Holvi Blog for Makers and Doers

Bookkeeping doesn’t have to be so painful

How to use Holvi, Small Business Tips · 25/07/15 15:30 · Elena Zozulya

We often hear from small business owners that their biggest frustration is that they are not in the business of business administration. The majority of them are not interested in doing bookkeeping, nor are they efficient at tracking their financials. On average, entrepreneurs spend 6.8 hours per week on performing their own financial management tasks, and the sad part is that the time spent on this tedious manual work does not really help move your business forward. However, it is extremely important for your business bottom line to be fully aware of your financial situation at all times.

With Holvi, you don’t anymore have to be swamped by tracking finance and reporting. We’ve integrated the basic bookkeeping tools, invoicing and expense tracking capabilities in your Holvi business current account. Not only can you send and receive money with Holvi, you can also easily keep track of all these transactions in a clear, systematic way. We built Holvi for the entrepreneur – all reports are presented in a human-readable format, unlike accounting software that is built for accountants and tax professionals.

We designed a Holvi Business MasterCard® card to help entrepreneurs, like us, maintain control and get better understanding of business finances. We wanted to free you from manual data entry and help get your expense management rolling automatically. Our mobile app is connected to the card — whenever you make a payment, you can attach a photo of the receipt to the card purchase, with just one click!

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So how can Holvi help me simplify tracking of my business finances?

There are many ways in which Holvi can help you eliminate manual work and save time.

1. Income and Expense categories

All transactions in your Holvi account are organised into either an Income or Expense category that you assign them to. Holvi accounts use cash basis accounting, which means that the income is accounted only when the money is received, and expenses only when money is paid out. You can create as many categories as you want. To get the most out of your categories you can create budgets for each category, so that you can easily keep track of your money movements. Based on the income and expense categories, you can see how your business is doing in a visual dashboard.

2. Expense claims

You can file expenses in Holvi in a matter of minutes.  We provide you with a couple of options: you can either file an expense straight into your account on behalf of someone else or send an expense claim form to your team member, which they can fill and send back to you. Both options can be paid easily right from your Holvi account. All receipts are kept safe and you don’t need to save the paper version, which makes the monthly receipt hunt a thing of the past.

3. Invoicing tool

With Holvi, you can send professional invoices for free. When the invoice is paid, Holvi will automatically match the arriving payment with the invoice based on the reference number, so it's very easy to follow the status of sent invoices.

4. VAT support

One of the most useful features of Holvi for a business owner is our VAT tool that calculates VAT percentage in all Holvi transactions in realtime. Holvi calculates VAT on both income and expense sides of your Holvi account and automatically creates the VAT income and expense categories. These categories let you see your overall VAT receivables and payables in realtime. All transactions with VAT that move out of your Holvi account add to your VAT receivables. All transactions with VAT that move in to your Holvi account comprise your VAT payables.

Holvi removes the pain of monthly VAT reports by complying monthly VAT reports that you can use for bookkeeping or other reporting.

To set up the VAT support for your Holvi account, choose "VAT liable" when creating a new Holvi account or have it added to an existing account by contacting support(at)holvi.com. To learn more about how Holvi calculates your VAT balance, have a look at this support article.

5. Reports

Holvi does not provide automated bookkeeping, but you can use all Holvi’s reports to make bookkeeping a much easier task!

Holvi provides the following bookkeeping reports with customisable dates, which can be exported in Excel or PDF format.

  • Account statement: a time based list of every transaction (cash based).
  • Income statement: Total income and expenses and their sum as Net Income (cash based).
  • Budget report: a breakdown of your income and expense categories, what transactions they withhold and what are the realised amounts (cash based).
  • Invoicing (accrual and cash based): a continuous list of your invoices, which includes the issue, due and payment dates and VAT.
  • Accounting journal: A comprehensive chronological list of every transaction in your account, which includes date, type, VAT%, category and other important information (accrual/cash based).
  • General ledger: A breakdown of your income and expense categories and the transactions they contain, which includes date, type, VAT%, category and other important information (cash based).
  • VAT report: a list of transactions that include VAT organised by their VAT percent (cash based).
  • Service fees receipt: what you have paid as Holvi's service fees (cash based).

You can download your documents, receipts and attachments or export them straight to your Dropbox account. You can either export everything from all time or select individual account areas and dates.

6. Attachments

Attachments such as the receipts that you’ve added into your expense claims or regular payments out can be exported to your Dropbox account. All attachments have their unique title that is listed next to the transaction that it belongs to. The export comes equipped with an attachment list that summarises all the documents that were exported from your account.

If you have any questions about how Holvi could help you better run your business, get in touch with us at support(a)holvi.com

 

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Holvi is a business account designed and built for entrepreneurs by entrepreneurs. Holvi account has everything your business needs, in one easy to use solution. 

  • Business current account 
  • Holvi Business Mastercard
  • Easier invoicing
  • Paperless bookkeeping

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