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Cloud accounting – Why is it good for business?

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Cloud accounting – Why is it good for business?

If you wish to keep track of your business growth and success, you will need to invest in cloud accounting software. By having your books in order, it enables you to monitor your income, expenditure, and profits at all times which can then be used to make important decisions now and for the future.

Cloud accounting software is convenient, user-friendly and allows you the flexibility to take care of your business finances anywhere and anytime, all you need is internet access. Manual data entry will be reduced with the automated tools built within your chosen package. Furthermore, your data will be stored in the cloud which makes it almost impossible to lose.

An example of the benefits of cloud software; a client of ours was recently contacted by HMRC regarding their VAT records. It used to be that hard copies of receipts, invoices and bank statements were provided to the inspector, whereas during this case, we had one laptop which gave the inspector access to all the information that was required to carry out the necessary checks. Within 24 hours of the inspectors visit, which lasted no longer than 2 hours, the client’s VAT reclaim was authorised.

With Making Tax Digital for Income Tax Self-Assessment fast approaching, it’s now vital to make the necessary changes. If you would like to discuss further or require a review of your current in-house procedures, please contact Jake on 01227 277667 or by emailing him at j.mackenzie@mphaccountants.co.uk.

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