Financial Software

Toolkit Contents

Home | Financial Business Planning | Finance Business Records | Business Development | Help with Business Debt

Financial Business Planning

Business Plan
1. - - Reasons to have a business plan
    - Business Plan Scope
    - Create a Business Plan
    - The Prince's Trust Business Plan Template
    - Business Plan Template
Director Income
1. - - Taking PAYE salary
    - Taking Director Dividends
    - Pension Contributions
Business Finance
1. - Business Banking
    - - Reason for a Business Bank Account
      - Types of Business Bank Account
      - Open a Business Bank Account
      - Signing Instructions
      - Business Bank Charges
  - Small Business Freebies
    - - 10 popular freebies
      - Free Software
      - Free Business Resources
  - Business Insurances
    - - Why do I need Business Insurance?
      - Types of Business Insurance
      - How do I get Business Insurance?
      - Invalid Claims
  - Payment Obligations & Recovery
    - - Making prompt payments
      - The Prompt Payment Code
      - Receiving prompt payments
      - What must business invoices include?
      - Payment terms
      - Claim debt recovery costs
      - Recovery of debt owed to your business
Financial Software
1. - Benefits of Financial Software
  - Cost of Financial Software
  - GOV UK Tested Accountancy Software
Managing Business Risk
1. - Types of Business Risk
  - Create a Business Risk Register
  - Maintain your Risk Register
  - Business Contingency Fund
    - - Importance of business contingency
      - Start a contingency fund
      - Calculate operational expenses
  - Business Laws
    - - Importance of Business Laws
      - Types of Business Formation
      - Laws & Regulations
      - Helpful Governance Agencies

Finance Business Records

> Document Retention

> Self-employed records
> Companies registered with Companies House
> Inspection of records
> Digital Receipts
> Making Tax Digital
> Benefits of Digital Receipts
> Free Digital Records Storage

- Reporting & Filing
  - - Companies House Online Filing
      - Register for online filing
        What needs to be filed?
        Annual Confirmation Statement
        File a confirmation statement
    - Corporation Tax
      - What is corporation tax?
        Completing a corporation tax return
        How is corporation tax calculated?
    - Dormant Accounts
      - What are dormant accounts?
        File Dormant Accounts
        Dormant Accounts Example
    - Self-employed Tax Return
      - Deductible Expenses
        Non Deductible Expenses
        Gather Financial Records
        Completing the Tax Return
    - Tax Compliance Checks
      - What triggers a compliance check?
        How are checks undertaken?
        After the check
        Appeal a Decision
    - Small Business Accounts
      - Important: New Legislation
        Cash basis accounting
        Information for Cash Basis Accounts
        Prepare Cash Basis Accounts
        Accrual Accounting
        Information for Accrual Accounts
        Prepare Accrual Accounts
    - Actuals
      - What are Actuals?
        Information for Actuals
        Calculate Actuals
        Check for Differences
    - Balance Sheet
      - What is a balance sheet?
        Create a balance sheet
    - Bank Reconciliation
      - What is bank reconciliation?
        Information for a bank Reconciliation
        Perform a bank reconciliation
        Check for Differences
    - Cash Flow Forecast
      - Create a Cash Flow Forecast
        Types of business expenses
        Detailed expenses
        Types of business income
        British Bank Free Template
    - Fixed Asset Register
      - What is a fixed asset register?
        Create a Fixed Asset Register
        About Depreciation
        Calculate depreciation
    - Petty Cash
      - What is petty cash?
        Start a petty cash fund
        Check a petty cash difference
    - Profit & Loss Statement
      - What is a profit & loss statement?
        Create a profit & loss statement
    - Glossary of Accountancy Terms
      - A to Z Glossary of Accounting Terms
- Untidy Accounts
  - - Tidy up your accounts
    - Order your expenses & receipts
    - Untidy accounts - penalties
    - Set up a spreadsheet
    - Spreadsheet Formulas

Business Development

Small Business Grants
- - Available Small Business Grants
  - How to apply for a Grant
Marketing & Advertising
- - - - Importance of marketing & advertising
      - Types of marketing & advertising
      - Advertising laws
  - Market Research
    - - Why is market research important?
      - Market research methods
      - Evaluate market research data
  - Online Advertising
    - - Tips to start advertising online
      - Search Engine Optimisation
      - Pay-per-click
      - Free Websites
  - Free Advertising
    - - Free advertising options
      - Set up Google My Business
      - Word of mouth
  - Social Media Campaign
    - - Social Media Strategy
      - Set up a Facebook campaign
      - Set up an Instagram campaign
      - Set up a Linkedin campaign
      - Set up a TikTok campaign
      - Set up a Twitter campaign
Networking
- - - - Benefits of networking
      - Where to & how to network
      - How to write a 30 second pitch
  - Video Networking
    - - Benefits of video networking
      - How to join a Google Meet
      - How to join a Microsoft Teams meeting
      - How to join a Zoom meeting

Successful Business Tips
- - New Business - 10 Top Tips
  - Existing Business - 10 Top Tips
  - Research your business idea
  - Study the competition

Help with Business Debt

- Financial Distress
  - - Signs of Financial Distress
      - What is financial distress?
        Where to spot signs of financial distress
        Typical signs of financial distress
        Insolvent Distress
    - Insolvency Test
      - Cash Flow Test
        Balance Sheet Test
        Legal Action Test
    - Liability for Business Debt
      - Types of Business Debt Liability
        Personal Guarantees
        Wrongful Trading
        Insolvent Trading
        Fraudulent Trading
        Statute Barred Debt
        Challenge a Statute Barred Business Debt
    - Other Business Debt Options
      - Breathing Space rules for Business
        Individual debt solutions
    - Statutory Demand - Business
      - What is a statutory demand?
        Statutory Demand Process
        Challenge a Statutory Demand
- Business Debts
  - - Bounce Back Loan Debt
      - What is a bounce back loan?
        Options for Bounce Back Loan Debt
    - Coronavirus Business Interruption Loan
      - What is a Business Interruption Loan
        Options for CBIL Debt
    - HMRC Tax Debts & Fines
      - Time to pay agreements
        HMRC Recovery Powers
        Reasonable excuses
        How to appeal
    - VAT Debts & Fines
      - VAT late filing penalties
        Late interest payments
        Consequences of non-payment
        Options for VAT debt
- Business Rescue
  - Administration
    - - What is company administration?
        When is it a good option?
        Administration Process
  - Business Debt Restructuring
    - - Types of debt reorganisation
        Advantages of debt restructuring
        Disadvantages of debt restructuring

- - Company Voluntary Arrangement
    - - What is a CVA?
        Is a CVA a good option?
        Setting up a CVA
        Potential problems & risks with a CVA
        CVA Costs
  - Investment Options
    - - Types of investors
        Advantages of investors
        Social investors
        Disadvantages of investors
  - Mergers & Acquisitions
    - - What are mergers & acquisitions?
        Mergers & acquisitions process
        Types of mergers & acquisitions
        Advantages of mergers & acquisitions
        Disadvantages of mergers & acquisitions
  - Universal Credit - Business Owners
    - - Guide to universal credit
        Minimum income floor
        How to start a claim
- Closing a Business
  - Striking off & Dissolution
    - - What is dissolution?
        Dissolution process
        What is strike off?
        When is strike off not allowed?
        Strike off process
  - Liquidation
    - - What is liquidation?
        Is liquidation the best option?
        Compulsory liquidation
        Liquidation Fees

Suggest a topic to add

Benefits of Financial Software
Cost of Financial Software
GOV UK Tested Accountancy Software

Overview

Financial software can offer many benefits to businesses, including increased efficiency, improved accuracy, better decision-making, enhanced collaboration, compliance, increased productivity, and cost savings. You must first register as an electronic filer.

It's a good idea to use approved accountancy software to file annual accounts, returns and tax accounts. Companies House has a list of tested software which is shown below.

You need to consider which features you need and make sure the software you choose has those features, for example if you need software to deal with inactive accounts (sometimes called ‘dormant accounts’).

Benefits of Financial Software

There are many benefits to using financial software for business, including:

Increased efficiency: Financial software automates many manual tasks, such as invoicing, bookkeeping, and expense tracking, which can save time and increase efficiency.
Improved accuracy: Financial software reduces the risk of human error and ensures that financial data is recorded accurately and consistently.
Better decision-making: Financial software provides real-time financial reporting, which can help business owners make informed decisions based on accurate data.
Enhanced collaboration: Financial software often allows multiple users to access and update financial information in real-time, which can improve collaboration between team members and departments.
Compliance: Financial software can help businesses comply with regulations and standards, such as the Making Tax Digital (MTD) initiative in the UK, which requires VAT-registered businesses to maintain digital records and submit VAT returns electronically.
Increased productivity: Financial software can help businesses streamline processes and work more efficiently, freeing up time and resources to focus on other areas of the business.
Cost savings: Financial software can reduce the cost of manual processes and improve financial control, helping businesses to save money in the long term.

Cost of Financial Software

The cost of financial software for business can vary widely depending on the specific software, the features and functionality it provides, and the size of the business. Some financial software providers offer a range of pricing plans, with costs ranging from a few pounds per month to several hundred pounds per year.

Here are some general guidelines for the cost of financial software for businesses:

Basic accounting software: Basic accounting software, such as Xero, QuickBooks, & FreeAgent (https not secure at time of publishing but NatWest provide FreeAgent free to their business bank account customers) can cost anywhere from £10 to £30 per month for a single user, depending on the features and capabilities included.
Mid-range accounting software: More advanced accounting software, such as Sage 50 & Kashoo, can cost from £50 to £100 per month for a single user, depending on the features and capabilities included.
Enterprise-level accounting software: Enterprise-level accounting software, such as SAP & Oracle, can cost several hundred pounds per month for a single user, or several thousand pounds per year for a company-wide licence.

It's important to note that these are just general guidelines, and the actual cost of financial software will vary depending on the specific software, the features included, and the size and needs of the business. It's a good idea to compare different financial software options and to carefully consider the features and functionality you need to ensure you choose a software that meets your business needs and budget.

GOV UK Tested Accountancy Software

GOV UK Tested Accountancy Software - GOV UK Tested Accountancy Software 2023.pdf