Do you spend a lot of time travelling or have little time to oversee your company’s management accounts?
If your answer to these questions is “yes” we would recommend that you invest in a Cloud Accounting software package. They make light work of accessing and updating your business finances on the go. Cloud Accounting is essentially a subscription based bookkeeping platform that you access over the internet on your desktop, phone or tablet.
Cloud Accounting allows business owners to stay connected with their business wherever they are and whenever they like. It is fast, secure and when measured up to alternative systems; it is a relatively cost-effective method to manage your business finances. Our clients enjoy the flexibility that many of the packages offer including integration with their e-commerce platforms or store point of sale tills. However, they love the fact that for the first time they can see their business in real-time and feel in control. They no longer wait for their accountant to tell them last year’s profit figure 10 months after the year closed. This allows them to make intelligent decisions at the right time and carry their business forward in a profitable manner.
As you may be aware a new quarterly reporting initiative has been launched by HMRC called ‘Making Tax Digital’. To clarify, from the 1st April 2019 businesses (including companies) with a turnover above the VAT threshold will have to keep digital records of transactions and trade and submit the records to HMRC on a quarterly basis. Eventually this will expand to record keeping for the purposes of all other taxes as well. Cloud Accounting packages will hopefully make the submission fairly effortless as your records will already exist in the correct format.
There are various cloud accounting packages available but you need to choose the one that fits your business. Business owners who seek better management information and financial reporting may prefer a different system to those who are freelancers who just want to improve their time keeping and billing records. Our bookkeeping and management accounts team is well placed to offer more advice specific to your business, so feel free to get in contact with us.