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 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 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 selecting the right software and installing it, answering day to day queries, helping you produce the management information you need or your year- end accounts. We’ll use our in-depth knowledge and technical expertise to guide you every step of the way.
There are numerous cloud accounting packages 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. We 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.
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 system 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. 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 accounting software.
“Very easy to work with and very responsive. Wise & Co keep us on track.”
Dr Graeme Young
Visioncare Research Ltd