Book Keeping Sales Income Tax Apps
Book keeping for any sole trader whatever their sector, can be time consuming and complicated, and way down the list “of to do’s”. This is certainly the case as all so often, the focus for the self-employed is on getting on with a multitude of tasks to get income coming in. However, book keeping is one of the most important task to do.
Regularly Doing Your Accounts
Regular book keeping will give you a better understanding of your business. It would certainly save the stress of scrambling at the end of the year, when your tax returns are due. Looking for what expenditures has been made, finding the receipts for everything which has been bought for the business, and what cash you received, and what went into the bank. As so often personal bank accounts are used by sole traders, and it may take time for them to drill through the mix of personal and, business expenses on their bank statements.
Legal Requirement To Keep Accurate Records
Running a small business often means you juggle lots of different hats, but keeping accurate records is a legal requirement, and can help you to save money. As all to often leaving the accounts until the end of year, expenses are missed out. Keeping good accounts can be the simplest thing, if you are able do it little and often.
With the Universal Credit being rolled out around the country, the changing prerequisite for the self-employed who are in receipt of Working Tax Credits; there could possibly be consequences of not having figures of your business accounts on a monthly basis. As you have to prove that you are in ‘gainfully self-employed’.
Book Keeping App 1 Tap Receipts
Fortunately there are a number of simple record keeping applications, which can be easily used via your Mobile, and downloading an APP. On reviewing the App 1 Tap receipts we believe it will be an invaluable book keeping tool, and ideal for several of our customers.
Being able to use a Mobile Phone, which many people of all age groups, are now very familiar with, using their mobiles on a daily basis, for posting to their Facebook page, posting photo’s, using their mobiles to make purchases. The unfamiliarity of using accountancy software, spreadsheets, is taken away.
With 1 Tap Receipts a photograph is taken, of a receipt for petrol, or a picture of the laptop screen of the email received, after purchasing equipment from eBay, for example. With a click the APP converts the images, and you have all “costs” recorded, with the dates.
Similarly for a sales invoice, you take a picture and all these details are recorded, and you get a summary of costs. These are all stored for you. There are the accounting facilities for VAT registered businesses.
For those on the move, such as the mobile hairdresser, the builder, plumber, it would be hugely beneficial for them, to have access to their account records, at all times through the APP; and they have the added advantage of getting used to sending and, recording petrol receipts, and any other expenses on a daily basis.
The Cost of Using 1 Tap Receipts
The Free Version of the App will give you an opportunity to review the facilities, it is limited to 10 Scans. Prime Lite is £14.99 / a year and limited to 100 Scans, and has 20GB of cloud storage. Prime Pro £49.99 offers unlimited scans. Prime Max is £119.99 / year and suitable for businesses VAT registered, and comes packaged with unlimited Cloud Storage, and you can provide access to your accountant.