Today’s accounting is no longer burdened with laborious tasks, requiring all notations and financial data to be analysed, recorded and stored by hand. Digital advancements in accounting software have enabled us to generate strategic financial reports at the touch of a button, error-free and secure. Nonetheless, according to the recent survey, 65% of small businesses do not currently use software to manage their accounts, and are still using Microsoft Excel or another spreadsheet-based application instead…
While pens, paper and calculators are still around, businesses no longer rely on them to balance ledgers or do reports. Accounting is in the midst of digital revolution with automated workflows, real time reporting and forecasting tools to give you a competitive advantage. And this shift is about become mandatory…
From April 2019, the government is planning to modernise the tax system, expecting your business to submit tax returns online quarterly, using approved software. Known as Making Tax Digital (MTD), the initiative is to reduce tedious form filling, allowing you to be a lot more efficient when it comes to your record-keeping and payments for improved cash flow.
Technology moves rapidly but it’s important that your business keeps up with the changes – if not, you may get overtaken by your competitors. With cloud leading the way, here are 6 benefits of modern accounting applications you want to snap up to boost your business finances….
The beach, the hotel room, the airport! All you need is an internet connection and a device of your choice – that is if you really want to work while basking in the sun at the beach 🙂
Store all your accounting records in the cloud. Photograph receipts from your mobile device and automatically file them into the online accounting system for a clutter free working environment.
Share information with your accountant, bookkeeper, bank or business partner when you are on the road or in another country.
Typically, when using out of date systems there is a need for manual workarounds. This can mean that when reports are finalised the data is out of date. As a comparison, running your business with real time information will allow you to monitor accurate data, for improved decision making.
There’s no need to update the software, as this is all done automatically and you’re always using the most up-to-date version. Any changes to tax rates, or compliance legislation, are carried out automatically as well = Stress-free accounting.
Concerned about the safety of your payments or client data? While trusting something named after a weather phenomenon sounds scary, cloud is actually safer. Still not sure? Read our quick and handy comparison on cloud vs on premise security >
Employees spend approximately 12 hours each month consolidating, modifying and correcting spreadsheets, which equals to one and a half business days. Say goodbye to manual reports, payments, invoicing and receipts. Save time on routine tasks, making ledgers and financial reports more accurate and reducing human error.