Why moving to the cloud makes sense
23rd July 2018
If you haven’t heard about cloud accounting yet, where have you been for the last 18 months or so?
With Making Tax Digital (MTD) set to be introduced for VAT-registered businesses from April 2019, it makes sense to move to the cloud sooner rather than later if you haven’t already done so.
That’s because any business with an annual taxable turnover of more than £85,000 in 2019/20 will need to submit quarterly updates digitally as well as the annual tax return.
Businesses below the VAT-registration threshold can also voluntarily submit digital accounts to the Revenue from next year.
Taxpayers outside of PAYE or with a secondary income of more than £10,000 a year will have to submit digital returns in the coming years.
What is cloud accounting?
Moving to the cloud will enable your business (and us as your accountants) to access all your data online from any device with an internet connection.
That enables you and any of your business’ stakeholders to keep an eye on your data at any time, and feasibly from any location.
It can bring your business into the modern era, while also providing the facility to remain compliant with HMRC as it rolls out MTD in the near future.
What cloud accounting software is out there?
Xero, QuickBooks and Sage offer cloud accounting software to suit all of your business’ needs, and which one you go for depends on your own preference.
Broadly speaking, they all offer various dashboards and add-ons in addition to online invoicing facilities that designed to encourage swift payments, bank feeds and payment processing.
Whichever software provider piques your interest, we’re happy to offer impartial advice to assist in finding the right software to suit your business.
Is the cloud accounting software secure?
It’s understandable you may have queries about a cloud service provider storing all of your business’ financial data, but moving to the cloud is one of the most secure ways to store details.
Your account will be username and password protected, offering peace of mind if your device is stolen or damaged as your data is stored in the cloud – not on a hard drive.
Cloud software providers take great steps to ensure you and your business’ data is secure and remains private, in a similar way to online banking.
At Stone & Co, we’re big advocates of cloud accountancy software and our experts are on hand to guide you through the transition to digital accounting.
For more information, email us at firstname.lastname@example.org or call us on 0117 305 2600.