The COVID-19 outbreak is already having a significant financial impact on a number of sectors (including retail, leisure and hospitality) and this is set to expand further into other businesses, both in terms of supply chains and consumer demand.
In the last few weeks, we have seen a noticeable shift in our clients using, or moving to, accounting software solutions to help them take more control of their finances and cash flow planning.
Accounting software can help you in so many ways:
- Prepare VAT returns
- Help with your bookkeeping requirements
- Cash flow forecasting
- Send invoices to speed up the payment process
- Record & store your expenses or receipts
- Reduce your admin time
- 24/7 access on any device
If you are looking for cloud or a digital software solution to help the day to day running of your business, we work with Xero, SAGE, QuickBooks & ReceiptBank so the process of sharing paperwork between us, couldn't be simpler.
To find the right software solution for your needs, please look at the top line information we have put together on our tech page & links to set up an account.
TIP: In these very difficult times, we would suggest you plan for a “worst case/what if” scenario so that you can plan appropriately. Map out what your main pain points will be and then outline what financial support you will need to have in place to minimise your risk. This may include contacting your bank, utility providers, mortgage provider or HMRC to request payments are deferred or seeking additional finance.
If you aren't currently using Xero, QuickBooks etc. as your main accounting software, please get in touch with us on +44 (0)20 886 75775 or be-ambitious@lawrencegrant.co.uk if you require assistance with cash flow forecasting, tax planning or additional accountancy advice to help you as you face a whole range of personal and business challenges. Our team are here to support you through this period of uncertainty.