Bransom releases enhanced modules for bsmart stock management systems
March 2019 – If a core part of your business is creating bespoke items or refurbishing and selling second-hand items, you’ll know how complex calculating the net profit or correct VAT on components can be.
Often you might just use standard fixed costings or assumptions.
To make these calculations easier and more accurate, Bransom Retail Systems have released enhanced modules for their bsmart stock management systems which not only make the process easier, but also provide a full audit trail for VAT submissions (keeping such digital records is a requirement of the new digital VAT return procedure).
Adding a new strap to a vintage watch, or creating an engagement rings from stones, mounts and metal, for example – labour and material costs all need to be accounted for to accurately determine profit and VAT, with a record of how and where each component was purchased and used.
For users of bsmart’s integrated accounts package, this data is then immediately consolidated into a VAT extract which can then be directly uploaded to the HMRC VAT portal using Bransom’s new interface module, saving time, cost and eliminating the risk of calculation and transcription errors.
For more details on bsmart, visit https://www.bransom.co.uk/assembleditems.php, or call Bransom Sales on 01442 256445