Following the launch of HMRC’s pilot scheme – Making Tax Digital for VAT – could Cloud based digital accounting software play a critical part in business efficiencies and growth?
The government is introducing Making Tax Digital to make it easier for businesses to keep on top of their tax affairs and their financial status.
While making sure your business is compliant shouldn’t be the only reason you look at cloud accounting possibilities, it can . transform collaboration between you, your team and your accountants giving everyone access to real-time information at the click of a button.
Stockport based Hallidays disclosed some statistics applicable to SMEs, where the introduction of cloud accounting could lead to greater efficiencies and improved productivity.
The productivity problem
120 days of admin are faced by SMEs annually. That’s 120 days of potential growth gone which could be reduced dramatically.
27.6 days could be saved on average by switching to digital accounting software. This is a huge improvement in efficiency which frees up time for you and your team to focus on growing your business.
£17,000 saved on average per SME by switching to digital accounting software. Cloud based solutions are not an additional cost; they are an opportunity to save money which could be used for business development and growth. Just think what you could do in your business with an additional £17,000.
Your spreadsheets are costing you money! Start working more efficiently by switching to a cloud-based solution that works with your business, not against it.
How the cloud will take your business to the next level
Not only does the cloud give you access to real time information, it allows your accountant access to your financial information too enabling for informed advice and recommendations. Cloud Accounting allows you to take action to grow your business. Imagine what you and your team could do with the extra time and the productivity increase that cloud accounting software can provide.
There are many options when deciding what cloud solution is the best fit for your business but you don’t need to let Making Tax Digital be the only reason you change your software.
Expert Opinion provided by Hallidays
Image: courtesy of https://pixabay.com
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