Get the most from your bookkeeping software
Get the most from your bookkeeping software
Cloud accounting software like eFolio Accounts is designed to take the pain out of bookkeeping for SME’s. It solves a number of problems for companies also for instance, backups, access, and security, but getting the best out of the software, 
no matter what cloud accounting software you use involves a number of activities. This blog post explains what you need to do to get the very best out of your accounting software.
Getting the best out of your accounting software involves a number of activities that you will need to perform regularly, but firstly it involves setting up the accounting software properly.
Settings
When you sign up with eFolio Accounts you are taken through a 5 step process. This process gathers enough information for an account to be set up. Once you have gone through this you should go to the “Settings Tab” and set up all the areas within this tab properly. This includes setting up your online invoicing settings and putting your brand to invoices, and credit notes. Setting up the software properly from the start is best practice no matter what software you use.
Purchases
Keeping your purchases up to date is a key activity for the software. Generally, the sales side of the software is kept up to date through invoicing. Its advisable to keep the purchases side of the software up to date on a monthly basis, or whatever frequency your VAT is paid. By keeping your data up to date at all times, reporting becomes more accurate. Reports are a key tool in any good accounting software package.
Contacts
With eFolio Accounts you can issue an invoice without setting up a contact (Customer or supplier) but it is advisable to set up a new contact first with as much information as possible. You can then add a new transaction from that contact (Invoice or Purchase) Keeping good data on contacts helps in a number of ways. One way is when you are looking at Aged Receivables. This is a report over a period for all monies owed to you by your customers. Having good data in the system means less time chasing information when you are looking for payment. You can also add notes to contacts so when you call them you can make note of the conversation.