cloud Accounting Support
Online accounting offers a wealth of opportunity for small businesses. Also known as ‘cloud accounting’, it allows you to access accounting software online from anywhere as your data is stored remotely on a dedicated secure server system, or ‘the cloud’.
The automation and efficiency offered through tools such as bank feeds and automatic purchase invoice processing can be a game changer for businesses that need to save time. However, with so many accounting products on the market all claiming to make your life simple, deciding which one to use for your business is not always straightforward.
Cloud accounting benefits
- Easier access to balance statements
- Better accessibility and remote access
- Timely and accurate information
- Enhanced collaboration with clients
- Paperless reports and transactions
- Improved data security
advice on cloud Accounting
At Kingston Burrowes, we bring together our practical experience of using a range software packages with an understanding of your business, to help you make the right decision for your business.
Our approach is flexible so if we believe one system will work better than another for your specific needs then we will advise you as such. We have experience across various packages including Quickbooks, Xero, Sage One, Kashflow and FreeAgent. We are also able to access preferential rates for many online accounting packages, including well known providers such as Xero and Quickbooks.
We can help you to
- Understand your online accounting requirements based on your unique business
- Choose the right online accounting package for your business
- Help you to prepare your records for the transition
- Help you to get set up on your new software
- Show you how to extract the information you require
- Migrate your online accounting between different software providers
MAKING TAX DIGITAL
The move to online accounting isn’t just a result of businesses desire for improved efficiency. In 2019, the whole tax system changed, with the introduction of ‘Making Tax Digital’ by HMRC. The initiative aimed to improve the way businesses and individuals declare their tax to HMRC using digital filing of information.
Making Tax Digital is being rolled out over a period of time, and while it started in 2019 with VAT for businesses with a taxable turnover above the VAT threshold, it has now been extended to all VAT-registered businesses. And as of April 2024, anyone completing Income Tax Self-Assessment will need to comply with the MTD changes, with Corporation Tax compliance likely to follow in 2026.
Ultimately, businesses and organisations are now required to keep digital records to meet the requirements of tax legislation, and they are required to use a compatible software product to submit updates and returns to HMRC. Paper records are no longer sufficient for the purposes of completing tax returns.
Throughout the transition to Making Tax Digital we have supported many businesses in identifying the most appropriate software for their business, ensuring that their systems are used in the most efficient and affordable way.
Cash flow forecasting
Don't let cashflow issues be a barrier to success. Let us help you to maximise the efficiency of your cashflow as well as preparing essential cashflow reports for lenders.
Understanding your accounts and making the right financial decisions is vital to the success of your business. We have successfully fulfilled the Finance Director role for a variety of organisations.
Tell us your story
If you'd like to know more about how Kingston Burrowes can help manage your business or personal accounts, talk to one of our friendly team today.