Get ahead of the game and join the digital tax revolution, says Bulley Davey’s Mitchell Burden
‘Be careful whose advice you buy, but, be patient with those who supply it.’ These immortal words from Director Baz Lurhmann’s famous song Everybody’s Free (To Wear Sunscreen) are very apt for the world of accountancy. As Chartered Certified Accountants our job is to give advice to our clients built upon a trusting relationship.
Until recently it was also a relationship built on patience as much of our time was dedicated to the many processes involved with collating, analysing, reconciling and reporting on our clients’ accounts. But today’s cloud technology is revolutionising accountancy and Government changes, set to come into effect in 2018, will cement its importance for all businesses, individuals and accountants.
Mitchell Burden, Director at Bulley Davey, explains why cloud accounting can revolutionise your business: ‘Being an accountant comes with a certain stereotype: an out-of-date technophobe who deals in numbers and processes! This couldn’t be further from the truth. Cloud accounting software allows you and your accountant to access and analyse your accounts in real-time, at any time, securely from any online device. ‘What does that mean for your average business owner? It means that the processes you and your accountant have to go through are drastically reduced: no more backing up your accounts, mailing them to your accountant; no more software compatibility issues and more.
‘Instead of trawling through the invoices and cheque books, reconciling these with your bank statements, producing reports and then discussing them with you several weeks later, we can instantly review the accounts and advise you on how best to develop your business, plan for tax, identify better ways to manage and grow your wealth – it is in these areas that your local qualified accountant remains really valuable.
‘Using a system such as Xero, which Bulley Davey has been a partner of since 2013, also allows you to link your account directly to your company’s bank transactions. This means that any payment made using online banking or your company debit or credit card can be automated into your cloud accounting system – rules can be applied to automatically deal with regular transactions.
‘Ultimately, it makes the process much quicker and more accurate. The time saved could then be used more effectively to help your business become more efficient and profitable. ‘The government has announced that, starting with Income Tax in 2018, the tax system will move entirely online by 2020. So why not get ahead of the game? Starting this process nowmeans that when the switch over happens you’ll be ready and it could help save you time and money.
‘We have a number of cloud accounting packages that will help get your business up and running. So take a step into the future and let your business reap the benefits.’
Cloud accounting top tips
1. Connect your company bank accounts to your software
2. Use your company debit card and online banking for as many transactions as possible
3. Make sure your accountant understands the local market
4. Build a strong relationship with your accountant
5. Ask about the other services your accountant can provide to help your business grow.
Bulley Davey For more information or to speak to a cloud accounting specialist in your area, please visit bulleydavey.co.uk or call 01733 569494.