For some businesses an excel spreadsheet may be sufficient for their financial records, however many are now looking to use actual accounting software to improve efficiency and accuracy.
In addition, HMRC’s new Making Tax Digital initiative is further increasing the uptake of accounting software within businesses.
At present all VAT registered businesses with a turnover above the VAT threshold are required to follow the Making Tax Digital rules by keeping digital records and using software to submit their VAT returns. This is currently due to be extended to also include VAT registered businesses below the registration threshold from April 2022. In addition, there are plans for Making Tax Digital to be further rolled out for Income Tax for self-employed businesses and landlords with annual business or property income above £10,000 from their next accounting period starting on or after 6 April 2023.
As such, accounting software is starting to become a necessity for many businesses.
We are able to provide you with an introduction to the accounting software which is right for your business, and assist you with getting started.
Xero Certified Advisor
One of the leading cloud accounting software providers for small businesses is Xero. As such, we have partnered with them as a Xero Certified Advisor to offer our clients this software in conjunction with our other services.
Xero is entirely cloud based and provides bookkeeping functions such as invoicing, expenses records, payroll, VAT, and even bank feeds.