A couple of years ago I wrote about Kashflow – Online Business Accounting Software. At the time I'd been using it as a sole trader for a few months. Now with 3 years of experience and company / VAT registered experience it's worth refreshing this post.
What is Kashflow?
Kashflow is essentially accounting software like Sage, but it's based online and, speaking of experience with Sage, is far simpler to use. Everything is based online which means that you can access your accounts from any computer, you can share your login with your accountant and if you own an iPhone, there is an app to allow you easy access via your mobile phone.
Business Accounting and Administration
Kashflow doesn't just do accounts, it also allows you to store all of your clients' details, allows you to create invoices and email them direct to the clients and/or save them as PDFs. You can create quotes and projects which can have invoices and quotes assigned to it as well.
A major benefit that we've found is the repeat billing option, which means setting up an invoice for a client and then setting it to go out automatically every X months or every year. This is such a time saver, especially for small bills for domain renewals, or small hosting accounts. We just check through once a month to make sure the next few weeks are accurate and up to date, and leave them to go. The only work needs to be done when payment is made and we just mark it off as paid.
All of the invoices created on Kashflow are automatically added to your turnover once they're paid. You can also save rates and discount rates for individual clients making it easier to remember who pays what.
You also have sales and purchase types, allowing you to set up specific 'types' of products / jobs, and you can choose to assign prices to them as well, again saving a lot of time when you just select the correct product to add to the invoice.
Finally the bank reconciliation is also a great feature, which allows you to reconcile your bank statement with Kashflow to ensure nothing is missed.
(This section is probably a bit easier to understand if you're British!) The support for VAT registered businesses is great too. On the front overview page you can instantly see your VAT liability for the current quarter, and you can set up your details for HMRC and then submit your VAT directly from Kashflow when you're ready to do so.
Of course you don't have to be VAT registered to use Kashflow, as I wasn't when I first started using it as a sole trader. It's just another great feature that's available.
Finally the number of accounting reports available are great. To be honest I still don't know what half of them mean but then again I know what I need to see and that's our profit and loss! We give our login to our accountant too and he uses other various reports to get information for our end of year accounts. He'd never used Kashflow to start with but has even remarked on how easy it is to use and has got the hang of it quite quickly. We've had a few fun and games finding the wrong payments in the wrong payment types, but it's very easy to shift payments from one type to another to ensure the accounts are correct.
Free 60 day trial
So if you're in business then I cannot recommend Kashflow enough. Before I started using it my argument would be that I couldn't afford to pay out for accounting software when I could do it myself in Excel or my own written accounts software. However, the £15.99 + VAT per month cost is minimal compared to the time saved, which frees us up to do more work and earn more than the cost of Kashflow.
You can try it for free for 60 days, you don't even have to enter your card details (unlike most trial offers). You can simply set up an account, give it a go and if you like it, decide if it's worth the monthly cost. There's no minimum requirement on accounts either, so you don't have to sign up for a year or anything like that either. If you also sign up via my Kashflow link and decide to continue with using it, then you will actually save £1 off the monthly cost (this is continuous, not just a one off). This means £14.99 + VAT per month, and saves you £12 + VAT per year.
So it's certainly worth looking at. So go take a look 😉
(Feel free to ask me any questions below with regards to it if you want and I'll do my best to answer them!).