We believe in keeping your accounting as straightforward as possible. This is why we recommend using online Cloud based accounting software to manage your financial records.
There are many benefits to using cloud based accountancy software like Xero.
You gain instant access to financial information, compliance with ‘Making Tax Digital’ (MTD), simplified data entry, automated business processes and reduced costs.
Making Tax Digital
In 2019 the government introduced MTD; an initiative designed to streamline the UK tax system to make it easier for businesses and individuals to submit tax returns. For many, completing a tax return is an absolute mine field and one that can result in substantial penalties if incorrect.
In 2018/19 the Exchequer reported a ‘tax gap’ (the difference between the amount of tax which should be paid to HMRC, and what actually is) into the billions.
Today, MTD means all VAT registered businesses with turnover above the £85k threshold must keep digital records and submit tax returns via recognised accounting software. With plans to extend MTD to corporation tax and income tax in the future, switching to cloud-based software has never been more important.
Picking the right user-friendly accounting system will help streamline your business, and save time and money.
Here’s just some of the reasons why you should upgrade your approach to accounting:
- Your accountant can have direct access to the software, removing the need for you to collate financial data for them.
- 24/7 access to financial data on the go. All you need is an internet connected device to gain instant access to data which can enable you to make informed business decisions, quickly.
- Preparing accounts, invoicing, payroll etc. is a much faster and streamlined process. It’s also a more efficient as it removes the potential for human-error.
- You can take advantage of built in functionality to analyse your business performance. Plus use it to identify potential business opportunities or areas of concern.
- When technology can automate many of the mundane tasks traditional accountants would have to do manually, the result is a cost-saving to you.
Seems like a no-brainer, right?
Why choose Xero for your business?
As with anything in life, it can be difficult to know which software is right for you. As a Xero gold-partner and the number one firm of accountants in Luton and Dunstable using Xero, we’re well-positioned to help you understand the plethora of opportunities this software has to offer.
We’ve covered the benefits of using online accountancy software, so here’s some of the features and tools you can expect from Xero:
- Bank reconciliation
- Contacts – Keep track of suppliers and customers
- Expense claims
- Files – Attach documents to your financial data
- Financial reporting
- Free, unlimited email support
- Invoicing – Create and send invoices automatically
- Log in from anywhere
- Mobile apps (Android, iPhone/iPad)
- Online accounting – Access Xero anytime, anywhere
- Purchase orders
- Quick and easy to use
- Receive bills electronically
- Fixed assets
- Smart lists – Segment contacts based on purchase history
- VAT returns.
*Information on features and tools taken from the Xero website.
The team at Spicer & Co are always happy to help. Combined with Xero’s expert support and excellent training videos, you’ll have access to all of the support you’ll need to make the most of the next generation accounting.
If you would like to explore how Xero could work for your business, get in touch and we can chat it through over the phone or over a coffee – socially distanced of course!