These Apps all connect to Sage One, our favourite Sage software
9 Spokes is FREE!
See how your business is performing simply by connecting your apps to 9 Spokes. Your dashboard will reveal how your cash flow, people and sales are tracking, all in one place.
Get a more complete view of your sales pipeline with our unique and highly-visual Sales Funnel.
Dive deep into your hottest and most active deals with our ‘Sink or Swim’ view and leave no deal unturned by highlighting which deals need to be followed up on.
Let Expensify’s intelligent automation handle your expenses in realtime. Because you have better things to do.
Expensify can also track and report your business mileage.
Whether you choose to set up your property investment business as a Sole Trader, Partnership or Limited Company you will need to keep accounting records.
Landlords need to register for Self Assessment and companies need to file accounts and pay Corporation Tax.
You will need to keep track of the rental income and claim allowable expenses
- Mortgage or Loan Interest (but not capital)
- Repairs and maintenance (but not improvements)
- Travel costs to and from your properties for lettings or meetings
- Advertising costs
- Agents fees
- Buildings and contents insurance
- Ground Rent
- Accountants Fees
- Rent insurance (if you claim the income will need to be declared)
- Legal fees relating to eviction
How can Sage One help you?
Sage One is cloud based which means you can access your records 24/7 on any device but more than that you could invoice your tenants and put a pay now button on their invoice (using Sage Pay). Making it easier to pay and track rent will keep you in control.
Work with your accountant
Sage One has accountant access so your accountant can help you quickly resolve queries and provide advice, no more print out and back ups.
Budgeting and Planning
You can use the Sage One help plan your cash flow and Sage One has build in Cash flow Forecast based on supplier and tenant payments
Connected Bank Accounts
Sage One links to you bank account so you can always be up to date on rent collected
Multi User Access
As you business grows you can allow others to have access which you can control
You could set up each property as a ‘Project’ and runs reports for each property or all properties. Here the analysis codes you can use:
||Examples of use
||Sales divisions, regional sales.
||A specific property or planned work.
You can also use Nominal Codes for analysis.
So you’ve made the decision, its time to move to Cloud Accounting and you’ve choosen Sage One, what do you need to do to move your accounts to Sage One?
You need to start by deciding the best time to move, it could be your Year End or the end of VAT Quarter, but its likely to be on the 1st of a month.
Get some help, why not find a Sage One accountant and ask them to help you set up your Sage One, they might even offer you a deal and include your other accounting and tax needs.
Then you need to create your Contacts – Customers & Suppliers.
Then you enter opening balances – for example unpaid supplier invoices.
You also need to set up your Bank Feeds
To set up bank feeds
1. Banking > click the required bank account.
2. Manage Bank Account > Connect to Bank.
You enter your closing Trial Balance from your old accounting system on the last day of the month before your Sage One start date.
Keep the records and prints from your old accounting system for reference.
Then you are ready to get started, its all very easy and straightforward, nothing to worry about.
There are lots of brilliant accounting solutions on the market, so how can you decide which one will work best for your business?
The first thing you need to decide is what features you need:
- Construction Industry
- Automated payments – PayPal etc
- Bank Feeds
- VAT Schemes
- Document Storage
- Accountant Access
- Access – Apps, Devices, Mac’s
- Contact Management
Don’t pay for things you don’t need!
As your business grows, will the software grow with you
- Can you add users
- Can you set access levels
- Are there upgrade products
- Can you add in other products (Apps) such as scanned receipts
How much does it cost? Normally working with an accountant will reduce the overall cost and provide a package deal
- Monthly Software Subscription
- Accountancy Fees
- Book Keeping Costs
Ask for Help
Just because you have cloud based software it doesn’t mean you won’t need an accountant! you might think you don’t need help but an accountant will help you choose the right VAT Scheme, claim tax reliefs and comply with reporting requirements.
When you start a business its because you have a skill or product that clients want and most small businesses put off the accounting because they find it boring, time consuming and unproductive. This often causes huge problems with tax, cash and business management.
What if it wasn’t boring, what if it was easy and quick to do?
- Apps for invoicing
- Available every where all the time on all your devices
- Automatic bank feeds to reduce data entry
- Dashboards of key data
- Easy access for you and your accountant
That’s why cloud accounting systems are the future. Take a look at this infographic produced by Sage.
Obi Wan Kanobi might not be you’re only hope, cloud accounting could save your business.