Advanced Features
VAT Reporting
VAT affects everyone in business, even if it is only the decision to become VAT registered or not. When a small business does register for VAT, it then has to make regular VAT returns; it has to deal with both purchases (Input Tax) and sales (Output Tax); and it has to calculate the quarterly or annual return. All of which can become an onerous task. Any help making VAT returns is usually welcomed.
Arithmo will quickly and accurately calculate all your VAT entries. It has been designed to make VAT easy. If your records are kept on a cash basis or a standard accounting basis, each transaction is dealt accordingly.
Although Arithmo easily deals with VAT for you, it does it in a powerful way, accommodating the Flat Rate VAT scheme for instance. Also, being web based software meant the recent VAT change to 15% was implemented across the whole system instantly, but from the correct date. (Previous entries still had the old rates applied automatically.) Not only that, each transaction can only ever appear in one VAT report.
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Full invoicing
Unless you are paid every time for the work you do or the goods you supply, you will need to ensure that you have a way of sending, tracking, reminding and clearing invoices. Arithmo handles all these elements in a very straightforward way.
User friendly features, such as allowing for single payments against multiple invoices or part payment of a single invoice, listing invoices from a customer and clearing an invoice are easily accessed and processed. Also, you can raise credit notes for a customer to be used against later invoices.
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Track debtors/creditors
It has been said that happiness is positive cash flow. This is of course true, and ensuring you are paid on time for goods or services is vital to running a successful small business. But it is also important to make sure you are paying suppliers to whom you owe money on time (your creditors). If you don't make sure you know exactly what money you owe and when it needs to be paid, and then pay it on time, it may mean additional, unnecessary costs for your business.
Arithmo has built-in systems to make sure you not only keep track of money owed to you, but any bills you have not yet paid. You can see a simple total of all outstanding invoices or payments you need to make or filter the results according to an individual customer or supplier. This means you should be aware at all times of the real financial position of your business.
Following on from this, you can also create statements showing either outstanding money due to you (debtors) or payments you need to make (creditors).
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Produce customer statements
One of the major problems of running any business - sole trader, a small business or a major conglomerate - is cash flow. If your customers pay you straight away, then this is not an issue. But when you allow your customers or clients credit and they pay you later, it is important that you keep track of money that is owed to you.
As well as tracking your debtors, Arithmo allows you to send them a statement showing the exact position. This will outline all the outstanding payments; amounts; age of the invoice; and date that payment was due. You can also tailor the statements with, say, your company payment terms.
The statements can be printed, or sent via email directly from Arithmo.
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