Put simply, Cloud Accounting makes bookkeeping easy. We use the Xero system for our own books and we love to use Xero to bring the benefits of this new technology to our clients.
Xero speeds up your processes and gives you and us access to your information at any time. All you need is a secure internet connection.
Some of the main benefits are listed below:
- Sales invoices can be created and emailed on the go, using just your phone
- Bank feeds send information straight to your books, cutting down on data entry
- Automation of expense input and repeating sales invoices save time and increase accuracy
In addition, HMRC's Making Tax Digital (MTD) programme now requires all VAT registered businesses with turnover above £85,000 to use digital record keeping, with all other VAT registered businesses following by April 2022. We have been advocating the use of digital systems for years so we are ready to guide you through the change if you are affected by this, whether you use Xero or another cloud system, if you use a digital non-cloud system, or if you don't have a digital solution yet and need to set one up.
MTD for income and corporation tax will be the next developments from HMRC, with a route map now published, scheduling big changes in 2023 and 2026. We'll keep all our clients up to date with what's happening on this front via our News page.
There’s a lot more on Cloud Accounting and on the Cloud in general so we’ve created a dedicated page on the subject. Just follow the Cloud Services link further down the page or on the main Services menu to find out more.