Digital Accounting - are you ready?

Digital Accounting - are you ready?

Some small businesses and self employed may still be using excel spreadsheets to record their  transactions, Word to prepare their sales invoices along with hand-written account ledgercards but these will become a thing of the past as we prepare for total digital accounting. Moving to a cloud based system will be essential for many reasons so, let’s take a look at how this transition should take place…..

Accounting Software

Accounting software has been around for a long time now and a lot of accountants/bookeepers are still receiving their clients accounting data in the form of excel and then entering this onto their system. If you are one of these clients that send your information over to your accountant in this format that can still continue but your accountant will need to have an Accounting program in the cloud in order to file your VAT Return digitally and online.

Online software solutions

Moving to digital accounting has many benefits and this goes hand in hand with an online software solution. Data is saved automatically for you so no data loss worries, the ability to link a document to your entry, most companies now email their invoices out to their customers and these can be emailed in or uploaded easily and linked to the entry when processing or after the entry has been booked. Emailing your customer sales invoices out directly from an online system has the added advantage that copies can easily been sent, along with statements and reminders. Access is a distinct advantage, the ability to access your accounts anytime anywhere has now become an essential business tool.

Online apps

Invoicing and expense apps linked to your mobile or tablet give you the versatility while on the move. Sales invoices can be generated and emailed direct to your customer away from your laptop, photos taken of your expense receipts, having the ability to add a note to a photo and then uploaded directly to your online software, these save so much time and give you the flexibility to keep track of everything so when your ready to login to your accounts you see all of your data.

Digital accounting for SME’s, self-employed and any business means that you will need to have a cloud solution in place by April 1st 2019 if you need to file a VAT Return whether the return is filed by you or your accountant/bookkeeper. All online accounting solutions need to provide this facility along with keeping easily accessible records of previously filed reports and submissions. Make sure you are prepared for the changes that will be taking place.

 

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