Our working patterns have changed over the last few years thanks to technology. Time is precious to us all and we want to be able to access key information, manage our accounts, process expenses and raise invoices from our mobile devices wherever we are.
HM Revenue & Customs’ move towards creating online business tax accounts also means that this will be the way in which we’ll have to submit accounting and tax information to them, starting in April 2019 with VAT registered businesses. It’s known as “Making Tax Digital”. The rationale is that they want businesses to electronically submit tax related information, such as revenue and expenses, every three months, rather than file annual taxes. So, cloud accounting solutions will be the way forward for everyone out of necessity as well as ease.
Embracing digital technology will make your processes and structures run more smoothly, but it may seem a little daunting to begin with. Our dedicated cloud accounting team is on hand to support and assist you, whether it’s accounting software advice and installing it, answering day-to-day queries, helping you produce the management information you need, or compiling your year-end accounts. We’ll use our in-depth cloud accounting knowledge and technical expertise to guide you every step of the way.
There are numerous cloud accounting solutions out there – for example Xero, QuickBooks, Kashflow – and we can help you work out which one is best for you.
We are Xero Gold accredited partners; Xero currently being one of the most popular cloud accounting software packages. Wise & Co can help you set it up and provide you with some basic training to get you going. Of course, if you have any queries later on, we’re always on hand and are happy to help.
Cloud accounting means you’ll be able to manage your accounts, process expenses and raise invoices on the go, which will save you time. It’ll help you with your cash flow as you’ll be able to keep a closer eye on your finances.
A cloud accounting solution will help you to detect fraud more quickly and efficiently with its built in security. Furthermore, storing data in the cloud can serve as a good back up.
You’ll be able to set up digital feeds directly from your bank into your cloud accounting solution. Your transactions will update every day meaning that you’ll find it easier and quicker to produce your bank reconciliation. Additional software can automate your data entry by capturing your invoices or receipts or expenses into your cloud accounting software.
“Very easy to work with and very responsive. Wise & Co keep us on track.”
Dr Graeme Young
Visioncare Research Ltd