With recent technological advances and HMRC’s Making Tax Digital scheme just around the corner, there’s never been a better time to make the move to online accounting.
Online accounting platforms like Xero and Quickbooks can save you precious time by eliminating data entry and automating manual tasks so you can help more clients and make more money. Freeing up more time for you to spend creating greater value with your clients.
Making Tax Digital is coming
Making Tax Digital (MTD) for VAT begins on 1 April 2019. Most businesses with a turnover above the VAT registration threshold of £85,000 will need to keep records online and submit VAT returns digitally using compatible software like Xero.
Xero has been working closely with HMRC to develop functionality that allows businesses and accountants to submit VAT returns directly from within the software. Businesses using Xero to keep records and submit VAT will be MTD compliant – plus it means you and your clients can spend less time on data entry and compliance and more time doing what you enjoy.
Banish Data Entry
Expense management apps like Xero Expenses help streamline the process by allowing you to scan receipts and submit expense claims on the spot, eliminating the need for data entry and minimising errors.
This functionality also speeds up the reimbursement process and gives you and your staff complete, real-time visibility over your expenses to help you plan ahead and better manage cash flow.
Many businesses still rely on those old excel spreadsheets to prepare accounts which is full of errors and time consuming. Modern accounting software saves you a lot of time by automating manual accounting processes and tightly integrating various departments.
Get a real-time view of your accounts
Manually processing bank transactions and adding them to various categories can be a labour-intensive task.
Xero has direct bank feeds with seven out of the eight major UK banks. Having up to date financials inside your accounting software makes for easy bank reconciliation, eliminating the admin work and saving you and your clients time.
Create insightful reports with ease
Modern accounting software are fully equipped with financial reporting feature that prepares insightful reports about the expenditures, finances and other financial data at regular intervals and automatically emails the reports to a pre-set list of recipients. It is a valuable time saver as it enables the management/staff to take necessary steps toward
Track your company’s finances, budget and analyse the financial activities that are available in the form of insightful reports and customisable dashboards. This allows you to dig deeper into the organisation’s finances with integrated analytic accounting feature that is equipped with key modules such as invoices, time sheets, expenses and projects.
Manage Payroll the easy way
Even for a small company, manually processing payroll can take an enormous amount of time and effort. Without a payroll system in place, simple inefficiencies can balloon over time and result in loss of productivity and profit.
With Xero Payroll, you can pay your employees, file reports with HMRC, and track employee leave while the system updates the nominal ledger automatically allowing you to reinvest back into your practice and take more time for your clients.
At Robinson and Co we are Xero Gold Partners
Get in touch to see how we can help you get the most out of cloud accounting for your business