Why use online accounting?
From keeping business records to claiming expenses and filing tax returns, there is a lot of accounting involved when running a business. As a business owner, bookkeeping may not be something that lights your candle but it is an essential part of ensuring your business is on track.
At the heart of any business are controls. As running costs increase you may notice that drawing your usual amount is having more of an impact on your bank balance at each month end. Without an effective accounting system in place to give you timely information about your current financial situation how can you know exactly what is happening within your business and why.
As everyday life becomes more digital and interactive, managing your business and tax liabilities in this way is no different. Now is the time to consider how this method of working can transfer to your business. With online accounting you can manage your cash flow quickly and have a tool which not only provides you with confidence about the financial situation of your business but also gives you peace of mind.
The benefits of online accounting:
- Provides access to your accounts at any time from your computer or mobile with internet connection
- Enables a robust and secure management accounting system for your bankers and the tax man
- Financial information in real time so you can avoid unnecessary overdraft fees, interest and penalties
- Allows you to easily identify where cost savings can be made
- Lets you manage your cashflow for the year ahead to ensure all cash commitments can be met
- You have the ability to trouble spot any financial concerns or weaknesses within the business
- You can see if there is any leeway to, for example, set up a safe balance to cover short term emergencies
- Should save you accountancy fees when your records are presented in a more manageable manner
Which online accounting software should I use?
Morris Crocker is a certified distributor and trainer of Xero and Quickbooks Online, two of the most commonly used accounting packages. These online systems will improve understanding and control of your business and comply with the approaching implementation of Making Tax Digital. Find out more from the videos below:
We can tailor both of these software packages to the specific needs of your business and make it as straight-forward and efficient as possible, providing you with access to your accounts 24/7.
We will compile your annual financial statements and access your accounts to make any necessary changes or corrections. The enhancements we offer on your accounting system can improve your business reporting and give you a fuller picture of your business while saving you time.
For the vast majority of users monthly prices start from as little as £17 exc VAT for Xero or QuickBooks Online, these prices represent significant discounts over you sourcing the licences direct from the supplier. We can also provide you with full training and tailoring to ensure your system is setup correctly from day one.
Outsource your online bookkeeping
If you are concerned about how you will manage keeping your records on an online system then our outsourcing service may be a more viable option. Visit our outsourced bookkeeping page.
For more information about our online accounting services please contact
Martin Southern,
Stuart Cann or
James O’Leary. We can also arrange for you to view an online demonstration of both packages. For further information about online accounting visit our latest
guide to digital record keeping.
Read our Online accounting case study
