Cloud Based Online Accounting Services and Supporting Apps
Now you can have access to your financial information whenever and wherever you want!
“HMRC are in the process of linking their internal systems to allow taxpayers access to their own digital tax account at HMRC online, known as Making Tax Digital (MTD). HMRC envisage this will allow an easier and more cost-effective way of dealing with tax. For most business owners, the changes will require more frequent reporting to HMRC in tighter deadlines than they are currently used to.
Cloud based accounting software is extremely secure and can greatly assist with the new requirements as it allows us to access or update your bookkeeping information much more quickly without the delivery of excessive paperwork, e.g. sales invoices, purchase invoices, receipts, etc.
Regardless of MTD cloud based accounting software is proving to be an invaluable tool for many businesses, allowing business owners an understanding of the financial performance in real time rather than just at the year end when the annual accounts are completed. This is obviously valuable to you but provides us with greater opportunity to advise on financial performance. In addition, it can be securely accessed anywhere providing access to your financial data at any time from any device. We use QuickBooks Intuit with our clients and have a Pro Advisor status in relation to this app.
There are other supporting apps that facilitate the entry of your information into cloud based accounting software, such as Receipt Bank which extracts all the information from a purchase invoice or receipt by just taking a photo, uploading a scan or forwarding an email of the invoice. It can then automatically integrate this information into your accounting software.In addition, you do not have to keep the paper invoice or receipt as a digital copy will be on record and is compliant with the HMRC document filing updates.Therefore, less filing and more of your valuable time saved! There are plenty of other supporting apps such as point of sale systems and stock control that we can advise on.
We are well experienced in using other cloud based accounting systems, which some of our clients are on therefore if you currently use another provider we can most certainly work with this. If it is a system we have not come across before then we are always keen to learn!
If you are interested in this please let us know before purchasing a subscription as we can offer up to a 50% discount compared to the cost of obtaining a subscription independently. This does not tie you down to keeping your accounting services with us; if you wish to move at any point you can take over the master admin and we can transfer the cost to you.