Seagrave French are Quickbooks partners and we’ve been looking at a couple of great features in the software.
If you set up the bank feed on Quickbooks it talks to your bank and downloads the transactions. All you then need to do in the software is tell it what the transactions relate to. This makes it so much easier to reconcile your bank account, because once you have allocated each item then you know that the bank should agree. You are even able to set up smart rules so that it always posts that regular amount to the same place.
This is a great one for something we’ve been banging on about for years. We advise our clients to claim for every expense they can, but the admin burden of keeping receipts for those bottles of water on Ginsters grabbed on the way can mean that they get missed. With the receipt bank options on Quickbooks you just snap a picture of the receipt, record how much it is and what its for on your smart phone and it gets recorded in your books straight away. Saving you tax and time in one go. No more receipts saved in the cup holder of your car.
We don’t tell our clients which software to use, we can work with any software or manual book keeping system. But HMRC are pushing taxpayers towards online book keeping with their making tax digital plans. At least these features mean that there will be some upside to using online systems, we may all be more efficient as a result.