Accountancy is going digital and like it or not, if you run a business or are a landlord, you will almost certainly need to embrace digital accounting if you haven’t already. However, apart from legal compliance, there are many advantages to be had from moving your finances online to platforms like FreeAgent or Xero.
Making Tax Digital
Making Tax Digital is a government initiative aimed at making the tax system for VAT, income tax self-assessment and corporation tax digital. The stated aim is to reduce errors and make the system simpler and more efficient for everyone and it is already being phased in.
The advantages of digital accounting
In a nutshell, digital accounting automates many previously time-consuming chores, reduces the risk of error and can generate real time information and reports with a few clicks. The result is, it can save you or your bookkeeper significant amounts of time, and many platforms have features that can perform a host of activities such as analysing your financial data or stock levels, managing cashflow, automating invoicing and reconciliation. In turn, this can improve work productivity, cash flow and performance.
Why FreeAgent and Xero?
We chose to become FreeAgent and Xero certified partners because we believe these are two of the best platforms available. They are also compliant with the new Making Tax Digital requirements. Once set up, they are intuitive and easy to use and provide all the features you are likely to need including core services such as:
- Submitting VAT and payroll to HMRC
- Invoicing and chasing payments
- Easy bank reconciliation
- Timesheets and project management
- Expenses and payroll
They are designed specifically for small businesses and freelancers and make it easy for you to stay on top of your day-to-day bookkeeping. And as partners with both FreeAgent and Xero, we can set it all up for you or manage your platform on your behalf, freeing up a lot of your time and ensuring your business is both tax compliant and more efficient.
