Bookkeeping vs. Accounting: Do You Know the Difference?

Have you always thought that bookkeeping and accounting is the same thing? This is not true. Both bookkeeping and accounting have different roles to play in the success of your business. Read this blog post to find out the difference between the two.

Most people find it hard to distinguish between the terms bookkeeping and accounting. While it is true that accountants and bookkeepers share similar goals, they support your business in two very different stages of your financial cycle. Accounting is subjective and gives you business insights based on bookkeeping information. Bookkeeping on the other hand is administrative and transactional and is mainly concerned with the accurate recording of financial transactions.

If you are not sure whom to hire, then read on. In this blog post, we will tell you the functional difference between accounting and bookkeeping and the difference in the role of a bookkeeper and accountant.

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What Sage Accounting Can Do For Your Enterprise?

From stock exchange giants to start-ups, Sage can bring in the best business accounting solutions. Read on to find out more.

Did you know that Sage has been voted as the number one finance and payroll software by over 800,000 enterprises in the UK? The versatility of sage has made it a popular choice for almost any organization, no matter the size or nature of the business.

Once you start using Sage, you will be in awe of its excellent features. You can keep a track of your money, import data, find out more about your business performance, submit online VAT returns, write recurring statements, run reports and even organize your finances. Recording payments and creating invoices too becomes a breeze with all your important information in one place.

Sage has something for everyone, whether you are looking for an accounting, bookkeeping, payroll or an all-in-one software. Here are six of the most popular software by Sage and how they can help your business.

1. Sage Instant Accounts Plus

If your business is small in size or new, then this bookkeeping software is for you. You can not only save hours on managing your finances and VAT, but also keep an accurate record of your bank accounts and control your stock/products with ease. Other features include, easy information storage, ability to track customer activity and identification of who owns you money.

2. Sage Instant Payroll

If you use Sage Instant Payroll, you can make accurate, on-time payments to your employees and also be assured that your business is compliant with the latest market legislations. The Sage Instant Payroll has the capability to use a flexible licence plan and work as per HMRC (HM Revenue & Customs) standards.

3. Sage Act!

Have you always wished to get a bird’s eye view of your customer records? Now you can with Sage Act! With the software’s advanced social networking and mobile features, you can quickly view phone details, meeting notes, emails and even documents for each customer. By using this software you can even work with any popular web based productivity tool. Continue reading

Should you Choose Xero Over QuickBooks?

How do you make a choice between Xero and QuickBooks? Which software is better? Read on to find out which software you must choose.How do you make a choice between Xero and QuickBooks? Which software is better? Read on to find out which software you must choose.

If you are keen on installing an accounting software on your hard disk, then go ahead with QuickBooks. However, using Xero is a great way to take advantage of technology. It is anonline accounting solution and not a streamed down version of a desktop accounting software. Xero offers quick dashboard access. You can also match your transactions in Xero. There is also a handy discuss tab where you can classify your bank transactions.

QuickBooks on the other hand has to be installed on a hard drive and the cost of the software increases with every new user. This software also requires a server for multiple users. If you want to share information with a CPA, you will have to give access to the server or exchange the downloaded file. Another disadvantage of QuickBooks, is that it forces you to update its software every few years.

Both these products are great for bank synchronization, bank reconciliation, accounts payable, accounts receivable, inventory, invoicing, bill management, payroll, financial reporting, cashflow and document sharing to name a few.

Xero Vs QuickBooks

1. Easy bank reconciliation: QuickBooks and Xero enables users to sync bank accounts and download bank transactions, but only Xero allows you match previously recorded transactions with your bank transactions at the click of a button.

2. Bank rules for quick transactions: Bank rules are used to define how a bank transaction will be recorded. While Xero has hand this function for a long time, QuickBooks only incorporated bank rules into their system last year and is yet to catch up with Xero. Continue reading