Making Tax Digital is coming whether we like it or not, and for some its already in place but for those of you avoiding taking the plunge here are 10 reasons why it’s actually the best change you’ll ever make and you’ll wonder why you’ve never done it before…
- Your system will be entirely paperless so every invoice you receive can be either emailed or scanned/downloaded and sent into the software. So no more lost receipts, you can even use your phone to take pictures and send them to the software
- It’s so easy to find the documents when you need them, as every invoice you send into the software is saved and you can easily open it and see the original details. No more lever arch files, or cross referencing required
- Bye-bye filing tray – every document from sales invoices, purchase invoices, bank statements, VAT returns it’s all stored on the cloud so you do not need to file anything manually and you can access it wherever you are on your phone, laptop, or tablet
- Time saver: this must be the most time saving thing I ever did in my business. I went from spending 6 days a month on my business bookkeeping to 1 day a month
- Flexibility, because the bank feeds are constantly updated and the paperwork is all sent into the software directly, you can work at home or in the office, on a beach, wherever, as long as you have a Wi-Fi connection. The data is available and is up to date
- Faster decision making – if you have ever needed a mortgage, you would know how painful it can be waiting for you accountants to update your accounts! Especially if you haven’t kept the books up to date and its all manual! With online bookkeeping the transactions are up to date so with a bit of help and tweaking your accountant can get you the data you need much quicker. Software can give you an up-to-date profit & loss in just a few clicks
- Good software packages offer really useful cashflow and budgeting tools to help you get the most out of your business and put you in control. You can set up projects and analyse results using prewritten reports and look at key ratios to keep on top of what’s happening in your business. It can really put you in control and help your business grow
- Quotes and invoices are linked and can be branded to look how you like, with email templates and statements that you can edit to customise to suit your own style. With recurring settings as well, you can automate as much or as little as you like to really speed up your monthly tasks. You will look more professional and collect money faster with the clever automations within the software
- Once you have the core software working you can add on Apps like Stripe, Go Cardless etc to help with payments or Mileage trackers to help log staff mileage. Most softwares work with 1000’s of other apps that you can bolt on and really get your business running like clockwork
- Finally, it’s going to be compulsory for every landlord, sole trader and business very soon, with a few exceptions, so better to take control now and have time to get help and support from your accountants to choose the best package for you
I really love working with my clients and seeing the change in their approach to bookkeeping once they realise how much simpler it can be with the right system. If you want a free no obligation chat, please book a call with me now, and let’s get you digital.
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