Whiz Consulting is a reputed name in the field of accounting and bookkeeping. Their team of experts includes individuals from strong accounting and bookkeeping backgrounds. They have years of practical experience and accounting knowledge in diversified areas. They have been providing accounting and bookkeeping solutions to various industries for years. The range of industries includes e-commerce, hospitality, legal, healthcare, etc. In a recent interview with Whiz, their senior officials discussed Sage accounting online software. Sage accounting software is a cloud-based software that is specifically designed for small to medium-sized businesses.
Accounting and bookkeeping are vital for every small, medium, or large business. The bookkeeping process involves analysing and presenting accurate records regarding the financial transactions of a business. The information is then utilised to see the company's financial situation and formulate well-informed decisions. In earlier times, accounting was a dreaded task for even accounting experts. However, accounting software has become very popular due to technological advancements in computer technology and software development. Accounting software like Sage has made it easier for businesses to keep accurate records and make adequate plans for the future. The senior executives at Whiz said, "Sage accounting online software understands the way organisations operate and aims at providing accounting solutions".
What is Sage used for?
Sage accounting software is specifically designed to cater to small- to medium-sized businesses accounting and bookkeeping needs. However, the basic functionalities of Sage can be listed as follows:
Recording financial transactions
Calculation of profit and loss
Tracking business expenses
Creating digital invoices and tracking them
Management of payroll, etc.
With the growing popularity of Sage software among businesses, it has introduced different versions suitable for every type of business. Each version consists of features that help resolve businesses' specific accounting queries. The above-mentioned points are the basic features provided by Sage accounting online software. The senior executives at Whiz highlighted some more features of Sage accounting software in detail. Let us learn about them:
Cash flow management- Sage accounting online software helps businesses know about their cash inflow and outflow. It presents cash-related information in colorful graph formats and charts. In this way, the business owners can get an overview about how much money is coming in and how much is going out. With such detailed information, they can make financial plans and projections for the business.
Filing of VAT returns- Filing and submitting VAT returns on time is complicated. Non-filing of VAT returns can result in hefty fines and penalties. As a result, the goodwill and reputation of an organisation get hampered in the market. Sage accounting online software takes the burden of preparing VAT off your neck. It automatically files VAT returns from your end and submits them directly to Her Majesty's Revenue and Customs (HMRC).
Inventory management- The inventory feature provided by Sage software allows businesses to track the items in stock. Since overstocking or understocking are both unfavourable situations for a business. Therefore, Sage helps track inventory levels, revealing limited or excess stock.
Linking bank accounts- Sage allows linking all your bank accounts with itself easily and automating all your bank transactions. In addition, it also reconciles your bank account with the existing record maintained in its database. In this way, organisations do not have to manually enter the data into the software after sending or receiving payments.
Third-party integration- Sage accounting online allows business owners to integrate various software to ease their accounting process. Although Sage provides all the functionalities of good accounting software, it allows easy integration if you are already using accounting software. It can also be integrated easily with Microsoft 365, Outlook, and Excel.
Sage accounting online software is suitable for small to medium-sized businesses, but large organisations can also utilise its features. The cloud-based technology of Sage gives you the flexibility to run your business from anywhere. Business owners can view and access their financials in real-time from anywhere at any time. As a result, owners can make well-informed decisions and plans for the future. We at Whiz Consulting provide accounting and bookkeeping solutions to small-medium-sized businesses. Our team of experts is proficient in and skilled in using software like Sage, Xero, FreshBooks, etc. Their expertise and diversified knowledge help businesses to streamline their accounting and bookkeeping functions.