On Tuesday 11th April we delivered a seminar on how to work smarter not harder with cloud accounting in conjunction with the Staffordshire Chamber of Commerce. We had a great turnout of businesses looking to find out more.
With making tax digital coming along there has never been a more important time to consider moving onto cloud accounting. Although the government announced in the Spring Budget 2017 a one-year deferral for unincorporated businesses and landlords with turnovers below the VAT threshold, making tax digital is scheduled to apply from April 2018 for businesses, self-employed people and landlords with turnovers in excess of the VAT threshold with profits chargeable to Income Tax and that pay Class 4 National Insurance contributions. So unfortunately a carrier bag of receipts once a year isn’t going to be enough going forward.
Traditionally in a local business it was run on Sage that was installed on one computer and the book keeper would come in perhaps one day a week to input all of the data and manually reconcile the books. The business owner would perhaps want certain reports meaning the transactions had to be exported into Excel and then the figures manipulated to produce the exact report wanted. This process would be very time consuming and ultimately cost the business a fair amount of money due to the number of hours spent doing this. Sound familiar?
What if we told you that cloud accounting software such as Xero connects directly to your business bank account meaning you do not have to manually have to input the transactions? And that you can raise all of your sales invoices on the software so there is no duplication of work there? And that you can send PDF invoices or scan paper invoices to software such as Receipt Bank which will automatically pick out the invoice date, supplier, amount & VAT and post the data into the cloud accounting software? Hopefully you can see that by embracing cloud accounting you can learn to work smarter not harder and save money too.
If you are thinking about cloud accounting for your business or you want to save time on the admin and book keeping get in touch for a free no obligation discovery call to see how we can help to save you time & money on 01782 479699.
