Sage Releases New Accounting Software Packages

Sage Releases New Accounting Software Packages

When it comes to accounting software, there are many different options. Whether you’re looking for something for professional or personal use, bookkeeping software, tax filing programs, or just something to keep all your receipts organised, there is something out there for you! Perhaps the best thing about accounting software is that it is always improving, and new programs are constantly in development and being released onto the market. One such program is the all new, innovative accounting software by Sage that is widely anticipated by businesses in all sectors. The two packages are called Sage Live and Sage 200 Standard Online. The software is expected to be released in the UK in late 2015 and is already being met with wide enthusiasm from the accounting sector. Many firms of chartered accountants in dense cities such as Brighton and London  are already partnered with Sage and will be amongst the first to gain access to the software.

Features

            The business world is already buzzing about one main feature Sage’s accounting software is bringing to the table: it is compatible with smart watches. This means that nervous CFOs and founders of fledgling startups can never be too far away from their accounts, and can check on their capital at a moment’s notice with just a simple flick of the wrist. But that is just one of the software’s many useful features. Sage says that the software is designed to provide small and medium sized businesses with the same comprehensive level of access and control over their accounts in real time as large enterprises. Users will also get to enjoy worry-free maintenance of their accounts, 24/7 access to theirsimple services like bookkeeping, invoicing, and payment management, as well as more complex ones like sophisticated central management of advanced accounting functions, treasury and budgets. This variety of service options and packages helps your accounting solutions grow along with your business.

Practical Use

            Most accounting is based on batch processes, and Sage certainly doesn’t expect CFOs to spend time tapping out ledger entries using their Apple Watches. The idea behind Sage’s dynamic accounting software is making real-time account information available whenever and wherever executive officers or accountants may need to access it. When using the software, a business’ complete financial data is available at any time in whichever format is most convenient. It’s all about access. It can be used as a stand alone program or in combination with other, more traditional accounting software used for compiling on desktops. Sage’s software offers users all the bells and whistles that are the cherry on top of a well-managed system of data entry and accountancy, and a level of constant connectivity that is unprecedented. For example, users can set up alerts and notifications on their phones, tablets, watches, and other devices to alert them when critical cash-flow levels are breached or key invoices fall overdue. These features can help business owners stay on top of things and nip problems in the bud before they become a critical issue, which would have been impossible in the past without constant monitoring.

This accounting software by Sage, which has already hit the Canadian and US markets, could very well change the way that small businesses manage their accounts. Greg Atkinson, of Atkinsons, a firm of chartered accountants serving Richmond, commented,“This new software puts executives in a better position to deal with their accounts in a more informed, connected, and controlled way, and it could be just the thing that small businesses need to take their operations to the next level.”

3 accounting blogs every business owner should follow

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As a small business owner you should be aware of all the recent changes in the business ecosystem. With all the information available in today’s world, it can be difficult to filter the good from the bad, the accurate from the non-factual data.

So today, we want to make your job as an entrepreneur easier, and we’ve put together a list of the 3 best accounting blogs of 2015. This allows you to just read information that you know is valuable.

So let’s dive into each of them and explain why they make it to Escrape Hogan’s top

1. Cheap Accounting

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Cheap Accounting is one of the authorities in this space. They provide great information on accounting principles and basics. On top of that, they have amazing free tools that you can use to calculate taxes, deductibles, VAT charge and so much more. We highly recommend you take a look at their website.

URL: http://www.cheapaccounting.co.uk/blog

2. The HFM Tax

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The HFM is a very well-written blog, easily accessible from the main navigation of their website and brings in interesting insights on the fundamentals of accounting with special focus on taxes. No one likes to pay taxes, but we have to, so might as well master them to pay as little as possible.

URL: http://www.hfmtax.co.uk

3. TWD Accountants

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The TWD blog is another great resource that you should be checking regularly. They keep the language very simple and accessible to any business owner. They update their blog on a regular basis which is great as it allows them to share the most up-to-date news, tips and tricks to get your accounts right.

URL: http://twdaccounts.co.uk

What other blogs are you reading? Were you already following these 3 that we suggested? Let us know below!

Things to consider when hiring an online accountant

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An online accountant can be the perfect bridge between an in house team of expensive, but dedicated accounting professionals and an external group handling your company’s very private business.

The differences between a remote accountancy firm that you might hire to take over your accounting and an online accountant are significant.

Customized Service

A remote accountancy firm is going to take the work away from you and run it through a pre-defined process. This will produce a result, which will typically show back up on your desk in the form of a report or an email summary or some other analysis of the data.

Time Zones and Cultural Differences

The downsides to working offshore: it’s difficult to synchronize time zones when there is something that must be talked through on the phone. It’s complicated to get beyond cultural communication about money.

And it’s hard to understand where an advisor is coming from if you never see that person’s face.

Control and Staff Diversification

In contrast, an online accountant will take ownership of your accounts with you, but not from you. Part of their job will be performing a regular maintenance period on your books every month, including a base audit.

There may be no need for this maintenance period. Your in house book keeper may do such a good job that you hope she lives forever. It’s just prudent to realize that the risk to having an accountant who is not overseen by anyone, ever, is significant.

Having a partner in a trusted online accountant can give you that second point of controls. You can also add expertise that you didn’t have in house before.

With so much in the world news today about weaknesses in cyber security, it’s no wonder that there is attention being paid at each level, and having an online accountant who can work as adjunct staff with your in house team, the benefits should be mutually amazing!

Should you register a sole trader or a limited company?

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When freelancing, as Floyd does, there are considerations about the type of company you want to be which can significantly impact your earnings and tax status. It can even define how you are seen in the business community as it becomes part of your brand.

Costs and Expenses

Being defined as a sole trader, on the one hand, is low cost, low fuss and really requires not much from the proprietor. The alternative, operating as a Limited Company, is a little bit more complex, but it’s certainly the most popular option.

When working with clients who are in the Enterprise space, it makes sense to invest in the LC. It’s just another layer of credential.

Business Structure

The limited company structure has more rules and regulations to comply with. Because of this, accountant’s fees trend higher for limited companies. Government levied penalties for errors in the filings are more harsh and costly than for a sole trader.

Separation of Legal Entities

In addition, and perhaps the most telling recommendation not to go in this direction, it’s not possible to blend the personal and business accounts. Any monies that are taken out of the business have to be appropriately recorded.

Salaries, dividends and loans are the only types of withdrawals that are legitimately available to companies of this type.

The upsides are pretty good. There is a certain amount of protection that extends to the personal property of the owner, unlike under a sole trader arrangement. There is a buffer of the corporate entity that takes most legal and financial hits on behalf of its ownership.

One of the nicest things about the schemes is that it’s possible to adjust your status down the road.

So a small and simple one man show that begins operating as a sole trader can later expand, bring on new partners, and file the paperwork to become a limited company.

The decision point at which this transition is normally made is at the point where company earnings have escalated to the level of corporation tax levy. In that situation it’s simply easier to keep everything matching, and structure the company on paper as it exists in real life!