Accounting software is seeing a huge revolution, in both features and accessibility. This is partly driven by the advent of Making Tax Digital but also by technological advancements. It has never been easier to raise sales invoices or reconcile your bank, meaning you are able to see your accounting figures on real-time basis.
The move to ‘cloud accounting’ is gathering pace and is an alternative to the traditional desktop software which is installed directly on a PC or laptop. Cloud computing allows you to access the service through the internet, with users logging into the software with a user name and password, wherever they have access to a web browser. Many software companies are also releasing apps for mobile phones and tablets which in turn give the user access on the move.
With no programs to install, no back up routines required and regular upgrades automatically applied by the software provider, the anytime, anywhere access is proving very popular with clients.
Cloud software is generally paid on a monthly subscription so there is no initial investment needed for software or installation. Many providers allow for multiple users, with varying access rights, and your accountant also has simultaneous access. This allows us to collaborate with you easily, as well as support any queries you may have as we are able to see exactly the same data as you. It also means data is available to us instantly at year end.
Functionality of programs is excellent. For example, you have the ability to link your internet banking to the program and download transactions. The system is then able to automatically match entries already in processed or alternatively create new entries from a set of rules. Sales invoices can be raised and emailed directly to customers, resulting in a reduction in paper and postage costs, while follow up emails to request payment can be automated for those slow paying customers Information about your business performance is displayed in a clear format allowing you to keep an eye on how you are doing throughout the year. Budgets can be recorded with variances viewed and cash flow forecasting is available.
Some cloud accounting companies are now giving you the facility to take a photograph of your receipts on your mobile phone and submit them directly to your data, using optical character recognition software.
There are many separate apps being developed by companies which will allow you to link stock, till systems (Epos), etc. into the software, saving time on rekeying data.
We have fully accredited staff experienced with Xero, Quickbooks, Free Agent and Kashflow, and are happy to demonstrate software to you. We can also help with program setup, training and ongoing support. Data currently held on many desktop packages can be converted to new systems, so no information will be lost.
Making Tax Digital, which will mean you submitting quarterly figures to HMRC starts to come into effect in April 2019, so now is the time to get organised. To arrange a software demonstration, or if you require any further information, please contact Gail Kristiansen in our Kelso Office.
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