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How to set up a company

Accounting systems

An accounting system is the tool which you use to keep track of all your business invoices, expenses and banking. Without a good system for recording all of this, you could get completely lost by the end of the financial year.

It is vital to setup your accounting system properly from the start. A good system comprises of accounts receivable, accounts payable, general ledger, billing, stock, purchase order, sales order and cash book. Naturally, not all businesses will require each bit.

Traditionally, many businesses have relied on spread sheets as their primary bookkeeping system. However, many businesses complain that it can get confusing, cumbersome and that their accountant has no access to it on a day to day basis.

These traditional spread sheet systems are often the reason why issues arise that could have been solved much earlier.

These days, more and more contractors and freelancers are using online accounting software to do all of their bookkeeping. They are simpler to use than spread sheets, are very intuitive and most of all allow you to collaborate with your accountant. This means that your accountant can spot any issues before they arise and can manage your books without you having to send anything over.

>>Nimble Jack Accounting are online accounting experts and have considerable experience in helping contractors, freelancers and small businesses every step of the way.

A good online accounting system will have the following:

  • Let you invoice with ease
  • Ability to scan in your receipts
  • Downloads your bank statements automatically
  • Login anytime anywhere
  • Great smart phone apps

Online accounting software is making traditional spread sheet systems obsolete. If you are a contractor or freelancer, it is time to embrace online accounting software and discover a new way of working with your accountant.

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Any questions? Speak to one of our friendly accountants on 020 7969 2879.