How Going Digital Can Help Your Business
Online accounting software makes managing your business finances easier than ever. Here are some of the ways these software packages can help your business.
Helps businesses to comply with Making Tax Digital
The HMRC Making Tax Digital (MTD) project already requires many businesses to maintain digital records for VAT return filing. The scope of MTD will be widened over the coming years. ACM was consulted by HMRC during the implementation phase of MTD for VAT and can guide and support you to ensure that you comply with any new requirements as they are released.
Simple Tracking of Business Finances
After your accounts are set up, you can issue invoice reminders, see your available balances, and track your payments. Most of these platforms are designed for small businesses, so they work well for people who are not bookkeepers or accountants.
Live Overview of Your Cash Flow
Cash flow is crucial for the smooth running of your business. Of course, managing your cash flow grows in complexity as your business expands. Using online or desktop accounting software will help you track your cash flow at every moment so you can make the right choice every time.
Preparing VAT Returns is Much Faster
If you keep your business data up to date, then preparing your VAT returns is simple. Online accounts software can be linked to an entity’s bank feed so that data can be kept current. One or two clicks will produce a return that is ready for review by our team which should save you time and money.
You Can Automate Tracking and Paying Employee Expenses
One of the common daily tasks for your business is managing expenses. Credit card purchases, cash box transactions, and receipt processing can all be managed easily using a simple user interface. Employees can even log in to the software and post their expense claims directly. Many platforms integrate with other software such as Receiptbank to make the process even quicker.
Perform a Bank Reconciliation in Minutes
Connecting your bank transactions to invoices, expenses, and payments is automatic once your bank feed is in place. While you will need to review the matching, the process is much faster than manual processing.