If you’re the type of user who likes to check the overall numbers often and make sure they’re on track, you might have noticed some recent changes to a few aspects of your financial reports. Primarily: the balance sheet and the profit & loss statement.
While Debitoor is focused on providing tools that make it easy to manage your quotes and invoicing, record expenses, and work easily with your accountant, it’s also important that the software continues to grow and develop, just like our users’ businesses.
That in mind, it’s always our goal to create solutions that simplify rather than complicate your experience in running your business. So every change we make goes through a process to ensure that it is the most intuitive it can be - granted, there are some features that by their nature are slightly more complex. There are also features that are more useful for some users than others, which is why we base our plans on features for growing businesses.
Set your accounting year across reports
One of the main new additions that we’ve added is the option to set your accounting year within your account. This is applied across your reports. If you’re currently working with MTD in the UK, this will not affect your ability to submit your VAT returns as needed.
However, it will make it faster and easier to generate reports including your P&L and balance sheet to get the numbers you need, when you need them.
Add starting numbers to your P&L
If you’re migrating over from Excel or even from another accounting software, this new option is certainly a plus. Instead of having to start from 0, you can now enter the balances for your current accounting year, no matter when you start using Debitoor.
This allows you to begin using the accounting side of Debitoor faster and more easily, enabling you to keep better track of your business finances.
If your business works with dividends, then there’s more good news. It’s important to record these payments to shareholders in your business accounts. Debitoor now offers this category.
Dividends also need to appear in the correct places in your financial reports, this means that they will be included on your balance sheet as equity and as liablities, then once the dividend is paid you'll see the option to transfer the balance to the following financial year. The paid dividends will also appear on your profit & loss statement under 'Appropriation of profits'.
Road map for future updates
We have a team dedicated to collecting feedback from users running a business, accountants working with those users, and even from customers who receive invoices from Debitoor users.
Primarily, we look at what we can change/update/add in order to make things even easier for Debitoor users to run their business from anywhere - whether a home office on the computer or on the commute to and from a job.
All feedback is prioritised based on the frequency it’s requested, how big an impact it will have for the largest number of users, and the resources that it will require in terms of development. To learn more about why some features are added quickly and others take time or are not in the plans, check out our article: ‘Why doesn’t my invoice software offer everything I want?’.