Getting Started with Smarty Accounting

Getting Started with Smarty Accounting

Apr,2019 By Smarty Software Knowledge Base

Accounting software, which is commonly known as accounts software in the UK, covers the main concepts of collecting and submitting the most sensitive financial data of a company. It is a vital programme that helps businesses of all size to take care of their core financials. Accounting software is one of the most crucial tools to focus on your business performance and submit legal compliances.

Accounting software is widely used in order to help business owners in reporting financial transactions and storing them faster and more precise. In this article, we are going to help you get a better overview of the main functions of Smarty Accounting and see how can it help your business.

The functionality of accounting software highly depends on the nature of the business and its objectives. However, they mostly fall into two main categories of:

  • Accounting
  • Bookkeeping
By using fundamental tools such as invoicing, billing payroll and financial reporting.

The bookkeeping practice often consists of: invoicing, billing, business transaction reporting, and payroll. Accounting though embraces tax returns (MTD for UK business owners), budget manager, reporting financial statements, and the analysis of the business’ functionality. The basic yet fundamental everyday tasks of bookkeepers often correspond with accountants; although the job is highly dependent on the type of business you are running.

According to statistics in 2018, nearly 67% of accountants preferred using a cloud accounting solution. A cloud solution simply stores all your financial data with a secure connection on the internet and provides you with the accessibility of your data anytime, anywhere. Although cloud technology is not rooted so far, modern accounting software managed to guide their accounts practice to the cloud.

Notable to say that there is neither a shortcut nor any simplicity in accounting procedures. This might drive you to the conclusion that you have to pick a reputable software, which protects your data and gives you the confidence to focus on more important aspects of your business.

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Smarty Accounting


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Smarty Accounting is a cloud-based accounting system which will help you manage your finances, keep track of invoices, monitor financial data and automate the accounting work you do. Smarty Accounting helps you to have an eye on your cash flow, keep track of the overdue payments, generate smart reports, and submit VAT online.

It will also help you shift the wearisome paper works to the cloud, save more time and add efficiency to your everyday work. Hence you will have more time to focus on the business and not its sidelines.


Smarty Accounting ensures that you will not be surprised unpleasantly, and not miss a single deadline.
 

Smarty Accounting Key Aspects

Smarty Accounting is designed with having simplicity in mind; therefore, you do not need to be necessarily an accountant to start working with Smarty. The software assists business owners with interface invoicing, chasing payments, VAT submission, bank reconciliation and much more to make accounting a pleasant task.

The intelligent software is made in the clouds considering people who work remotely and those who have to spend most of their time out and about. By combining Smarty Accounting with email marketing automation, web design with data reporting, and Smarty CRM, businesses are able to save money on using multi-software and be provided with all the tools to make your business grow.

Smarty, like any other accepted accounts software, fulfils the need to purchase any additional software. Unified integrations with other platforms and fiscal channels will prevent you from changing the entire programme or cashing in on another. Smarty Accounting has integrated with PayPal and Smarty CRM, which allows you to prompt your payments along with keeping a lively connection with your clients.
 

The Dashboard:

Your accounting software is responsible for the trickiest data of your business. Analysing facts and figures will allow you to make better business decisions. For this matter, you will need to have a polished view of your business performance. The tidy dashboards of Smarty Accounting enable you to monitor how your business is doing in just a glance. Compare your performance to the previous time range in the main dashboard, chase your overdue invoices, and stay carefully in the know of the inventory all in the main tab. Drag a bit down to chase your invoices, and get a better view of your company’s sales and expenses which are represented simply in pie diagrams. By changing the time range and choosing a specific bank account, you can inspect the cash flow, with each and every detail of it.

On the top right corner of each section in the main dashboard, there is a shortcut to the most used parts of each accounting software. So, if you do not have the time to navigate all the way down to each part, the main dashboard will be the section that you love the most.

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Contacts:

Gather all your business contacts in a single place and search them via their name, email, or company name. In this section you can store all the contact detail that you have or think is necessary for your business, and save lots of time. Your business contacts can be manually added to the system or be imported in a CSV file to Smarty. With just a click on each of the contacts, you will find a history of their transactions, the transaction status, and their previous activities. The contact information can be exported in Excel or CSV files from the system.

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Easy invoicing and billing:

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Quotes, estimates, and invoices are inseparable parts of good accounting software. With the help of the cloud solution, you can always run your business from wherever you are. Like most other accounting solutions, Smarty offers an iOS application, with just the same functionality as its web version for busy business owners who want to stay in the driver’s seat while they are out and about. Send superb estimates and easily turn them to invoices. Select the customer, set an account, add your company’s term and conditions, and customer notes. You can attach a payment history or a customer’s statement and send it right away. The same procedure takes place for sending a new bill. Set automatic invoice generator for repeated transactions with fixed terms. Taking care of your business finances would never become a nightmare to you if you know how to make the most out of your accounting software.

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VAT return:

MTD is here! Since its launch on 1st April 2019, HMRC requires all businesses that are VAT registered to submit their VAT returns online. This means that from the date, you will no longer be able to submit your VAT returns manually and will need a bridging software to do so online. Enter your HMRC gateway login and VAT number, authorize Smarty and HMRC to submit the VAT, and the job is done. Smarty Accounting attempts to make this process easier and much precise for all clients who want to submit their VAT online.
 

Receive Automatic bank feeds:

Synchronise your bank account to Smarty Accounting and get automatic bank feeds. You might be using more than only one bank account, many credit cards, and maybe debit cards. The system will allow you to automatically sync up to 3 bank accounts and there is no limitation for the number of cards or accounts that you want to add manually. By entering the first three letters of your bank account, Smarty will help you find your bank. You can apply specific bank rules on your spend or received money. Not only this, but Smarty also allows you to reconcile your account and review your bank statement lines. All your bank accounts are represented in the chart of account section just after you added them in the system. You can also import the existing chart of account onto Smarty and save more time.

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Fixed asset management:

Supervising your fixed asset is much easier for a Smarty Accounting user as long as you can search the asset name, number, type or purchase price. Make use of the advanced search in case you couldn’t find the asset by the mentioned details. Set the time range and you will be able to run depreciation.
 

Professional Support:

You can find dozens of accounting firms offering the best and most comprehensive customer support, but when it comes to technical questions, ough! The lack of strength and solidity of customer service support is one of the main reasons for many people to entirely switch to another platform. Our support team is always at hand to give tailored advice and guidance to help you have a better experience of Smarty accounting.
 

Realistic Price:

Although many accounting solutions are available for free, the cost of a thorough software which meets with your business needs is beyond price. It is a fact that the more software has functionality the more it will cost. The price of Smarty Accounting packages varies from £10 per month to £45, along with the accessibility of use, allowing you to choose what exactly you need.

When it comes to selecting the best accounting software for your business, you might want to consider the future of the software as well. As your business is changing and growing, you must choose a flexible tool that accompanies your business and leads you to success. If you haven’t found the perfect accounting software that tailors your functional model, try to look for a programme that has the capacity to grow as your business will.

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Smarty Accounting is GRPR compliance, which assures you that your data is kept with us safe and secure. Following the regulation of data security, there is no need to worry about your business information being leaked or unavailable anymore.
 

How to get started?

  1. Sign up to Smarty Accounting.
  2. Enter your company information.
  3. Set the fiscal year.
And you are all set!

Add or import your contacts and items, synchronise your bank account with Smarty Accounting and set the desired currency. You can always turn back to the very initial settings in the settings section and apply any necessary changes.

Tutorial videos are always available for the new-comers, and our support team can help you with the setup and more.
 


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