With MTD on its way for sole traders and then limited companies it is essential to get everybody keeping digital records sooner rather than later. But, while MTD are wielding the big MTD stick, what are the benefits to small business owners of using modern cloud software for their bookkeeping?
1. Multiple users can log in at the same time so accountants can help clients more proactively with queries or business issues
2. Gone are the days of manually typing everything. Software can link to data entry apps to do your bookkeeping from a photograph or PDF thanks to OCR (Optical Character Recognition) or can link directly to electronic tills or online shops as well as automatically uploading your bank statements.
3. Invoices can be raised from the app on a phone and card payments taken before leaving site. Saving Friday nights for relaxing rather than paperwork
4. All this automation means that business owners can do some of the work themselves to reduce their bookkeeping bills.
5. With remote access to the business numbers accountants can finally be more proactive
6. Management information is available at the touch of a button. Of course, more complex businesses may need proper management accounts but even that is quicker with up to date bookkeeping.
7. We run monthly bookkeeping health checks* for all our clients so that, even when they do it themselves, we can ensure that their record are up to date and in a good state each month.
8. With up to date bookkeeping year end accounts can be produced much faster.
9. Accounting software can be attached to hundreds of apps to help project management, staff scheduling, stock control, and all sorts of other parts of the business.
10. It is easier to have regular contact between business owner, bookkeeper and accountant and to provide the best service possible.
*At Minerva Accountants we use Dext Precision, formerly Xavier, for most of our health check reports.