Making Tax Digital
Benefits in summary
- Paperless accounting – imagine your office or workspace without paperwork scattered all over, becoming sun bleached, or coffee stained, or even blowing out of the window!
- Beat the competition to the job with smarter quoting
- Your accounts up to date in almost real time, allowing you to see the current state of your business, plan accordingly, including your cash flow and tax bills
- An experienced accounting firm available to help you be more successful, without worrying about the fee clock running – its free unlimited support!
- Your spare time given back to you to spend as you see fit, instead of dealing with tedious paperwork.
- No more chasing around trying to pull your paperwork together, some of it up to 18 months old, to get it to your accountant.
- Fixed fees, agreed up front, and paid by monthly instalments, saving finding that big lump of money annually.
- Knowing what your tax bill due in January is, in the late spring/early summer instead of just before it’s due to be paid!
Cloud accounting – how it works
Cloud accounting is a game changer for both clients and their accountant. It takes away the mystery of what we do in our offices with your paperwork, and puts it right there on your laptop, tablet or smart phone, for you to see. Because of the technology available to us today, we can automate the bookkeeping element of your accounting, and as long as you engage with the system, provide you almost real time accounting. You can use it to produce your quotes and invoices, on the spot, whilst in a customer’s premises. You then email the invoice to them, instead of waiting until the evening, when you are back home, and waste valuable family or leisure time producing them, and then having to get them to the customer, leaving you to either chase for the job a day or two later, or your money when the job is complete. With less effort than now, you can achieve so much more!
- Cloud accounting software, which allows you to raise quotes, and invoices which are then automatically posted into your accounts, allowing capture of your sales in real time.
- Bank feeds into your cloud accounting software. This downloads the transactions from your bank account, into the software, keeping the bank reconciliation and your accounting bang up to date.
The opportunity to know where you are today, and where you can be tomorrow!
We currently recommend Xero and Quickbooks as two of the world’s leading cloud accounting systems, but do work with others. These two in particular allow you to see the current position of your business on your dashboard. This shows your bank balance, unpaid sales invoices, highlighting the overdue ones, and your purchases awaiting payment, again highlighting the overdue ones. You can also see and use the expenses system for those out of pocket expenses.
There are a number of reports you can select and view, to take a more in depth look at how your business is doing, and of course you can call us during office hours to discuss any aspect of your accounts, and we can see the same items as you, at the same time.