Cloud Bookkeeping & Accounting For 2021
Digitilisation … Cloud Accounting…Real time reporting… The concepts have been around for a long ...
Digitilisation … Cloud Accounting…Real time reporting…
The concepts have been around for a long time as has the technology however it feels everyone had been too busy to really want to make the move as there was always tomorrow.
Then came COVID and suddenly those not using cloud resources felt a sense of urgency. Now life has resumed to the “new norm”, cloud facilities within business and every day life feels necessary and there is a demand to keep moving things over to the cloud.
What does it mean for the every day business and tax return client?
The accessibility to simple cloud accounting solutions has never been easier with lots of offers available and the main providers of software have lots of advances to their services to come.
The service is a monthly subscription hosted on the cloud with many not providing a monthly rolling contract.
There are quick easy wins/advantages for a business/tax return client to make the move to software such as:
- Bank feeds
- Taking the data directly from the bank and converts this into your software instantly creating efficiency for you and your team. Instead of manually entering data you can oversee/check
- Invoice feeds
- From taking photos of invoices to directing emailed invoices to receipt software that feeds into your accounts efficiency and accuracy can be achieved. The technology reads the invoice details and converts this into your accounting software. It also retains your invoices in the cloud
- There is also ability to create invoice fetching directly from suppliers
- Cloud storage
- You and your team can access data anytime and anywhere. Not only does this provide resilience but also flexibility.
- MTD compliance
- HMRC continue to push the requirement to be compliant with Making Tax Digital. The main software providers have this technology built into their software
- Complimentary tools/ apps
- Electronic payments such as Stripe
- Customer statements/debt collection
At Infinitas we work with all the main cloud accounting software providers but we currently most impressed with the quality and investment Sage is making in taking cloud technology further.
We pass our discounts on software to clients as we can already see the benefits to our clients and our own service delivery of working together to create an online accounting system.
We also work hard to support our clients every step of the way in their transition to this new style recording keeping by providing:
- personalised video training
- telephone support
- low cost bookkeeping packages for those clients that would like the extra support
We don't stop here. We use this data to provide our clients with tax planning and strategic relevant conversations based on this data in through the year (we no longer need to wait for the clients year end records).
By working in year using our client's data this also ensures the data is reliable so clients can too see their own profit and tax positions using their own apps.
Please contact us to obtain your personal quote and how we can support you in the move to cloud accounting.