Smarter accounting
The cloud is a new form of technology which is changing the way we work. Instead of keeping data on internal computing systems, businesses are storing all their records on remote servers which we refer to as ‘the cloud’.
Thanks to broadband, Wi-Fi, 4G and 5G networks, you can access cloud data using your computer at work, your laptop when you’re out of the office, and even through your smartphone. You can do your accounting anytime, anywhere.
At Park Lane Accountants we’ll help you migrate to the cloud.
The software
A wide range of cloud accounting packages are available. They are all secure, and each has millions of users. With systems like Quickbooks, Xero and Sage, we can do your accounts collaboratively with you. If you pay a bill, the expense will be logged in the cloud and we’ll be able to see it – instantly. Using the cloud, we’ll always be on the same page.
There are lots of smartphone apps to take the pain out of record keeping. For example, with ReceiptBank you can snap a receipt on your phone and feed it directly into your expenses, while Tripcatcher automatically captures your mileage.
Things that used to be a chore are made easy. And, because your accounting data is always up to date and at your fingertips, you’ll be able to make more informed business decisions.
How we can help
VAT registered businesses with a taxable turnover above the VAT threshold are now required to follow the Making Tax Digital rules by keeping digital records and using software to submit their VAT returns.
If you are below the VAT threshold you can voluntarily join the Making Tax Digital service now.
VAT registered businesses with a taxable turnover below £85,000 will be required to follow Making Tax Digtal rules from April 2022. By moving to the cloud now, you will be ahead of the curve.
