Our team has compiled a list of the top tips to help you get the most out of inniAccounts.
Your bookkeeping is the most important aspect of running your company in inniAccounts. Everything we do for you is based on the records you keep in our application so accurate records are key. Keeping your records up to date from the outset makes running your company in our online application easy. Explore our bookkeeping guide for more information.
As accuracy is key, we recommend that you use our statement importer by either uploading bank statements or by using direct bank feeds.
Transaction dates and amounts must be exact
The aim of bookkeeping is simple – make sure the balance in your books matches exactly your bank balance on your statement on any given date. If your balance in inniAccounts doesn’t match your bank statement exactly problems may arise – your LiveCash could be inaccurate, you may over / underpay your taxes or your accounts may contain errors.
Take care with VAT rates
When you record transactions in your Bookkeeping or Quick Entry, take extra care to check the correct VAT rate is applied to your transactions. A good habit is to refer to the original receipt / invoice when selecting the VAT rate.
Maintain savings / credit cards
If you have a credit card or a savings account you’ll also need to maintain records of them in the bookkeeping screen. You can read more on savings accounts and transfers and how to manage company credit cards in inniAccounts.
Day to day
If you need to loan your company money, take care when recording it in your books otherwise you may pay unnecessary tax. Read more about lending your company money.
inniAccounts first, then banking
It is really important that you only process payment in line with figures produced by inniAccounts. For example, salary should only be paid to employees based on the net salary that inniAccounts presents to you when your payslips have been created.
No personal shopping or cash withdrawals
Don’t pay for your weekly grocery shop or draw cash from your business account – this is frowned upon by HMRC and could trigger an investigation.
Only pay for items from your business account that are wholly related to your business activities. If you must to pay for something in cash, use personal money then claim it back as a business expense paid personally in the Quick Entry area.
Personally incurred expenses
If you pay for something from your personal account / cash, record it in the Quick Entry area. If the business pays, it goes straight into your Bookkeeping as it appears on your business bank statement.
Reclaiming personally incurred expenses
Personally incurred expenses are either reimbursed on your next payroll run or they can be claimed directly from your business. Just select the appropriate account in your Quick Entry area – Personal Account goes to a payslip, Expense Account goes to bookkeeping for direct reimbursement. Read more in Expense reimbursement without using Payslips.
Enter expenses individually
It is tempting to group expenses together and enter them as a single entry. Avoid this if you can and enter them as individual items. It is much easier to keep track of them this way and it reduces the risk of errors in your accounts.
Why record your hours?
When you create an invoice you can quickly add un-billed hours from your time sheet records. These hours are added to your invoice at the rate entered in your contract settings to create the invoice. Read more about creating invoices.
Day rate instead of hourly?
If you are paid a day rate, enter your day rate in the ‘Default rate’ box of your contract then record your days worked in the time sheet as whole days, i.e. 1 day = 1, 1/2 day = 0.5 etc. Find out more about managing clients and contracts.
Let the software keep track
When you record your billable time in the Quick Entry area, ensure that you use the ‘Add Timesheet’ feature when you raise an invoice. If you don’t you’ll see an increase amount of un-billed time being tracked on your contracts. Read more…
Bank details on your invoices
If you would like to show your bank account number and sort code on your invoices, simply enter them in the ‘Invoice message’ box when you create a contract. Read more…