When it comes to the weather, clouds aren’t exactly everyone’s favourite forecast, but when it comes to accounting, well that’s a different matter … cloud based accounting is efficient, it’s effective and very much part of our digital future.
From 1 April 2019, VAT registered businesses need to comply with HMRC’s Making Tax Digital regime – smaller organisations will be next along with Corporation Tax and Self Assessment Returns in the not too distant future.
Change really is happening. In fact, over 1,000,000 more people in the UK now file their tax returns online than they did 5 years ago. Globally, cloud accounting has grown by 195.53% over the same period.
Because we set up Whyfield 5 years ago, we specialise in working in a modern world – a world where reams of paperwork are a thing of the past and a world where everything is deliberately designed to work just that little bit better.
Cloud based accounting is at the very heart of this modern world and is already redefining the way that businesses are run. So if you’re not already using cloud accounting, trust us, you should be and this is the reason why.
At some point soon almost everyone will be using cloud based accounting and with that in mind it’s better to be an early adopter rather than a follower as that will only increase the risk of being left behind.
There are various packages available on the market today (over 150) including Xero, QuickBooks, Sage, FreeAgent and Kashflow to name a few and they all are relatively inexpensive, subscription based systems with no contracts. They all feed off information and data that you the user or us as the accountant input and then the system processes that on secure servers in a completely efficient way.
All the packages remove the need for you to get too involved in the process resulting in more time to get on with your business and certainly less angst when it comes to financial admin.
Better still, using cloud based accounting creates a much better way for you to work with the likes of us at Whyfield as we can become an integral part of the process which again creates more time for you to focus on the important things in your business.
As well as saving time, accounting in this way gives you more control of your finances with all important real time views, which give you completely up to date, accurate information, essential for the running of any business. This is turn means no surprises and no costly mistakes and actually has the added advantage of being ready for all compliance and mandatory regulations that are heading our way.
In simple terms, it’s a better way of running a business, making future ‘planning’ and ‘growth’ just as important as straight ‘financial reporting’.
Cloud accounting should be embraced and it certainly shouldn’t be feared. If you’re used to using a smart meter, a Hive control system, Alexa of even Apple Pay then cloud accounting is no more complicated. But the best thing is, we here at Whyfield are always available to help get you get set up, fully trained and ready to go.
So, if you’re fed up of regularly filing your receipts in the glove box of your car, or don’t really know how your business has performed until year end, then you should be talking to us at Whyfield about what cloud accounting system would work best for you and your business.
At Whyfield we will help you take control of your finances and create a system that’s up to date and works ‘where you want it’ and ‘when you want it’.
If you are new to cloud accounting, we can help you choose the right package, set you up, wangle some discounts from the providers and ensure you are entirely happy with how it works. Also, if you are already subscribed to a provider, we can assist you and your team with bespoke training to ensure you get maximum value.
Our door is always open to businesses who are looking to get the most out of cloud accounting so why not give us a call? In the meantime, feel free to take a look at our four part video series on Making Tax Digital https://www.whyfield.co.uk/making-tax-digital/