My Bookkeeping Online Blog

Finally a bit of assistance from HM Revenue & Customs (HMRC) on entertaining expenditure!

Everyone is aware of (and frustrated by) the fact that HMRC offers no support in the cost of entertaining customers. Well I am delighted to say that this HMRC policy is set to change – not through any change of heart, but because the EU is forcing a change of approach....

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Categories:Accountants, Bookkeeping, Financial, Industry News

The degree of complexity required of a purchase ledger depends on the size of the business.  For example, a shop that receives 30 supplier invoices a month will have very different requirements to a national chain of shops that might receive 2,000 supplier invoices a month...

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Categories:Bookkeeping, My Bookkeeping Online, Small Business Help

Occasionally, I pick up on bits of functionality in My Bookkeeping Online that are really valued by users.

On this particular occasion, an accountant brought it to my attention that some rivals do not offer the ability to record a cash sale in the sales ledger without raising an invoice – so I thought it would be worth passing on in a blog how My Bookkeeping Online...

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Categories:Bookkeeping, My Bookkeeping Online, Small Business Help

One of the great advantages of online bookkeeping is that any change or upgrade made to the software is released to everyone’s account at the same time without additional cost. In other words, everyone benefits immediately – accountants and clients alike.

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Categories:Accountants, Bookkeeping, My Bookkeeping Online

The last few years has seen a number of online bookkeeping solutions launch solely in the online arena. These include Xero, Kashflow, Free Agent Central and, of course, My Bookkeeping Online.

These new products are challenging the traditional software houses –Sage and QuickBooks -both of whom are yet to launch an online solution.

So, which is the better for micro businesses? Particularly those that are one man bands, or have no in-house bookkeeping skills?

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Categories:Accountants, Bookkeeping, My Bookkeeping Online, Small Business Help

Running your own business is challenging enough, without the bookkeeping getting in the way. Believe it or not, bookkeeping does not need to be the stressful; challenging nightmare that it is often perceived to be. Here are my 5 top tips:

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Categories:Bookkeeping, Financial, My Bookkeeping Online, Running a Business from Home, Small Business Help, Start ups, Working From Home

It is important to have good control over your tills. Here are a few ideas:

1. Always have enough change, particularly at your busiest times. Running out of change is a nightmare – it wastes time while you fix it, annoys your customers and ultimately costs money. When I owned a pub, we were always busiest at weekends, so we organised the week’s change order each Friday (always ordering 25% more than we thought we needed) and then we topped up after the weekend if we needed to.

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Categories:Bookkeeping, Small Business Help, Start ups

It is important that you have the right level of bookkeeping software for your business. The wrong software will leave you frustrated because it will either be too simple and not provide the information you need, or be too complicated and cost a fortune to run.

In my mind, there are 4 levels.

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Categories:Accountants, Bookkeeping, My Bookkeeping Online, Small Business Help

Last week, Sian Williams said she would read the breakfast news naked because HMRC would not allow her to claim her clothing costs as a business expense.

As there seems to be much misunderstanding about what constitutes a business expense, I have set out below the general rules that apply to the vast majority of circumstances. Hopefully this will help Sian, and other frustrated tax payers /naturalists, avoid future accountancy and legal costs!

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Categories:Accountants, Bookkeeping, Expenses, Financial, Running a Business from Home, Small Business Help, Start ups, Working From Home
Tags:HMRC

Trying to manage the amount you owe suppliers using any bookkeeping software, including Excel, is tricky. What commonly happens is that mistakes are made and then, more time is spent correcting errors than on the bookkeeping itself! I have come to the conclusion that the most efficient solution for small business owners remains a simple paper filing system.

Organise the papers as described in this “The 4-step system” and you will always...

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Categories:Bookkeeping, Financial, Small Business Help
Tags:purchase, invoice, management

Small businesses, the chances are that your business year-end is approaching, or has just passed and you are once again worrying about pulling together the information that your accountant needs to do the year-end accounts? Am I right? You can make your life easier, a lot easier, using My Bookkeeping Online.

The benefits are...

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Categories:Bookkeeping, Financial, My Bookkeeping Online
Tags:backdate

Over a year in development and we are finally there. My Bookkeeping Online is live and simple bookkeeping for small businesses has arrived.

In the next few blog posts I’d like to highlight the key areas of the bookkeeping software and hopefully answer any questions our new users may have.

Simplicity starts with the registration process. To get access to the 14-day free trial, all we need is your name and email!

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Categories:Bookkeeping, My Bookkeeping Online
Tags:bookkeeping

The essential guide covers everything you need to know about the VAT rate change this December.

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Categories:Bookkeeping, Financial, Industry News, Running a Business from Home, Small Business Help
Tags:VAT

It has been announced, our thoughtful Government are changing the VAT rates again. An impulsive decision made a year ago with little thought for the administration burden on small businesses.

Now, of course, they are going to change it back again and have finally settled on the 1 January as the date to do it.

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Categories:Bookkeeping, Financial, Small Business Help
Tags:VAT, rate

It is sad to say, but many small businesses have a stressful relationship with their accountants. Looking at the bald facts, it is perhaps not hard to see why...

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Categories:Bookkeeping, Expenses, Financial, My Bookkeeping Online, Small Business Help
Tags:accountants, bookkeeping

1. Think of a business name. If you need them, make sure that a suitable domain name is available (for emails and website). If you are struggling to find a name, think about using your own name – credibility is essential and your willingness to use your name will reassure potential customers. Alternatively, stick with the simplest explanation of your business that you can find. “My Bookkeeping Online” is a good example of this.

2. ...

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Categories:Bookkeeping, Employees, Expenses, Financial, Marketing, Running a Business from Home, Small Business Help, Start ups, Working From Home
Tags:business, home, commercial

We all lead busy lives but in particularly business owners suffer with fitting everything into those short 24 hours in the day. Therefore, it brings no surprises that we are very alive to ideas that save time and jumping up-and-down if they save money too! In this post we discuss some stones to search under!

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Categories:Bookkeeping, My Bookkeeping Online
Tags:Save, time

Hello I'd like to introduce myself as Bookkeeper Tim! This is my first blog post of many in the run up to launch of My Bookkeeping Online.

The blogs main focus is on small business. No doubt my focus will head off in many tangents in the coming weeks and months, but the primary purpose is to talk about small businesses that are starting up, help with some broad advice and talk about the issues small business owners face in specific industries. Please forgive the occasional rant too...

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Categories:Bookkeeping, My Bookkeeping Online, Small Business Help
Tags:business, blog