Gone are the days of having to meet up with an accountant face-to-face, wait days for that meeting to come around and then sit down with a calculator to work out all of your business’ finances.
Online accountancy services provide their users with countless benefits and are user-friendly which helps to keep things simple and clear, whether they are a Sole Trader, Limited Company, Online Business or SME.
It is well worth moving online if you haven’t already. If you’re starting up a new business or company, we’d say it is pretty much the only logical way to do things. Here are some of the ways in which online accounting can help you and your business in the Making Tax Digital era:
Up To Date
Tax and business accounting has seen some big changes in the past few years. From online accounting services and automated calculations to the introduction and implication of Making Tax Digital, online accounting is the newest and most modern way to deal with your accounts and makes the most of the latest technology.
There is no set method for keeping your books in order, but there are dozens of ways in which you can cater it to your business and make things easier. Our plans are scalable so that you can choose the best software depending on your annual turnover, number of transactions, staff levels or expenses.
Human error could play a big part in inaccurate data and sums. And inaccurate data and sums could see you handed fines and penalties by HM Revenue and Customs. Thanks to online bookkeeping technology, a lot of the work is done for you and will be mistake-free. An accountant can cast an eye over it all before anything is sent to ensure it is all is compliant. Being online doesn’t mean watered down either – the qualified professionals we work with are both financial and management accountants who can help with everything from audits to business advice.
Because a lot of the calculations and input are automated, this keeps costs low for the user, which is great for small businesses and startups who may be wary of their overheads yet require some much-needed assistance.
One quick look will tell you all you need to know about your real-time finances and cash flow, concerning your bank accounts, invoices and credit card statements. As long as data is up-to-date, you’ll not have to spend ages working everything out before you make any big financial decisions.
Chasing clients for payments can get tiresome, but is essential to ensure you stay balanced, and cash flow is effective. Online software can create, send and update invoices, offer online payment options and send reminders should it be taking a little while longer than you hoped.
Cloud Technology allows you to access and update the accounts from anywhere, at any time, using any phone, tablet, or computer. No more leaving things to the last minute – regular updating and data entry will see tax returns and end of year accounts become a breeze. All you need is an internet connection.
The idea of online services can make some people nervous. Is it secure? Will my data be lost due to technical errors? Well, you don’t have to worry. We back up the data regularly and secure it all with multiple levels of protection, industry-standard data encryption and secure data centres. And there is two-step authentication. Your data will never disappear, or be in the hands of anyone who you haven’t authorised to view it.
Quick To Help
The support team can view your data almost immediately when you need them to – just invite them to collaborate on the necessary areas of your accounts and bookkeeping. Advice can be given straight away, so you don’t have to wait for hours to solve any problems which can leave you in limbo. You will also have unlimited access to this help.
A range of experts are available as and when you need them, and because everything is kept up to date, the query and issue can be accessed by the most relevant person for the job.
Your accounts are based online, so it could make sense for sections of your business and services to move online for a bit of a boost too. Or maybe you need to secure extra funding and investment, advertise your business or improve customer relations. Accountants don’t just help with the books and tax compliance but can help your business grow in the best way too.