Cloud accounting and Xero
Cloud accounting has revolutionised traditional bookkeeping. Cloud based accounting software allows you and us as your advisors, to access your financial information anytime, anywhere and 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 have two Xero Certified Advisors in house to assist clients.
Xero provides access for an unlimited number of users which is refreshing and we find it to be very intuitive to use and 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 so valuable, as 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. There are also a whole host of apps available to link your point of sale system directly to Xero, import purchase invoices removing the need to keep paper based invoice files and so on, to further enhance the software’s capabilities and automation.
Moving to Xero is quick and simple. Our team can advise you which version is best suited to your needs, migrate your existing accounting data including supplier and customer records from your existing system and 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 and we’ll be happy to advise you.
If you don’t have an internal bookkeeper and currently maintain the accounting records yourself, we can provide a fully tailored bookkeeping service including the preparation of VAT returns, to free you up to do what you went into business for in the first place and directly benefit your business.
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 are also happy to provide bookkeeping services as a standalone service, if you don’t currently wish to change accountants and are purely looking for a bookkeeping support.
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 will 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.
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 other than being ready for Making Tax Digital and you aren’t on your own, we can advise and assist you in considering your options and making the change.