What’s all the fuss about? You’ll likely have seen a lot of advertising around ‘Cloud Accounting’ and ‘Making Tax Digital’, but does that add value to your business as a business owner? The clear answer is yes, but perhaps not for the reasons you think. The transition to cloud accounting is likely to have more significant benefits for your business than perhaps it seems.
The real advantage comes down to saving time and money, couldn’t we all do with that at the moment?
Here are just a few of the benefits: –
- Time Efficiencies – live links to your banking, invoices/receipts make bookkeeping a much quicker and easier task.
- Real-time information – with live data you get real-time information which is invaluable for decision-making.
- Scenario Analysis – algorithms can analyse sales, spending trends, as a business owner you then can analyse cashflow implications if you, for example, add headcount, purchase larger space, or add new products.
- Financial / Tax planning – higher quality, faster financial information helps identify tax planning opportunities and financial headwinds well in advance.
- Collaboration with Accountant – as we see what you see, working together to identify improvements, assist financial / tax planning as well as the full end-to-end support of your business is a breeze.
Whilst you may have seen HMRC has delayed some aspects of ‘Making Tax Digital’, it is still coming but there are much more compelling reasons for ‘reaching for the cloud’.
At Toast, we help our clients implement the technology and automation to make their finances run on autopilot, this enables us to focus on the real value add to your business, identifying efficiencies and tax planning.
The article was published in the CONNECTED magazine, March Issue