Kashflow Accounting & Payroll: The Ultimate Guide
If you are a small business that needs a robust accounting and payroll system, KashFlow accounting is the software for you. It offers a simple screen layout and cloud-based accounting. It also allows you to use multiple bank accounts and provides real-time cash flow visibility. It also includes automated credit control and reminders for overdue invoices. If you would like to learn more about payroll service numbers, you can do so here .
Kashflow Accounting Payroll Services
Kashflow is a cloud-based online accounting and payroll system that allows users to manage company pay cycles and track employee data on a single platform. It also automates Real Time Information submissions and is HMRC recognised, which helps reduce room for error. It also features an easy-to-use calendar that makes tracking holidays and other staff leave easier.
The software is designed with small businesses – including freelancers and contractors – in mind. It is simple to use and requires no previous bookkeeping or accounting experience. In addition, it is highly mobile-friendly.
The system also offers automated credit control, which means it will automatically email customers who still need to pay their invoices. It will also send three pre-written and effective reminder letters. This feature will help you avoid losing money to slow-paying clients. The system will also help you save time by allowing you to create quotes that can be converted into an invoice with the click of a button.
Here are some more key features and functionalities of KashFlow Accounting:
Invoicing and Quotes: KashFlow allows users to create professional-looking invoices and quotes, customize them with their branding, and send them to clients directly from the software. It tracks outstanding payments and sends automated payment reminders to clients.
Expense Management: Users can easily record and categorize expenses, upload receipts, and track business costs. KashFlow also enables users to set up recurring expenses, making it convenient for regularly occurring expenses.
Bank Reconciliation: The software integrates with users’ bank accounts, allowing for automatic bank feeds and easy reconciliation of transactions. This feature helps users keep their financial records current and ensures accuracy in their accounts.
Financial Reporting: KashFlow provides a variety of financial reports, including profit and loss statements, balance sheets, and cash flow statements. These reports offer insights into business performance and help users make informed financial decisions.
VAT Management: The software supports VAT (Value Added Tax) calculations and submissions, making it easier for businesses to comply with VAT regulations. It allows users to set VAT rates, generate VAT returns, and submit them directly to tax authorities.
Payroll Integration: KashFlow integrates with popular payroll software, enabling the seamless transfer of payroll data and simplifying payroll management. This integration helps automate payroll calculations, tax deductions, and employee payments.
Project and Time Trackin g: Users can track time spent on projects, assign costs to specific projects, and generate reports to analyze project profitability. This feature is particularly useful for service-based businesses and freelancers who need to track billable hours.
Multi-Currency Support: KashFlow accommodates businesses that deal with multiple currencies. It allows users to invoice clients, record expenses, and generate reports in different currencies, helping with international transactions and financial management.
CRM Integration : KashFlow integrates with CRM (Customer Relationship Management) systems, enabling users to sync customer data and financial information, giving a more holistic view of business relationships.
Kashflow Accounting Payroll Services Cost
Kashflow Payroll Packages
Package
KashFlow Payroll Core
KashFlow Payroll Plus Accounting
Price (For up to 5 employees)
£8.12 per month
£29 per month
Additional Features
£1.35 per additional employee
Unlimited functionality
Weekly or monthly payslips
Calculates Tax & NI for you
Free ESS
First company free – £2 per additional company
Track staff holiday entitlement and pay Holiday Pay
Kashflow is not the cheapest accounting software, but it’s easy to start with and covers all the bases. The price may be slightly higher than some competitors, but it is worth it for a small business that wants to hand over traditional bookkeeping tasks. It’s also a good choice for new businesses using online sales channels. It takes a little time to set up, but it is intuitive and looks great once you get going.
Its features include quoting and invoicing, credit control, accounting, purchase management, payroll and reporting. It can automate recurring purchases and alert suppliers by email when an invoice has been paid. It can also automatically import bank transactions into the system and graphically represent financial data. It can even help you file VAT returns and CIS reports with HM Revenue and Customs. Moreover, you can record transfers between accounts and use the dashboard to see how your business performs daily.
History of Kashflow Accounting
Kashflow is an online accounting package with a good reputation for being dependable and user-friendly. Its primary program costs £8 a month + VAT and is suitable for sole traders, contractors, and small businesses. It includes unlimited quotes and ten invoices, reconciliation for up to 25 bank transactions, a free mobile application, 50+ reports, purchase and expense management, mileage tracking, and more.
This screen allows you to select the format and method for delivering payslips to employees. You can also decide if you want to use Kashflow’s ‘Electronic Self Service’ feature, which means that when pay is finalised, each employee will be sent an email advising them their payslip is available to view online.
This screen lets you set up the nominal codes that I-PAY will post journal entries to within Kashflow, either selecting an existing one or creating it for you. You can then map the payroll costs to your nominal ledgers – saving time and avoiding mistakes.
Additional Features of Kashflow Accounting
Kashflow is an online accounting software that offers several additional features. It supports multiple currencies, ha s a customisable dashboard, and allows users to reconcile bank transactions. It also enables customers to track mileage reimbursements, submit VAT documents, and manage online payments. It has a variety of pricing plans that are suitable for contractors and small businesses.
It’s simple screen layout and logical structure make it easy to use. It allows you to pre-enter supplier and customer details, such as their VAT registration numbers and CIS status, and store invoices in a simple archive. The software will automatically remind you of overdue invoices and list received payments on the dashboard. It also enables you to automate repeat invoices and set up notifications to let clients know they are overdue (excludes the £5 package).
In addition to its payroll management, KashFlow allows you to manage employee payslips and workplace pensions with just a few clicks. It can also help you record taxable expenses and calculate your tax return, saving you time and money.
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