Online accounting software, also known as ‘cloud-based accounting’, allows you to take control of your finances. You can log in anytime and see up-to-date business financials – from anywhere. Providers such as FreeAgent, Nomisma, QuickBooks and Xero offer many benefits, one of which is compliance with the government’s ‘Making Tax Digital’ (MTD) initiative.
Making Tax Digital
HM Revenue and Customs (HMRC) are bringing tax into the digital age with its ‘Making Tax Digital’ scheme. This means that nearly every UK business now has to submit VAT returns using compliant online accounting software.
From 1 April 2019 businesses with a turnover above the VAT threshold (currently £85,000) now have to keep digital records in relation to their VAT compliance. Business owners can no longer be able to log into the HMRC website and type in their VAT figures. Instead they must move to electronic uploads from their accounting software package.
To help you become MTD compliant we offer a variety of online accounting software packages including FreeAgent, Nomisma, QuickBooks and Xero.
Online accounting benefits
As well as becoming compliant with the new HMRC regulations, online accounting offers many benefits:
- Real-time financial reporting. Auto-updated, real-time information about your company finances.
- User-friendly. Easy to use online dashboard, giving you visibility of your cash-flow at all times.
- Online access 24/7. Access your finances from anywhere at any time.
- Paperless online storage. Declutter your office and see your numbers at a glance.
- Remote technical support. Our experts can log in at the touch of a button to provide instant support.
Which software should I choose?
There are many online accounting packages to choose from and it can be difficult to pick the right software for your business. We have partnered with several providers and are happy to advise the package that’s right for you.
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