Relativity - Blog #Accounting

How Online Payment Processing Works

Wed, 21 Sep 2022 13:43:37 +0000

For many businesses online payment processing is vital. It should be helpful to not only your business, but your customers as well. It allows for instant payments and makes it really simple and safer for your customers. Even if you have a small business, it can go global with an e-commerce platform on your website. In the latest article from Relativity, the business technology specialists based in Uckfield, East Sussex, we look at what online payment processing is, the three pieces of software involved and how it can help your business.

What is Online Payment Processing?

OK, simple really, an online process to take payments for any goods or services that you are supplying. It’s how your business will complete debit and credit card transactions when engaging in e-commerce and online business activity. However, it needs three pieces of software to ensure the payments are completely seamlessly for your customers.

Payment processor – manages the card transaction process
Payment gateway – the point-of-sale device
Merchant account – specific bank account to accept online payments

Payment Processor

The transaction is managed by transmitting information from your customer’s card, debit or credit to your bank and the customer’s bank. The processor will check the card limit, validity and security and if all are in order the payment will go through.

Payment Gateway

As a point-of-sale device, it connects your website and the payment processor. It helps to connect your merchant account with the card issuers and is the technical side of the transaction ensuring you receive customer payments.

Merchant Account

This is the third part of online payment processing as without a merchant account, there is nowhere for your customer’s money to go. You won’t have direct access to this account, but funds will be automatically transferred within one to two working days.

How Can Online Payment Processing Help with Paying for Products and Services?

Cuts down on administration
No more chasing invoices
Instant payments
User-friendly experience
Multi-currency payment processing
Fraud and personal data protection

A Rapid Evolution of Credit and Debit Card Payments

Modern payment processing has evolved rapidly. Did you know that the first credit card was issued in 1966 by Barclays in the UK, and 1987 saw the first debit card issued? Pizza Hut was one of the first companies to accept online payments in 1987, with consumers able to order pizza delivery on their Home page. Today there are many payment gateways including Stripe, PayPal, Square, Payflow Pro and GoCardless.

How Can Relativity Help You with Online Payment Processing?

If you are looking to automate your payments and expand and extend the reach of your business, online payment processing is a must. For more information about how we can help you, call Relativity, the business technology specialists on 01825 280123 or email info@relativity.co.uk for more information.

Next time we will be looking at Zoho Checkout in more detail.

Zoho Books Accounting Software To Manage Your Business Finances

Sat, 22 Jan 2022 04:14:46 +0000

Zoho Books is online accounting software that manages your business finances. It is a very usable system offering flexibility and depth for all your bookkeeping requirements. Business transactions are streamlined with incomings and outgoings all tracked. Using online accounting software means you can keep in touch with your business wherever you are. It is suitable for businesses of all sizes including freelancers. No installations or downloads are needed to use the software and an app is also available for IOS and android devices. In our last article, we discussed why you need accounting software and this time Relativity, the business technology specialists based in East Sussex looks at Zoho Books in detail to discover how it will help you capture the entire financial picture of your business.

Features of Zoho Books

Invoicing
Estimates
Banking
VAT
Document management

Improve Cash Flow with Faster Payment of Invoices

Invoicing and the management of incoming monies are made effortless. It allows you to send invoices with your company logo and they can be customised to reflect your brand. It’s good for your cash flow too, as invoices are paid more quickly. Automated reminders can be set if invoices are not paid on time. Customers can also be charged in their currency with your payment terms clearly displayed.

Estimates Can Be Created in Seconds

Do you sigh at the thought of the time you will spend preparing an estimate for a client? That could all be a thing of the past with Zoho Books as they can be created in seconds using contact information, item details and prices that you have already saved. And what’s more, once your estimate is accepted, it can be converted to an invoice with just one click. Estimates can be created, customised, confirmed, checked and converted easily.

Bank Reconciliation is a Breeze

Bank reconciliation is simplified and effortless. Your banking dashboard will give you accurate cash flow predictions, expected recurring payments and past reconciliations. Transactions can be categorised, matched and streamlined so that your business is always tax-ready.

File Your VAT Returns Directly

The VAT man! You need never worry again as Zoho Books makes VAT compliance convenient by calculating what your owe, creating reports and tracking the VAT you have paid and reclaimed with HMRC. You can set up taxes before you start selling, enable the flat rate scheme, keep track of your digital service supplies and file returns directly.

No More Data Entry or Filing with the Documents Feature

The Documents features literally give you your own personal assistant. The auto-scan option allows you to scan receipts, invoices and bills, extracting the salient information ready to be converted into transactions. Files can be matched with transactions and there is increased collaboration with your accountant.

Additional Features of Zoho Books

Client Portal
Expenses
Project management
Inventory
Sales and Purchase orders
Online payments
Vendor portal

A Client Portal: Expense and Inventory Tracking

Other features include a client portal where you can share recent transactions, speed up estimate approval, gain feedback and allow your clients to make bulk payments with the client portal. Your expenses are also tracked so that you can make future business decisions. It also makes life easier for your accountant. The hours you spend on a project can be tracked with Zoho Books and you can control multiple projects by creating new ones. Never run out of stock again with complete inventory tracking and monitoring of stock levels. You will know when to replenish items and any inventory changes that are due to damages or loss can be recorded in real time.

How Can Relativity Help You with Your Accounting software?

As with all Zoho products, a free trail is available as well as a free version, which is suitable for small businesses. Larger companies can choose between the standard, professional and premium plans. If you have made the decision to incorporate accounting software into your business, Zoho Books could be the solution you are looking for. Relativity, the business technology specialists based in Uckfield are here to help. If you would like to talk to us about Zoho Books, please call on 01825 280123 or email info@relativity.co.uk for more information.

Why Do You Need Accounting Software?

Fri, 07 Jan 2022 00:49:09 +0000

When you set up your company, you might have found that accounting software was not necessary. A basic spreadsheet was enough to manage your accounts and keep an eye on incomings and outgoings. You now might find yourself in a position where your business has grown, and keeping your accounts on an Excel spreadsheet for example is too slow, time consuming and actually not comprehensive enough to give you the state of your business finances instantly. You will also find that it is impossible to keep track of invoices, payroll, VAT, tax and cash flow projections. You now need access to information immediately to make informed business decisions. So, it’s time to switch to a robust form of accounting software. In this article from Relativity, the business technology experts with a base in East Sussex, we look at what accounting software is, its benefits and key features.

What is Accounting Software?

Simply, accounting software performs a range of accounting and bookkeeping tasks, storing the financial data of your business. It will ensure that accounting calculations are easier to carry out, understand, interpret and analyse. It’s there so that you can record and report on your company’s financial transactions and situation instantaneously. Choosing the most suitable software for your business will make tasks much easier and faster. However, the functionality of accounting software does differ from product to product.

Benefits of Accounting Software

Automate tasks and improve efficiency
Easy access to financial data
Simplify taxes
Integrate with other business apps
Better financial decisions through timely reporting
Reduced costs and savings

Paperwork and Spreadsheets are a Thing of the Past

Automation of accounting and bookkeeping tasks will allow you to be more efficient and grow your business. If you choose a cloud accounting system, you will be able to do your accounting from anywhere as long as you have an Internet connection. Everything is in one place so say goodbye to sorting through paperwork and spreadsheets. Automation also leads to fewer errors related to income and expenses making your business bottom line clear.

Key Features of Accounting Software

Payment processing – who you owe and who owes you
Online payments – clients have swift and secure payment gateways and options
Expense tracking – keep tabs on your cash flow
Bank reconciliation – connect to your bank account
Tax compliance – calculations are faster and accurate
Payroll accounting – holiday allowances, sick pay, bonuses etc.
Manage inventory – automating the ordering process
Report generation – real time information on company status

How Can Relativity Help You with Your Accounting Software?

So if you have decided that you need to save time, increase efficiency, generate reports more easily and save money, it’s time for your business to switch to the invaluable resource that is accounting software. You will need to think about the key factors you require, the scalability needed, how much support you need and of course your budget. Relativity, the business technology specialists based in Uckfield are here to help. If you would like to talk to us please call on 01825 280123 or email info@relativity.co.uk for more information.

Next time Relativity will be discussing Zoho Books in more detail, the popular cloud based accounting solution, which will help you capture the entire financial picture of your business.

Zoho Finance Plus – An Integrated Suite For Your Business

Tue, 08 Dec 2020 18:08:02 +0000

Zoho Finance Plus is all about improving efficiency in the financial aspects of your business. Everything is included in this bundle from billing to invoicing to expense reporting to payments. As always with Zoho products, there are lots of features and functions and it works in tandem with all other Zoho products. Zoho Finance Plus is suitable for businesses of all sizes and will streamline back office operations. Six stand-alone Zoho Finance apps are combined in one unified bundle with each of the apps catering to a particular aspect of financially running your business. In this article from Relativity, the business technology experts based in East Sussex, we look at the various apps includes in the bundle and the benefits of using an integrated finance suite.

The Apps in the Zoho Finance Plus Bundle

Zoho Books
Zoho Checkout
Zoho Expense
Zoho Inventory
Zoho Invoice
Zoho Subscription
Zoho Zia

Zoho Books – Accounting Software for Growing Businesses

This will manage and organise all your business transactions, which means you will spend less time invoicing and chasing late payments. You’ll be able to send professional invoices and accept online payments. Other features include better tracking of expenses and powerful reporting.

Zoho Checkout - Accepting Payments Has Never Been Easier

You will be able to collect recurring and one-off payments. Secure checkout pages can be easily created. Other key benefits include customisable design, real-time analytics and flexible payment options.

Zoho Expense – Transferring Expense Reporting and Monitoring

Transactions are recorded quickly with receipts converted into expenses automatically. Expenses can be recorded on the go even from smart phones. Any confusion about allowed expenditure and spending limits is eliminated. You might even say that expense management becomes an enjoyable task.

Zoho Inventory – Simplifying Your Order Management Processes

This app will enable you to manage orders and inventory right from purchase to packing to payments. The Automated Reordering feature will eliminate the possibility of missing out on a sale due to lack of stock. By streamlining inventory processes, they will become more cost-effective.

Zoho Invoice – Managing and Monitoring Invoices

Invoice provides a powerful finance and accounting system, which makes invoicing simple. They can be distributed in multiple languages and currencies with customers being able to pay in their preferred gateway.

Zoho Subscription – A Solution for Billing and Subscriptions

Automation of daily processes simplifies the way daily recurring billing tasks can be handled. The app gives you a clear picture of the health of your business with real time insights into its performance.

Benefits of an Integrated Finance Suite

Multiple apps on a single platform
Make informed business decisions
A billing solution
Improved quote to cash processing
Faster reimbursements
Run your business from anywhere

How Can Relativity Help You Decide if Zoho Finance Plus is Right for Your Business?

To learn more about the Zoho Finance Plus bundle, get in touch with the business technology experts at Relativity based in Uckfield, East Sussex. We’ll be able to advise you if this particular bundle will streamline your business and make it more effective and efficient. Call us on 01825 280123 or email info@relativity.co.uk for more information on Workplace, Remotely, CRM Plus, Creator Plus and People Plus.

“A unified platform for all your back office needs.”
Zoho

Accounting Software To Simplify Financial Operations

Tue, 22 Sep 2020 15:46:09 +0000

You will need the right accounting software to manage your business finances. Choosing software with the features you need, can make it an invaluable tool for your business. If you are looking to automate your financial operations, the latest article from Relativity, the business technology specialists based in East Sussex, explains the different features that are available, so that you can track your income and expenses and streamline your financial processes. It also asks if you really need accounting software and how it will benefit your business. By replacing a manual system with an accounting app, you will reduce accounting costs and errors enabling better financial decisions to be made in real time.

Do You Need Accounting Software for Your Business?

If you are undecided if accounting software is right for your business, just ask yourself a few questions:

Do you seem to be spending a lot of time chasing invoices, tracking cash flow and late payments?
Are you missing payments such as rent, salaries, inventories and invoices?
Do you feel you lack the skills to take charge of the finances?
Does bookkeeping sit at the bottom of things to do?

If you have answered ‘yes’ to any one of these questions, you do need accounting software!

Take Control of Your Financial Processes

So what is accounting software? Succinctly, it is a reference to the organisation, strategic planning and control of financial processes within your business. It is essential to ensure a stable cash flow and to plan financial needs as well as creating investment opportunities and helping you to make financial decisions.

Benefits Include a More Efficient Accounting Process

All in all, it will improve the efficiency of your accounting and external personnel will not have to be employed saving costs. All data is stored digitally meaning the virtual elimination of printing and documentation. Human error is greatly reduced so that data is much more accurate.

Ensures the longevity of your business
Optimises profits
Ensures a strong cash flow
Minimises capital expenditure
Simplifies financial operations
Tracks financial transactions
Improves data security

Accounting Software Features

These range from inventory and project management to invoicing and payroll.

Account control – payable and receivable
Invoices and bills
Tracking of sales
Payroll management – salaries, bonuses, financial compensation
Inventory management – stock management
Tax management
Budget planning

Why Choose Zoho Books for Your Accounts?

As Zoho partners, we recommend Zoho Books; but don’t just take our word for it. The reviews are all pointing towards Zoho Books.

Zoho Books is included in several reviews for best small business accounting software for 2020 including Business News Daily, PC Magazine, techradar and The Balance Small Business.

What Relativity Can Do to Help You and Your Team?

With robust accounting software, you will have complete visibility of the state of your business finances and consequently can make better-informed decisions. This could be critical in today’s business world to stay ahead of your competitors. For more information about Zoho Books and how it could automate your business accounting, contact our experts who can advise you on this and other Zoho products including Zoho Inventory, Subscriptions and Expense. With connections to 400+ apps, why not get started today? Call us on 01825 280123 or email info@relativity.co.uk for more information.

Email Relativity

Zoho Expense – A Powerful Expense Tracking Platform

Thu, 06 Jun 2019 00:13:06 +0000

Do you need software that will keep control of your expenses? Zoho Expense is designed to do exactly that in terms not only of the expenses that your company generates but also any administrative expenses for documents and processes made by different departments. If reviewing numerous expense reports isn’t at the top of your “To Do List”, this app from Zoho will take this chore away from you, and all at the click of a button.

Zoho Expense – at a Glance

Automates expense recording
Connects credit cards
Streamlines approvals
Ensures spend visibility and control
Mobile receipt upload and auto-scanning
Expenses in multiple currencies

Keeping Track of Your Expenses Around the World
As with all Zoho products, you can keep track and on top of your expenses wherever you are, even when you are away from the office. It is compatible with iOS, Android and Windows apps as well as Zoho CRM and Zoho Books.

Functional interface
Drag-and-drop receipts
Send receipts to email recipients
Automated updates available
FREE version available

Problem Solving with Zoho Expense
Scanning receipts reduces possible errors, which could happen with manual input. Expense is actually the ONLY expense reporting software, which automates accounting for expenses as it integrates with Zoho Books, Zoho’s accounting software. All of this adds up to timesaving.

Pricing Plans for Zoho Expense
As with all Zoho products, there is a FREE TRIAL and a FREE or STANDARD plan. The Free package accommodates 3 users, has 5GB of receipt storage, can handle multi-currencies, has 2-factor authentication, SSL encryption and can import card statements. The Standard package accommodates 10 users although additional users can be added for a small fee per user and it includes unlimited receipt storage and auto scan as well as approval workflow. Zoho Expense is also part of Zoho One, a bonus if you already have it, if not have a read of why you should use Zoho One in your business.

Conclusion
Zoho Expense will transform your expense reporting and monitoring and you never know, it might even become a pleasurable experience.

What To Do Next
If you are looking for an app to keep track of your expenses and which will be able to handle them as your business grows, our experts at Relativity based in Uckfield in East Sussex will be able to advise you on whether Zoho Expense would work for your business. We can also help with all other Zoho software including Zoho Subscriptions and Zoho Inventory. Call us today on 01825 280123 for a without obligation chat or email info@relativity.co.uk