can look for a simplified software.
Save time with automation
Automation makes life easier and saves you time. If you don’t already have automated features like bank feeds, smart bookkeeping templates and helpful ways to record transactions like bulk recording and matching transactions now might be the time to find a software that does.
Make sure you're compliant
It’s important to make sure your software helps you be compliant. That means keeping the right records, generating reports to help you with your tax returns, and being Making Tax Digital compatible if your turnover is over £85,000. Choose a software that generates automated VAT Returns for Making Tax Digital and submits them online so you can comply with the new rules by having the right digital link to HMRC.
How to make the change
When you switch accounting software at the end of the tax year there’s less information you need to move.
First, make sure you download all your accounting from your previous software, and keep it for your records.
Then, you can get started in your new software. Opening balances are a really helpful feature to help you move. You just need a breakdown of your balance sheet from your last set of year end accounts, or from your previous accounting software.
In Bokio, you can simply enter your balances for assets, equity and liabilities as they are on your balance sheet report, and choose which account you want to record the balances in.
If you have any outstanding balances for Trade Debtors or Trade Creditors, you can add these too and import your invoices. You can also add assets that you need to depreciate over time.
Switch to Bokio
Save time this year with an intuitive accounting solution!
With Bokio’s accounting software, you can do your Bokio has bookkeeping and invoicing in the same place. We have everything you need to help you prepare for your Self Assessment tax return, submit your VAT Return for Making Tax Digital and keep the right financial records. If you need an extra hand, we can help you find an accountant to work with.
Accounting is kept simple with Bokio, so you have more time to spend running your business.