Cloud Accounting and Xero
Cloud accounting has revolutionised traditional bookkeeping. As this accounting software is accessed online, it allows you and us as your advisors, to access your financial information anytime, anywhere. It also offers significant opportunities to increase the efficiency of your record keeping.
We are huge fans of cloud accounting and our recommended software provider is Xero. We are therefore a Xero Partner and Xero Certified Practice. This means that we can fully advise and support you.
Xero provides access for an unlimited number of users which is refreshing. We find Xero to be very intuitive to use. Plus more importantly, clients that have made the move to Xero with us, have been delighted with the results.
The efficiencies provided from the automation of many processes is hugely valuable. We’re sure you’ll agree, the one resource we typically all need more of is time! Automatic bank feeds that pull through the transactions from your bank account, intelligent bank reconciliation processes, repeating invoices, etc all improve the user experience. Visit Xero’s website to find even more information about Xero’s helpful features.
There are also a whole host of apps available to further automate and streamline the processes in your business. For example you can:
- link your point of sale system directly to Xero;
- connect payment systems to allow your invoices to be paid by credit card or Direct Debit;
- import purchase invoices removing the need to keep paper based invoice files;
- record the time you spend on jobs for accurate billing and analysing project profitability;
- and much more!
These systems further enhance the software’s capabilities and automation. Talk to us about the apps that will best suit your needs and industry type. We have a wide range of experience and can help with app selection and integration.
Moving to Xero is quick and simple. Our team can advise you which version is best suited to your needs. We’ll then migrate your existing accounting data including supplier and customer records from your existing system. We will discuss the opportunities for you to personalise the system with your branding, etc and can assist with this if you would like. We’ll also provide you with some training to get you up and running.
If you would like to explore the benefits of cloud accounting for your business, please get in touch. We’ll be happy to advise you.
Bookkeeping
If you don’t have an internal bookkeeper and currently maintain the accounting records yourself, we can provide a fully tailored bookkeeping service. This will free you up to do what you went into business for in the first place and therefore directly benefit your business. We also find that many business owners fall back in love with their business after outsourcing their bookkeeping to us, as it was distracting them from the parts of their business that they are truly passionate about.
With the benefits of cloud accounting, you won’t lose touch with your accounting records by outsourcing the bookkeeping to us. You will have online access via your computer, tablet or smartphone to view all the key information you need.
Although we are a Xero Certified Practice, our team is also conversant in the use of Sage and QuickBooks and can continue to use your preferred supplier if you wish.
We provide all clients using Xero, a Receipt Bank licence to quickly and easily submit purchase invoices and receipts to us for processing. Submissions can be made by snapping a photo through the smartphone app, bulk upload or email.
We are happy to provide bookkeeping services as a standalone service where required. Therefore, if you don’t currently wish to change accountants and are purely looking for a bookkeeping support you can still get in touch.
Making Tax Digital
You may have heard in the press about Making Tax Digital, which is HMRC’s initiative to digitise the accounting records of businesses. The first businesses to be affected are VAT registered businesses with a turnover in excess of £85k. These businesses have to comply with the new Making Tax Digital requirements from April 2019. This includes the submission of VAT returns to HMRC directly from third party software. Read our article on Making Tax Digital for further detail.
Therefore, manual records will become a thing of the past. As we’ve explained above, there are significant benefits to using the latest technology to maintain your accounting records. It isn’t just something you have to do, it is something you should positively embrace.
We understand that change can be daunting, but you aren’t on your own. We can advise and assist you in considering your options and making the change. Then together we can enjoy the benefits!
