If you've been following our blog series over the last few weeks you will have seen that we've explored Making Tax Digital (MTD), "Cloud" accounting and how the 2 interact.
What I wanted to look at in this blog is how using a cloud accounting package can help you to run your business more efficiently, whether or not you fall under the initial MTD legislation (because ultimately all businesses will eventually fall within it).
Why the need for cloud accounting?
Since the turn of the century or, even more so, the last decade the technologies around us have evolved and we are now more data rich than at any other time in human history. In turn this has meant that the community in which businesses operate has inevitably had to change and adapt and unless those businesses change with it then they risk falling into obscurity or worst still failing because they haven't adapted.
What are the benefits of cloud accounting?
As the world has become so much more fast paced so to has the need to get things done quickly. These days there are a myriad of things that demand your attention at any one time, be that dealing with customers, suppliers or spending time with the family. Everything is demanding more and more of our time and as an entrepreneur the very last thing you got into business for (unless you are an accountant) was to deal with your accounts, and that's why it always gets left until last.
This is where cloud accounting can help.
Cloud accounting can help you to efficiently capture data, quickly categorise data and see just how the business is performing at the click of a button.
This will save you both time and money through increased efficiency.
Let's look at the ways that cloud accounting helps:
Why should you implement cloud accounting?
For those out there that will fall into MTD (VAT registered over the VAT threshold) then there is a need to make the move and to make it quickly, there is only 6 months until the legislation comes in and you can be subject to penalties from HMRC if you don't file your returns using their recommended software solutions.
For the rest of you, there is real benefit in joining the cloud accounting revolution, access to real time information, less data entry and better collaboration amongst your team are all things that will make your business run more efficiently.
Either way you can look forward to an increased knowledge of your business and more time to do what you love.
For more information on how we can help you with the move to the cloud give us a call on 01254 300 050 to speak to a member of our team.
22-28 Willow Street, Accrington, Lancashire, BB5 1LP
T 01254 300050
F 01254 396620
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