When looking at how you keep your business financial records and the accountant you work with, it should definitely be on your list of requirements to ensure they are confident in using cloud accounting software and ready to embrace the digital era of accounting.
Long gone are manual ledgers and excel spreadsheets are fast becoming redundant and in their place is a full accounting solution where you can have real time, informative data and reporting on the performance of your business. HMRC have now introduced Making Tax Digital (MTD) regulations which over the coming years will be mandatory for all businesses of all sizes, so, if you aren’t using a software such as Xero, now is the time to make the switch.
Xero Certified Accountants have undergone extensive training and certification in using the Xero accounting software and are well placed to support you with the transition to cloud and also ongoing training and helpt, you can find a Xero certified accountant (like Whyfield) on the Xero website.
Cloud accounting platforms aren’t just for sending invoices or logging receipts, they can send auto reminders, link to your bank account and produce a huge number of reports to help you run your business. This streamlined bookkeeping approach will save you time and sanity! We guarantee once you’ve got to grips with a new way of working, you wont look back.
At Whyfield we have helped hundreds of businesses make the digital switch and our certified team of Xero advisors love showing clients how this platform can work for them.
Another benefit of going digital (if you aren’t already convinced) is that when it comes to the end of your financial year, or even before this point, we, as accountants can help advise you on your business performance and have your HMRC compliance prepared and discussed to give you plenty of time to report to HMRC or Companies House.