The end of this month was supposed to see a follow up to our previous Getting Ready for Brexit post, but yet another surprise turn now sees Brexit on pause and the UK going to the polls in December. With the announcement just out, and no clear policies on which parties will be campaigning (aside from Brexit obviously!) we thought we’d skip ahead in our blog plan and come back to you on all parties’ campaign promises at the end of November.
This past year has seen some major changes for our industry as we moved, alongside our VAT paying clients, to Making Tax Digital, an online filing system for taxes. We thought we’d take a look at the intricacies of the technologies in place that enhance our work and ultimately help us provide a better service for you.
It’s fair to say that this concept has been transformative for our industry. Using the Cloud enables us to not just work from anywhere but also to be able to produce financial reports and information. We can then deliver these to our clients as they are produced, regardless of where we, or our clients, are. Taking this one step further, it has enabled us as a firm to work with businesses on a UK wide basis, helping us to diversify our client base and enhance the services that we offer.
In a way this is linked to Cloud Accounting as we couldn’t do one without the other, but for those of us used to collating, categorising and filing expenses, mobile accounting has revolutionised the way we work. Software such as Xero Expenses or Receipt Bank allows users to upload expenses while on the move and in real time, limiting lost receipts or employees being out of pocket due to forgetfulness.
The vast majority of accountants will use tax software, whether it is Xero, Sage, Quickbooks or another company, each one will help your accountant process your business’s account smoothly and more accurately. From streamlining audits so they are more efficient, to reducing the margin of error and avoiding penalties, accurate use of the correct software can only enhance an accountant’s work.
We hope you enjoyed this small insight into the technologies we use. If you’d like to find out more about how Smith Butler Accountants and Business Advisors can help your firm, just get in touch.