Benefits Of Accounting In The Cloud
Updated: Jun 4, 2020
Now has never been a better time to think about switching your accounting records (if you haven’t already done so) into the cloud.
Making Tax Digital (MTD) is just around the corner…. this change in legislation will require vat registered businesses with a taxable turnover above the current vat registration turnover threshold (£85k) to maintain digital accounting records and to submit their vat returns via MTD approved compliant software. These changes will affect vat return periods commencing on or after 1 April 2019.
Why the cloud? Cloud accounting has many benefits:
Access your records wherever you are; 24/7
Invoice on the go
No need to worry about hardware; all you need is a web browser
Apple and android apps for tablets and smart phones
Bank feeds for up to date, accurate reporting of cash position
Invite in your accountant for support without the need for sharing backups
Software is updated for any legislation changes
Product updates are rolled out seamlessly
Email-led support included in monthly subscription pricing
Free access to help centre and tutorial videos
Securely held backups are taken automatically
2-step authentication for added security
Need any further convincing? We all want to save time, don’t we? Good news: cloud helps with this too! Bank feeds make bank reconciling more efficient. The ability to access anywhere, anytime means you can deal with invoicing and processing at your convenience and finally, add on apps can help with the following processes:
Bills and expenses management
Reduce time taken tracking down receipts and scan and shred them to save storage space.
Reduce data entry time.
Don’t want to lose historical data?
Time saving conversion tools allow data to be converted from outgoing software.
Send automatic reminders.
Get paid quicker!
Time tracking and invoicing
No more collating manual time sheets.
Integrate the process with your financial software to save time and invoice more accurately too.
If you’re thinking about making the leap, get in touch with us and we can talk through the options with you.