As your business grows maintaining accurate books and records is essential in order to meet reporting requirements imposed by HMRC, Companies House and other third parties such as lenders.
This is set to become an even more essential and involved part of running a business with the implementation of HMRC’s Making Tax Digital regime.
We understand that maintaining business records is often viewed as a painstaking part of running a small business and is something that owners often find distracts them from focussing on the other key parts of running their business.
If you are spending too much time writing up books, typing invoices and chasing debts we can help to take control by computerising your accounts system. With the correct accounting software you will save hours of hard work leaving you more time to deal with the more important areas of the business.
Historically small businesses have relied upon standalone accounting software that is installed on a specific computer or network. However, online accounting can offer a number of benefits over more traditional systems:
- 24/7 access from anywhere with an internet connection
- monthly subscriptions that can be cancelled at any time
- real time collaboration with your accountant
- security levels that are comparable to those of online banking providers
- multiple users can access the information at the same time
- more user friendly interfaces than the overcomplicated desktop systems
- no need for you to install hardware, take manual backups or install system updates
- ability to store your invoices and receipts electronically within the system
- automatic bank feeds cut down the time spent keying in data
By utilising the latest in cloud accounting technology James Fraser & Co. can offer a variety of solutions to help you keep your business records and run your business in a more efficient way. With all of the benefits noted above we are confident that cloud accounting will save you time that can be put to better use to help grow your business.
We have experience with a number of online solutions to help you manage your business more efficiently and effectively, and our preferred solution is Xero. We can help you to setup and convert your data, provide training to get you up and running and offer telephone support should you have any queries.
If you are interested in learning more about cloud accounting and would like help to set up a free trial of Xero, please contact our Edinburgh office on 0131 4777140 or email us at edinburgh@james-fraser.co.uk.