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 with annual business or property income above £10,000 will need to follow the rules for MTD for Income Tax from their next accounting period starting on or after 6 April 2023. 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achieve real-time reporting so instead of looking at historical financial reports that are days, weeks, or even months out of date, you have an instant overview of the company’s current financial position.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…
QuickBooks Online is one of the major global accountancy software providers and we are proud to be QuickBooks Certified Pro-Advisers. We introduce all of our clients to the benefits of working with QuickBooks Online and have integrated the software into all of our accounting services.
Our accounting staff are all trained to the "Pro Adviser Level" and we provide QuickBooks Plus for all of our clients - all included in our standard pricing saving circa £300 per annum on the equivalent package if purchased independently. We are experts at providing QuickBooks installation, training and support.
Wow. What a handy little app this is. From the initial doubts that a lot of our clients have they invariably now state that they would not be without it…we certainly wouldn’t.
Like magic, Receipt Bank extracts key information from your bills, invoices and receipts removing the need for manual data entry and it integrates with QuickBooks Online to save us all time and effort.
Using Receipt Bank adds another layer of security as the software keeps copies of all your receipts etc so when using with QuickBooks Online you have two copies of your expense receipts all stored safely in the cloud…
When used properly, Receipt Bank reduces the risk of losing receipts and enables you to operate a truly paperless system. (By properly we mean take the photo of the receipt when you first receive it… don’t wait till you have a pile..!)
VAT registered? Receipt Bank automatically analyses invoices for the VAT element identifying the right amount to claim.
We provide Receipt Bank as part of the service for all of our business clients.
Receipt Bank is another must for the discerning business owner.
Any form of accounting system needs time and effort to set up correctly. There are four types of accounting systems - a manual system (all you need is a book), spreadsheet, desktop system or cloud system. Using cloud technologies will be an enabler for your business so setting up your cloud system correctly will be key in you getting all of the benefits associated with a cloud based accounting system.
We can help you set up your Cloud Accounting system and provide basic or more comprehensive training in the apps that will make your life easier.
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