When you decided on becoming a business owner, whether the reason being you had an innovative business idea or just prefer being your own boss, did you ever think you would spend so much time doing administration? How many hours have you clocked chasing clients for late payment of invoices? You are well aware that late payments from clients is a hot topic of conversation between business owners, as it’s one of the most frustrating yet proverbial aspects.
However, there is light at the end of the tunnel. Things are moving forward, digital technology is making accounting processing easier and faster. Cloud accounting is the future, imagine such a thing as automated invoice reminders!
With the introduction of Making Tax Digital coming April 2018, businesses that adopt digital accounting early will have all the processes in place and be well versed before the introduction. Other benefits include:
- Ease of access, you can enter your records from anywhere so you can spend more time with new customers rather than chasing old ones for payments.
- You have a clear overview of your current financial position, in real-time. Allowing quick and easy management of cash flow and budget planning.
- Automatic updates mean you can spend more time doing what you love, as well as automatic backups so no loss of information.
- You save a lot of time, by having access to all your business’s tax information in one single place.
- Upfront business costs are reduced – version upgrades, maintenance, system administration costs and server failures are no longer issues. Instead, they are managed by the cloud service provider.
The cloud accounting platform we use is Xero, as we believe this to be the best on the market for our clients. There are different packages available to suit a variety of businesses and their needs:
- Starter £10 pm
- Standard £25 pm
- Premium £30 pm
Xero will allow us to share the same set of accounts and access financial data at the same time, enabling us to build a closer relationship with you and your business.
Take action now within the current 2017/2018 tax year, in order to get operational and familiar with working digitally, so when Making Tax Digital is introduced you are well accustomed to this way of operating.
Click here to try a 30-day free trial.
As agents we also have access to other platforms, and as always if you have any questions regarding moving to digital please contact on 0845 054 8560.