Saturday, 30 June 2012

XBRL - Shifting from Paper to Online Company Tax Returns and Electronic Payment

Online Tax Submission

XBRL is a standards-based technique used for making ready, publishing (in a spread of formats), exchanging and analyzing monetary statements. XBRL facilitates reporting and makes it easier for firms to render information in a very user-friendly manner that's disclosed below the present accounting standards and is valued by investors and regulators. It enhances the processes of preparing, analyzing and publishing the data in business reports. XBRL defines how the numbers and facts within a financial plan and connected reports relate to one another.

XBRL stands for eXtensible Business Reporting Language. It’s one among a family of "XML" languages which is turning into a standard means that of communicating data between businesses and on the web.XBRL is being developed by a global non-profit consortium of over 600 major corporations, organizations and other government institutions. It’s an open customary, freed from licence fees. It’s already being place to practical use in a number of nations and implementations of XBRL are growing rapidly round the world.

The idea behind XBRL, eXtensible Business Reporting Language, is simple. Rather than treating monetary info as a block of text - as in an exceedingly standard web page or a printed document - it provides an identifying tag for every individual item of information. This can be computer readable, for instance, company net profit has its own distinctive tag.

HMRC has announced that from 1st April 2011 for any accounting period ending 31st March 2010, all Company Tax Returns should be filed online with accompanying monetary statements and computations in iXBRL format. 
iXBRL is a new, electronic format for business info, which HMRC expects to produce edges within the construction, analysis and communication of business and financial information. With iXBRL format you have got an XML document that has standard bar codes among it. The bar codes or ‘tags’ effectively convert everybody’s monetary statements and computations into a standard machine-readable template. iXBRL is changing into a global customary for financial reporting. Nearly all firms are going to be needed by HMRC to file monetary statements and tax calculations using iXBRL.

As XBRL reporting is widely utilized by companies everywhere the world, hence, Simple Online Accounting provides iXBRL featured format reports, whichmight be submitted online to HMRC. You’ll be able to conjointly submit your yearend accounts as well as corporation tax in iXBRL format. 
Simple online accounting software is consistently updated in line with HMRC latest updates.

Brand Your Invoices With Simple Online Accounting

With the arrival of a lot of advanced web technology today, online invoicing / accounting software has become a trend and a necessity for businesses, if you wish to own a competitive edge over alternative businesses in your field.

Highly effectual online invoicing system can assist your businessbe on path together with your money flow as well as relieve your money flow by unlocking worth in unpaid invoices and late payments, particularly at now when money flow issues are getting ever a lot of widespread.In order to squeeze out the utmost potential advantage from this tool, it's vital that you simply select the correct online invoicing system from the outset.
An invoice is an industrial document issued by a seller to the consumer, indicating the merchandise, description, quantities, and agreed costs for merchandise or services the seller has provided the consumer. An invoice indicates, the consumer should pay the seller, in line with the payment terms. The customer has a maximum amount of days to pay money for these products and is typically offered a reduction, if paid before the due date.
From the view point of a seller, an invoice means a sales invoice and from the case of a consumer, an invoice could be a purchase invoice. The text indicates the consumer and seller, however the term invoice indicates cash is owed or owing
Simple Online Accounting has incorporated all the above mentioned features. It provides professional invoices which saves your precious time and money.All invoices and credit notes can be saved as PDF documents for printing, emailing or saving. You can create professional looking invoices together with your own emblem and quickly send them to an infinite number of consumers to urge paid faster.
You can invoice your consumers and record all of your supplier’s invoices to stay an eye fixed over your payables conjointly. You can also know the VAT amount levied on the entire invoice amount. SOA provides detailed sales and expenses Invoice lists reports for a specified period. The sales & expenses invoice list reports shows the due date of the payment and also the status of the payment whether or not due or paid.
SOA provides html editor facilities, in order that our valued clients will edit & delete fields in line with their necessities. They can  even design their own invoice or can take our services for coming up with invoice of their own selection. This facility helps the client to decide on the invoice Performa in line with their style.

Tuesday, 26 June 2012

Simple Online Accounting- Dealing with Stranger Risk

Many business relationships are affected negatively by firms not having correct records. Misconstrued records cause inaccurate budgets, poor buying selections, unsound gross margins, inaccurate monetary statements, and quite presumably cheques being issued for which there's no cash in the bank. These sorts of adverse incidents will be averted with regular bank reconciliations.

Bank reconciliation could be a common and reliable technique for verifying your bookkeeping quickly and efficiently. Preparing bank reconciliation at the end of every month is one amongst the most effective ways that you'll check the accuracy of your accounting records. Bank reconciliation may be a terribly complicated and extremely tedious method. Bank reconciliation is the methodology of comparing and matching figures from company’s books against those shown on a bank statement. Reconciling your account statement is an absolute essential even though it's an expensive and time consuming task.
Bank reconciliation is a crucial part of the monthly cash flow associated with your business and may be done as soon as the statement takes place from your monetary establishment. Bank reconciliation statement helps businesses to scale back the number of unutilized benefit accounts. By adding deposits in transfer, deducting outstanding business cheques and adding or deducting bank errors, you'll manage business cash flow, therefore managing successful business operations.

Keeping view of above mentioned options, Simple Online Accounting provides bank reconciliation facility for its esteemed customers. This Facility shows how you’re real bank balance and the balance mentioned in Simple Online Accounting software match, when probing any unreconciled things. This statement is beneficial in case your bank account’s statement balance doesn't match with the balance entered in our software, and you have got to cross check each and every transaction which may be inflicting the inconsistency. Simple Online Accounting supports all leading banks; they provide banking transaction statements, which you’ll import in CSV format in our software, therefore reconcile your accounting details.

You can perform this process by clicking on Tasks – Bank Reconciliation Tab in our bookkeeping application’s section. In response, Bank Reconciliation page opens and where on clicking on Import link beneath Bank Statement column, you’ll be directly redirected to Import Bank Statement page. Select the file that’s to be uploaded and click on the Import link, consequently a screen appears showing your banking transaction details, you’ll be able to use this document for crosschecking both set of your accounts details, and if any mismatch happens, it can be rectified by writing a distinction adjustment entry within the box below it. Finally, both the bank account details and SOA software details gets matched.

Saturday, 23 June 2012

Online Accounting Reports –Simplified Accounting Tasks

Accounting is a summarized report concerning the fiscal data of a particular business activity. Accountants prepare reports including assets, liabilities and dealing outcome of an industry. They defend and review these proceedings, whereas making financial reports like income statement, money flow statement and Balance sheet. Accounting is a very important exercise for any business; either it’s small, medium or a giant firm, all wants competent folks to sustain their important fiscal information. Handling accounting activities for small businesses can be hard to retain and administer, once you focus on other issues.
Maintaining the books like year-end accounts, bookkeeping, tax etc., are often a tedious and time consuming matter. Though, with the introduction of technology and the internet, accounting and bookkeeping has become very simple to systematize. Online accounting bridges a platform through that you'll access your accounts online at one click; it conjointly comes at a fairly low value. If you would like to avoid wasting some time, then online accounting may well be the most effective result for you and your company.
Financial Accounting mainly creates the subsequent financial statements:
  • Income Statement (referred to as profit & loss [P&L] statement)
  • Balance Sheet
  • Trial Balance
Income Statement
The income statement addresses a company’s profitability throughout a specified duration of time. The time duration is chosen by the company. The most parts of the income statement are profit, expenses, gains and losses.
Balance Sheet
The balance sheet shows a company’s fiscal position at the end of a specific date.
The balance sheet is structured into three components –
  • Assets
  • Liabilities
  • Investor’s equity at a precise date (difference between the amount of assets and liabilities)
Trial Balance
A bookkeeping worksheet within which all ledger balances are grouped into debit and credit columns. The common reason of providing a trial balance is to make sure the entries in a company’s bookkeeping system are mathematically correct.
Simple Online Accounting is an easy to use web-based service that permits you to classify your funds more effectively. We have included above mentioned accounting features in our accounting software. If you fill one transaction in a module, it will be automatically mirrored in different connected modules, where it’s needed, in our accounting system. This could ease your operating of doing multiple entries, hence, it’ll be simply handled by non accounting professionals. We have added all the important accounting features in our accounting software. Our software is specially prepared for small and medium size businesses. It’s tagged as small business accounting software. You can give access to your accountants or other staff, regardless of their location. With our online accounting software, you can easily prepare P&L account report, Balance sheet reports, Vat reports, creditors and debtors report and trial balance report etc. Now, on a click you can generate varied different reports like sales report, expenses report and payment to supplier report etc. You can easily get your customer list, supplier list, and also know a payment to supplier, transaction by a particular supplier, sales invoice list. You can get sales, expenses and different vital chart reports, that helps you in knowing your company’s current performance as compare to previous one. With our Simple Online Accounts Production application, you can get your year- end financial reports.  Our online software eases your workload and you’ll be able to get varied reports of your desires in an exceedingly fast succession. We welcome your valuable suggestions that ultimately profit our system!

Better Contact Management

No one runs a business alone. You want to apprehend where to travel for help, if issues arise. For this, you’ve got correct contact details as well as address, phone number and email-id etc. of the concerned person. Your customers and vendors are the soul of your business, as an example, if you’re running a software development firm; you want to have the contact details of all developers, designers, business development executives, accounts department personnel etc.

In today’s combative business atmosphere, one wants the smallest amount gain for a successful, and such a tiny low factor as your email id is the distinction between obtaining that deal or not. Emails has been a very vital conversation tool during this age of technology, and with the increasing range of companies doing transactions online, the email is actually an excellent tool in managing your business. Email could be a important tool each for individual use or managerial use, it happens to be an area of our way of  life – from exchanging info with associates to finishing a deal and applying for employment etc. Most services on the net, social networking sites would ask for your mail address during registration period, afterwards you’ll be able to use their services. Actually email is very important universally.

Simple Online Accounting is online accounting software that takes care of all the above mentioned information. SOA provides you one place to go for bookkeeping. You'll be able to get complete details of your needed contact at one click and may conjointly add new contact details information.

You can find your desired contact at a single click and can also add new contact details information. Simply get your all active members details at one place, which can be further bifurcated into suppliers and customers detail classes. Apart from this you'll be able to get the person’s debit and credit accounting details, if any amount remains due, it will be directly shown in outstanding balance details. All these contact details of an individual, together with his debit and credit information, is shown graphically, for simple reference.

Our online accounting software has therefore solved the key issues of firms, who face difficulties in maintaining the client’s complete set of records.

Monday, 11 June 2012

Simple Online Accounting – Online Accounting & Bookkeeping Software

Accounting software means application software that registers and processes accounting activities in modules like accounts payable, accounts receivable and payroll etc.  It works as a financial accounts information system.

Simple Online Accounting is an online accounting software tool for small and mid-sized businesses. SOA is a web based accounting service which is very easy to use. It allows freelancers, bookkeepers, small businesses etc. to control their accounts from any part of the world. You can use the accounting software, either you’re on a Pc or a Mac. Simple Online Accounting is completely web-based and you can access it from any place and at any time as long as you’re online. There is no need to download or install your accounting software and all updates are free and automatic. This service is totally online, allowing access to infinite number of users, including your key accounting professionals or accountant, irrespective of their locality.

Small businesses require all accounting features as big company wants to carry on their accounts, but they have a lesser budget and less manpower to upkeep those needs. So, they look forward for reasonable, compact software that can accomplish several features of small business accounting, including invoicing, payroll and reporting etc. Simple Online Accounting software is made specifically for small businesses and tagged as small business accounting software.

The accounting software is useful for your business, depends on your type of business. Some solution is appropriate for service oriented industries relatively than companies that need to manage stock, and others have fix tools for handling employees and payroll, so are more suitable for small-sized businesses. Simple Online Accounting is a top accounting software that can manage your company’s exclusive needs.

In the past when computers were in general use, bookkeeping was done by a bookkeeper. This individual maintains company’s day-to-day financial records by manually entering every business transaction into a journal. Simple Online Accounting provides you one place for all Bookkeeping tasks. All your customer details, supplier details and financials are available at one place – properly organised and searchable, so you can always find what you need. Invoicing with Simple Online Accounting means you get paid faster and with less exertion. You can print or send by email invoices and credit notes, created and saved as PDF documents within the software. Simple OnlineAccounting has a wide range of reports along with usual accounting reports such as Profit and Loss, Balance Sheet and Trial Balance. It also has a number of graphical reports to give the non-accountant an insight into their business. 

Simple Online Accounting Limited –Beginning of a new accounting era

Earlier companies were maintaining their financial records manually. Due to frequent change in finances, keeping perfect accounting is critical. Simple Online Accounting software provides solution to all these problems faced by business.

Proficiency is a main factor of building a positive business, and taking on new technology can simplify processes and saves your precious time, which you can place on other matters concerned to your business. Computerizing the complete accounting assignment raises office competency. Through computer, you can get all accounting reports of the company, at an instant notice. Computers are fruitful for managing complicated home-based fiscal records.

Simple Online Accounting software can bring an easier approach to accomplish your bookkeeping tasks, even though you don’t have an experience in finance and accountancy. Bookkeeping can be a prolonged event, in the field of small business. SOA gives you one place to go for Bookkeeping. All your customer details, supplier details and financials, all in one place – organized and searchable, so you can always find what you need, thus making your financial data more adaptable and reachable.

Simple Online Accounting software has achieved acceptance because of being mainly easy to access, either you’re in the office, residence or any other place; you can access your financial data with the support of a laptop and an internet connection. Our accounting software can be specifically suitable for small businesses. Although many businesses are running their bookkeeping by the way of downloadable software, the benefit of Simple Online Accounting software is that, you and your accountant can straightaway access your accounting data.

As the data is stored in a remote location, chances of data loss from fire, is minimal. If the business faces a tangible loss, yet all the accounting records are safe. Your vital data backup is taken daily on servers. Our main aim is to safeguard the client’s valuable data.

It's simpler than paper or spread sheets; SOA automates your accounting and does the sums for you, and there's no need to create complicated spread sheet formulas either.  The paper chase is strongly reduced. Simple Online Accounting is free for a single user. During your first 30 days you will have a free access to the premium version. We are providing lots of services to our esteemed customers at a reasonable cost. Customer satisfaction is our main motto.

Simple Online Accounting software keeps you in touch with your financial data, and you will have the choice of permitting your accountant to do all the accounting and bookkeeping related work, while having full control and access to your records.