Today, our Smart devices give us instant access to a wealth of global information, whenever we need it. This "instant access" has changed the way we buy, the way we play and the way we communicate with each other. So it naturally follows that we should operate the financial aspects of our business in the same way...why stay stuck in the past. A good cloud accounting software is a must for the modern business owner.
Making Tax Digital (MTD)
From April 2019, all UK businesses above the £85,000 VAT threshold will need to keep digital records and submit VAT returns to HMRC using MTD-compatible software, such as QuickBooks Online. MTD is to be extended to cover all UK VAT registered businesses from 1 April 2022 and to cover most business income tax records from April 2023.
Self-employed businesses and landlords will need to follow the rules for MTD for Income Tax Self-Assessment (MTD ITSA) which has now been delayed until 6 April 2026. It will happen though...so...ARE YOU MTD READY? Most cloud accounting software is so don't delay and leave things to the last minute. Get started now...
THE BENEFITS OF CLOUD ACCOUNTING
By keeping your bookkeeping and bank reconciliation up to date, you can achieve real-time reporting so instead of looking at historical financial reports that are days, weeks, or even months out of date, you have an instant overview of the company’s current financial position. This real-time overview is vital when looking at your cash position, planning future spending and when making big financial and strategic decisions as a management team.
As all of your information is "in the cloud" there is no need to back-up your information at the end of the days trading. You can sleep soundly as most cloud accounting software providers have military levels of encryption to protect all of your data and they are backed-up automatically.
Integrations. Once you start using this type of software it opens up lots of different avenues for further cloud-based apps that will help you run your business - from credit control, HR, Health & Safety, Banking, Expense Management, Cash flows etc, etc.
Using cloud tools reduces paperwork and is, therefore, more sustainable. At M.A.D. Accountants, we operate (in the main) a paperless office which is fantastic for the environment.
Invoices on the go! No more traipsing back to the office before you can raise an invoice. Invoicing straight from your software enables faster payments from your customers!
Being cloud-based reduces your ICT costs as you do not have to invest in complex internal network infrastructure and enables you to keep your finger on the pulse of your business…whenever you want.
Live Bank Feeds. QuickBooks Online offers live feeds to your bank accounts (even the majority of the new Challenger Banks), giving you the ability to link your banking directly with your accounting. Instead of manually keying-in each bank statement line, or uploading a .CSV file that you've downloaded from your internet banking portal, a live feed pulls your bank data straight through into your accounts. This speeds up bank reconciliation and gives you a more accurate view of your bank balance.
You are always working with the latest software version...not always the case with desktop accounting solutions. plus you do not need to apply security bug fixes...they are done for you. Just switch on and away you go...
...AND ONE OF THE MAJOR BENEFITS IS THAT WE, YOUR ACCOUNTANT, ALSO HAVE INSTANT ACCESS TO YOUR FINANCIAL INFORMATION ENABLING US TO ADVISE ALMOST IN REAL TIME ON HOW YOUR BUSINESS IS PERFORMING…
Go paperless, help the environment, go CLOUD…
