Your accountant should already have spoken to you about moving your accounting software to the cloud. Software capable of submitting information to HMRC will become essential for all businesses, starting with VAT reporting from April 2019. The old school method of giving your accountant a bag of receipts and bank statements for them to manually prepare your accounts is I’m afraid soon to become a thing of the past and both business owners and their accountants will need to embrace the future and the advantages that cloud accounting technology brings.
We at Lilley and co will take time to understand your business and recommend the most appropriate accounting software for you (Xero, Quick books, FreeAgent, Countingup).
The benefits of using accounting software:
There are also many additions to the basic software called add-ons which may help you to run your business in the most efficient way. There are a huge variety of CRM systems, project management, time management, receipt processing, management reporting and forecasting and expenses management systems which integrate seamlessly to your basic accounting software to really put you in charge of your business information. By maximising use of technology, the business owner can save countless hours of administration and unnecessary data entry with some basic automation.
By connecting your bank accountant to your chosen software, book-keeping becomes a much easier task and the time spent can reduce dramatically.
At Lilley and co we offer support for clients who need help with their new software and provide the training needed to get you started. Alternatively, we can do all of the book-keeping for a fraction of the cost of the old school data entry book-keepers.
Keeping track of your finances on a daily basis:
In my view, by far the biggest advantage of moving your business accounting to the cloud is the access to real-time information you need from anywhere. All you need is an internet connection.
Imagine knowing exactly what your turnover is so far this year, exactly what your costs are and more importantly, why your cash seems to be disappearing on a daily, weekly or monthly basis.
At Lilley and co we strive to become an integral part of your team, have excellent communication skills and talk in easy to understand language. We show a genuine interest in your business and go the extra mile to suggest ways to improve profitability, cash flow and reduce tax. The reports we produce are a powerful insight into your business and will hopefully inspire you to ask more questions and really understand what the main drivers of your profitability are.