Accountancy software provider Sage has unveiled its latest tax software which supports both paper and online filing.

Sage Taxation 2009 and Sage Instant Tax enables practices to prepare returns for individuals, partnerships and trusts. The validation checks in the software review submissions to prevent tax returns from being rejected by HM Revenue & Customs.

HMRC posted record amounts of tax returns filed electronically this year with the majority of e-filings being made directly with HMRC’s own electronic offering and not third party.

Greg Ford, managing director, Sage accounts division, said: ‘We know that online filing for personal tax clients can be daunting and expensive for smaller practices, which is why we believe that Sage Instant Tax will make the transition from paper to online more accessible and affordable to practices that are not already filing online, meaning they too, alongside larger firms, can electronically file individual tax returns with confidence’

Sage Instant Tax prices will starts just £99 for a 10 client license and has also improved the software’s printing capabilities for faster printing of tax returns.

The Credit Crunch Crisis has badly hit most of the UK companies. In these tough times, businesses are looking for ways and means to conserve cash.

Cutting down unnecessary cost, tight control of expenses and regular monitoring of inventory items are some of the important measures that organisations can adopt to remain in business during these tough times.

Of course, this requires the availability of key accounting information in a timely manner, for the decision makers to act accordingly.

To better equip the Sage 50 Accounts customers to address these issues, Microsap, (www.microsap.co.uk) a leading software services company and a Sage development partner, has launched a unique and effective solution – The Credit Crunch Module for Sage.

The Credit Crunch Module sits on top of Sage 50 Accounts software and uses the already available data to provide a thorough and meaningful analysis of expenses and possibly locked-up inventory assets.

The Credit Crunch Module, at present, provides two functions:

Expense Analysis

Expense Analysis uses the categorized headings already defined in Sage 50 Accounts to provide a thorough analysis of all the expenses. The various options for comparison include

• Current Month v/s Last Month
• Current Quarter v/s Previous Quarter
• Current Half Year v/s Previous Half Year
• Current Half Year v/s Previous Year same Period
• Current Year to Date v/s Previous Year to Date

The advantages of the Expense Analysis include:

• On Demand availability for real-time comparison of Expenses
• Accounting system being the primary source, data integrity and correctness is ensured
• Graphical representation for quick analysis

ABC Analysis

ABC analysis is the method of classifying items involved in a decision situation on the basis of their relative importance. The classification may be on the basis of monetary value, availability of resources, variations in lead-time, part criticality to the running of a facility, new customer parts unique to that product, and others

• “A” – items are the highest priority, the tightest control, frequent deliveries, close follow-up, and accurate records. Planning and Scheduling these parts utilize MRP (Material Requirements Planning), DRP (Distribution Requirements Planning, or EOQ (Economic Order Quantity) or other lot sizing techniques such as Lot for Lot. 10 % of the “A” items volume accounts for 70% of the total inventory value
• “B” – items are the priority when low or out of stock. Normal control is used and good records are maintained. EOQ and other lot sizing methods can be used effectively with these items. “B” items account for 20% of the total inventory value, and 20% of the inventory volume.
• “C” – items are the lowest priority, simplest method of control. Min/Max used for ordering. These parts are usually expensed, as there are no records for them. These parts represent 10% of the total value, and 70% of the volume

The advantages include

• The analysis can be carried out based on either the Rate, or the Value or the Quantity of inventory items
• You can define your own criteria for ABC analysis
• Choose the range for each of the type of groupings

Microsap along with its group company Winjit Technologies, have proven expertise in developing high end software solutions, especially for Finance and Accounting. The solutions developed are not only of the highest quality that add value to the customers but also have a huge cost advantage. Unlike any software technology company, Microsap has a robust global delivery centres that collaborate the best of the resources across the world in an optimum way without compromising on the quality.

About Microsap UK (www.microsap.co.uk)

Microsap Limited is a global software consulting and software services company established to offer services to Software Product companies (ISVs) and End-user organizations, primarily in small and medium size sector. Working closely with its customers, Microsap delivers technology solutions tailored to meet their business challenges. Microsap operates ISO certified development centres in India with its group company Winjit Technologies (www.winjit.com).  Over the past few years, it has successfully executed a number of engagements with customers in the UK , Europe, Africa and Australia .

Leveraging its technology expertise and its knowledge of business processes, Microsap has enabled its customers to create far greater value out of their investment in ERP software. With its excellent knowledge of Accounting and Finance processes and good understanding of SAGE and SAGE family products, Microsap has devised a number of innovative solutions for SAGE users. Microsap has become a Sage Development Partner in 2006 to help this cause.

Always keen on building long-term partnerships, we work closely with our customers and help them to:

• Stay ahead of the competition by early deployment of their software
• Retain all important business knowledge
• Reduce the impact of changes through process driven approach
• Create a satisfied customer base through reliable, quality software
• Leverage our offshore engagement models to optimize the development budgets

Credit Crunch Module for Sage 50 Accounts can be downloaded here

For more details, contact

Microsap Limited
Asmec centre, Eagle house,
The Ring, Bracknell ,
Berkshire RG12 1HB
United Kingdom
Phone: 01344 382 060
Fax:    01344 303 192
Email: sales@microsap.co.uk

‘In a recession cash is king’. It is an old saying and not without some wisdom. For when a recession strikes then asset prices fall – shares, real estate, just about everything you can buy – and the person with cash in hand can take the advantage

1. Set a budget at least six months ahead (Budget & Plan)
   

Monitor actual results against the budget and keep revising it – things change very fast these days and you need to be ready. Make sure you know your taxes, emergencies, insurance which you have to pay to avoid any last minute surprises. Avoid any defaults during these times as could risk your credit rating in longer term.

1. Regular management accounts to monitor your cash flow (Manage & Monitor)
   

Be on the Top of your accounts rather than it being on top of you. Manage and Monitor on a regular basis, even if it requires having a part time book keeper if required. Monthly is essential, weekly is better, daily is best

1. Check bank statements regularly and reconcile them. (Check & Validate)
   

Banks are managed by humans and they do make mistakes so keep an eye on the bank statements regularly to avoid any charges on your bank and control over the bank over draft. Overdraft is a critical and useful tool in such days.

1. Negotiate longer credit terms with suppliers (Negotiate)
   

Even 7 days increases in your credit terms could affect you but be justified don’t put your suppliers out of business, and don’t jeopardize your own credit rating. Take all cash discounts if you have cash and for annual payments go in for monthly Installments instead of one time payments. .

1. Make sensible use of credit cards (Credit Card Sensibility)
   

Credit card could be a good tool to get some extended credit for purchases but use them sensibly and ensure you plan in your cash flows so you do not have the burden of excessive interest. Never get in the cycle of Credit card finance as they are very costly.

1. Stock is not cash, it’s only potential cash. (Manage Inventory)
   

Stock is not cash it is only cash when it is sold and you do not earn if you have it on your shelf or your warehouse. Manage and control Stock levels as it could be the biggest portion of your asset which you could control and reduce. Never stock if you get it cheap as the markets are well informed and networked now a days so everyone could have the information at the right time.

1. Small Retail Sales should be in cash not Credit. (Cash Sales)
   

Small retails sales keep it always in cash no credit as there is a very cost for collection. So keep all small sales in cash to avoid any collection costs.

1. Do not refuse sales to small customers. (Small Customers)
   

Small customer might just give you the ready cash and clear up your dead inventory. Never ignore the small customer could be ready cash for you as well as clearing of old inventory.

We have software / services and simple tools which will help you analyze your data and point you in the right direction.

From 1st December 2008, the standard rate of VAT will decrease from 17.5% to 15%. Winjit Technologies helps users to make this changes in Sage Line 50. Download the file from the below link and follow the instructions for making the changes in Sage Line 50 and be prepared for 1st December 2008

Download Document on Changing VAT in Sage Line 50

I found this intresting article and a Tool while investigating issues with VAT rate change on Sage line 50.

The Problem

After detailed investigation we have concluded that Sage 50 has various issues (dependent on your version) with the recent changes in Vat. It generally calculates the Vat amount due per item line at time of entry or amendment.

This means that even after changing the Vat rate within Sage any outstanding orders (some versions only) and invoices including any memorised invoices (all versions other than 2009), it shows the new rate but the wrong (old) Vat amount. (It does this as it does not recalculate the Vat amount). On all versions there are issues with the Vat on carriage, which we also fix.

The Solution is The Bluestone Vat Correction Tool Just before you print and post your invoices, simply run the Bluestone Vat correction tool to ensure compliance. It checks all invoices within the defined date range and will recalculate the invoice. It does this by taking the item price (including any discounts given and applies Vat at the defined rate)

Check the entire article on Click here

This isa simple video tutorial to migrate to new VAT rate of 15 % from 17.5 % in sage Line 50. I have been reading some posts on problems with recurring invoices in Sage. We are trying to investigate  on a solution for simpler migration for the process.

Meanwhile the attached process will atleast solve the problem for your new invoices.

From 1 December 2008, the standard rate of VAT will decrease from 17.5% to15%. This article explains how this change affects Sage Accounts and what you need to do. There are many Sage users would need help to migrate from 17.5 % to 15 %

This article explains on steps to do the same

To change the VAT rate in Sage Accounts

To change the standard rate of VAT in Sage Accounts, you should edit the standard rated tax code, T1 by default.

Note: You should make this change on 1 December 2008.

1. Open the Settings menu, choose Configuration then click the Tax Codes tab.

Sage Accounts v9 and below – Open the Settings menu then choose Tax Codes.

The tax code information appears as below

2. Select T1 then click Edit.

Note: If you use a different tax code for your standard rate of VAT, select the relevant tax code then click Edit. The Edit Tax Code window appears.

3. Enter 15 in the Rate box then click OK. The Edit Tax Codes window closes.

4. To apply the change, and return to the Sage Accounts desktop, click Apply then click Close.

Note: The following are not affected by the change in VAT rate:

 Zero rated goods, for example, basic foodstuffs, children’s clothing and children’s footwear.

 Goods and services subject to VAT at the reduced rate of 5%.

We have software / services and develop bespoke applications on Sage line 50 as per your requirements.