How to do the books
There are a number of cloud-based accounting software packages that promise to be cost- and time-effective, flexible options. Many software platforms give small businesses the option to use their platform collaboratively with your account. Or even promise to be so simple you can use it yourself or with minimal involvement from an accountant.
What is the Cloud?
The cloud is essentially a platform that allows you to access your securely-stored information anytime, anywhere. 78% of small businesses currently use at least two cloud based services. And chances are if you’re not using cloud based software, your accountant is, with 65% of accounting practices using, or intending to use, cloud based accounting. There are a number of cloud based accounting software packages available that promise to be cost-effective and time-effective, flexible options. As a small business, many software platforms give you the option to use their platform collaboratively with your account, or even promise to be so simple you can use it by yourself, or with minimal involvement from an accountant.
Government Regulations
By 2020, HMRC wants most businesses and individuals to be reporting their tax affairs online, in near real-time. Many speculate it will be compulsory in a few years to report your payroll and taxes online. Furthermore employers are increasingly going digital in a bid to cut costs and meet the demands of their employees - who are increasingly expecting and asking for digital records.
