SMALL BUSINESSES AND ZOHO BOOKS

 

SMALL BUSINESSES AND ZOHO BOOKS : A UK EDITION


HOW IS THE ECONOMY IN UK? 

The United Kingdom’s economy is consistently on the  front page elucidating its performance in production of goods and services and supply of money. According to the Bank of England, the UK's economy is based on factors like GDP, health conditions, inflation, unemployment, and inequality. Thus, these factors are affected with the fluctuation and contribution of the state’s business firms.

ROLE OF SMALL BUSINESS IN UK

The economy in the UK is very dynamic. The major private funds are the builders of the small scale enterprises. Most of the private owned companies fall under the category of SME. The economy of the UK is best when compared to many other economies, as it welcomes small scale businesses and makes them attractive to the people. Small businesses are local based and have an added advantage to make a great connection with people who can't afford. 


Small businesses are the backbone of the UK economy as it contributes in terms of 

  • creative innovation of new industrial sectors

  • employment opportunities for many people

  • entrepreneurship and financial independence 

Compared with other large scale business industries, half of the small businesses make more profit and experience cost saving across the board. This is because of the right usage of technology. Small businesses agree with the fact that technology will make their business to large scale in the forthcoming years.

Grading the small businesses is now more important in the UK. So being technically strong is significant for modern businesses. To enhance the business, it has to indulge in many activities. All recently developed industries or business firms use some sort of digital technology, a customised software or a website for their growth and betterment in the competitive platform. Development of any business happens only with the eye opening update of the procedure and functioning according to the current market level. 

Unfortunately, entrepreneurs and small business owners find it hard to choose the right tool for their business with a lot of choices in the market.

NEED FOR AN ACCOUNTING SOFTWARE

Be it a large scale or small scale business, accounting and financing is an integral part of progression. It is surprising to see, there are still small scale businesses run through a manual accounting practice, which is complex, time consuming and prone to errors. To make this process effortless, online accounting software helps with its various features that are complicated in manual accounting. In the UK, all business firms have to record their finances legally. Thus computerising account finance has a great benefit. It helps invoicing, billing, tracking, report generation, banking, project management and allows to file government returns online (like VAT).

ZOHO BOOKS FOR YOUR BUSINESS

Small Businesses with their limited resources work on the business objectives, marketing, customer relationship management and stipulating very less time and effort to accounting or financing. Zoho Books  provides many features to optimise the accounting for your business. From basic invoicing and billing,tax calculations to project management,managing clients, reconciling bank accounts, Zoho Books ensures the full pack of tools to manage business finance.

HOW ZOHO BOOKS WORK FOR YOU? 

Zoho Books is a comprehensive small business accounting software that manages the cash flow and business workflows. It aids to head over your receivable and payables and collaborate with customers and employees. It helps in generating insightful financial reports for business  growth.

  • Accurate estimation:  bids clear estimation  to customers and transform accepted estimation to Invoices. 

  • Unified Invoices: makes invoicing and receivable effortless. You can also receive payments in multiple currencies.

  • Integrated payment: with popular online payment gateways, and earn the trust of the customer with a secure environment.

  • Tracking expenses: simplified expense tracking and record bills for the expenses until it is paid.

  • Reconcile accounts: fetching bank statements and import bank transactions automatically.

  • Multiple projects: Keep track of timesheets, multiple projects, tasks and effectively work with project management in one platform.

  • Control inventory: add items, set reorder points, manage promotional pricing of the item and monitor inventory levels.

  • Generate reports: get insights in core areas of accounting and oversee changes in your transactions with activity logs and audit trails.

Zoho Books simplifies small business accounting through its time saving automation by cutting down monotonous data entry, and manages workflow. Its multi-user feature enables you to access to the employees, partners and customers anywhere from the world and work together efficiently. 

HOW ZOHO BOOKS KEEP YOUR BUSINESS VAT COMPLAINT? 

One of the significant and most neck-wrecking tasks in small business is VAT complaints. Zoho Books is a VAT accounting software that helps to automatically calculate VAT and generate the report. It helps you to know your VAT liability and prepare your audit reports and VAT returns in accordance with HMRC guidelines. 

Zoho Books calculate the VAT you owe and the amount you can reclaim in a consolidated report that's ready to file at tax time. When integrated with HMRC, Zoho Books will help you fetch your payment details from HMRC so you can match them with the corresponding return. You can approve agents and set approvals for them to file your VAT return to HMRC on behalf of your organisation. This makes you hassle free and lets you concentrate only on the business plan rather than creating chaos with Tax filing.

After the imposition of Making Tax Digital (MTD), with the aim to restructure the UK tax system, all small businesses have become aware of the importance of online or cloud MTD accounting software. MTD needs all business firms to adapt the new methods and policies, while Zoho Books, with its easy-to-use interface, can make this transition effortless. It maintains your financial records digitally, file VAT returns directly to HMRC, reconcile your bank statements, oversee projects, eliminate compliance worries, and more

ZOHO BOOKS -AN ABSOLUTE ACCOUNTING PACKAGE

Recording Financial data for every function is vital for a business. To maintain a proper account, traditional methods of spreadsheets don't work in this modern era of technology.  Accounting software solves this problem by helping in managing your inventory, reconciling bank accounts and staying tax compliant. Accounting is part of your business every step of the way, and a good accounting app like Zoho Books is there at every step to help you. With Zoho Books at hand, your growing business can get all the accounting capabilities it needs.

 

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