What are the advantages of QuickBooks Cloud Accounting?
The benefits of cloud accounting software
There are many benefits to using QuickBooks Cloud Accounting software, and in the long run, it really is the only way to go for UK businesses. Here’s why.
It helps you comply with Making Tax Digital
When you use HMRC-recognised cloud accounting software, you have the right bookkeeping tools in place to comply with the government’s tax regulations in the long run. With Making Tax Digital, the UK government is on a mission to create one of the world’s most advanced digital tax systems and in order to reach that goal, more and more UK businesses are required to keep digital records and submit their tax returns using HMRC-recognised cloud accounting software. At the moment, Making Tax Digital rules only apply to VAT-registered businesses, but in the coming years, businesses who pay Self Assessment Income Tax and Corporation Tax will need to digitise their bookkeeping practices too.
It’s cheaper than you might think
Using cloud accounting software is more cost-effective than you might think. Whereas desktop-based software is expensive and requires a time-consuming setup, cloud-based accounting software is available at an affordable monthly fee. Once you’ve created your account, your digital bookkeeping system can be up and running within an hour. What’s more, thanks to all of its benefits, cloud accounting software pays for itself in terms of time saved. And why would you spend more time on accounting if you can spend it on running your business instead?
It saves you time with automated features
When compared to traditional accounting software or spreadsheets, cloud accounting software comes with more automation features. With QuickBooks Online, for example, you can automatically import your bank feed, reconcile your transactions, organise your business expenses, set up recurring invoices and check your VAT returns for errors. If you have employees, you can choose to add Payroll features that automate pension submissions, pay slips and pay runs and update tax codes automatically. When HMRC changes its rules and legislations, you can rest assured that your cloud accounting software automatically updates to help you with compliance.
It’s easy to use for business owners
QuickBooks Accounting Desktop in the cloud, in general, is designed to be more intuitive and user-friendly than traditional accounting software. Even if you’re not a finance professional, you’ll find it easy to understand the dashboards that give you a top-level overview of where your business is at and what’s ahead. Don’t be fooled by this simplicity, however. Cloud accounting software like QuickBooks actually has advanced features and functionality in place that accommodate advanced accounting and the creation of detailed reports.
It facilitates remote working
When you use cloud accounting software, your financial data is encrypted and stored securely in the cloud. This means that you don’t need to be behind a desktop in order to get on with business - you can create and send invoices, add business expenses, track mileage, get cash flow insights, create reports, and more, from anywhere and from any device. All you need is an internet connection and all your financial data is right there beneath your fingertips.
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