Cloud accounting – why change is as good as a rest

There is a large swathe of change that is currently facing the accountancy profession with a recent BBC article suggesting that there is a 95% chance that a robot will take our jobs in the future.  The government is already encouraging this change through the introduction of Making Tax Digital which will force businesses, especially those that are VAT registered to maintain digital records in order to provide quarterly updates to HMRC from April 2019 onwards.

Whilst to some this may sound like a nightmare, we do genuinely feel that this presents a fantastic opportunity to get a grasp on your business and turn this into an advantage. So how can it make your business life much easier?

Think about these questions for a minute

• How often do you want to make a decision in your business but you are not clear of the impact that decision will have because you’re relying on old information?
• How many times does your accountant tell you have made X amount of profit and you have no idea whether that’s right or wrong?
• Do you know which of your customers make you the most money and which you could do without?

If any of these questions resonate with you, you are not alone. By harnessing the power of technology, you can now make your business decisions based on real time, relevant information. How? Cloud Accounting is the best place to start.

Cloud Accounting

For those of you unfamiliar with cloud accounting, it may sound a bit vague and insecure. However, when you find out that instead of inputting a pile of receipts on to a spreadsheet or, possibly still a cash book you can instead, take a photo of it on your smartphone or put it through a scanner, wait a little while and it is in your accounting system, then I think you will be converted.

Instead of retyping bank statements, you can have a live bank feed transferring information into your online accounting system that you can access on your computer, tablet or your smartphone.

Instead of sitting and typing all of your sales invoices, you can generate them through the same system and email them directly to customers, all with customisable messages and templates.

There are various cloud accounting packages on the market and these can all be tailored to suit your needs. Whether you prefer Quickbooks, Xero or Sage, a good accountant can get you on the cloud. It will remove any dread from every having to do your books and it works whatever size your business.

How does it help?

• It gives you space and time to focus on your other business needs.
• Your accountants can be more proactive and advise on valuable business decisions using real time information.  
• You can look to the future to see how your business is developing, rather than be looking back into the past.

If you’d like to find out more about how Hilton Sharp & Clarke can help you get on the cloud or would like a 30 minute bookkeeping health check contact Gemma Gaines on gemmag@hsc.uk.net Also download their free handy app with salary calculator, a mileage tracker and up to date tax tables. Search for  ‘Hilton Sharp and Clarke’ in the app store.

Thanks to Hilton Sharp and Clarke for writing this blog 

If you want to contribute to the Chamber blog, contact us on hannah@brightonchamber.co.uk