What could Cloud Accounting do for you?
Cloud; a term used to refer to a state or cause of gloom, suspicion, trouble, or worry. And ever since HMRC released their Making Tax Digital consultation documents, never has the doom and gloom been more strongly felt. However, surrounding all the negativity, we want to bring some positivity to the picture. Here are 8 reasons why cloud accounting could transform your entire business for the better:
1. Instant access
Whether you’re at your desk or sunning yourself on a beach, maintaining your business’s records has never been easier. All you need is a mobile device, like a tablet or a smart phone, and a half decent internet connection and you never need to be tied to the office again.
2. Clearer overview of financial position
Gone are the days of waiting 12 months after the end of your accounting period for a set of accounts to tell you what you did over 12 months ago. Cloud accounting allows you to know exactly where your business is at any one time. Cloud accounting software has features which integrate with document scanning, enabling invoices to be scanned and automatically sent to the accounting system on a daily basis, where the accountant can then check and confirm the entry.
3. Automatic bank feeds
The software is designed so that it can sync with your bank, meaning that bank transactions are immediately fed into the right accounts and sorted by category.
4. Multiuser access
Allows you to collaborate with different members of your team. You can also give your accountant access to either review or edit the information, or indeed do all the processing on your behalf!
5. Cuts costs
Cloud accounting software is available from as little as £15.40 a month. The fact that it is on the cloud means that you don’t have to upgrade your equipment on a frequent basis. There’s nothing to install or upgrade and you’ll never need to do a backup again.
6. Makes you money
The software tells you what needs to be invoiced and when and allows you to easily keep track of which invoices are still outstanding. Never do you need to worry about cash flow management again.
7. Frees up time for you to focus on your business
As information is available in a timelier manner, you can log into your software and see how your business is performing, helping you to make important business decisions with greater ease and efficiency than you have ever done before.
6. Because MTD is on its way!
We now know for a fact that the Government’s tax digitalisation plans are concrete and will be in effect form April 2018. Part of this process involves keeping your records on digital software that is compatible with HMRCs portal. So it’s a good idea to start thinking about it sooner rather than later.
Further information on cloud accounting can be found here.
If you would like to speak to someone about cloud accounting or Making Tax Digital please contact your local office.