Living in a digital world, everything seems to go through technology whether this is in business or your personal life. Your accounting and tax is no different and there are several reasons why moving to digital accounting could benefit your business.
Coleman & Co can make going digital a smooth transition for your business, offering the advice you need to keep in control of digital accounting whilst using new technology. Our team are always available to support businesses throughout the Lisburn area.
Managing Your Tax
Calculating your tax can be difficult to do perfectly and you may always be prone to mistakes. Submitting these taxes may also be difficult if you do not know your deadlines and having taxes prepared for you digitally makes this process much easier. Going digital with your taxes is currently not compulsory but could benefit your business massively. Accuracy will always be perfect, with HMRC deadlines always being met.
By going digital, you current don’t need to keep digital records unless turnover exceeds £85,000. This allows small businesses to easily submit taxes without having to keep track of this financial data. From April 2019, businesses above the threshold will have to provide information through digital software. Making the change now could save you time in the future and allow you to understand any complexities with digital systems. Changing now will prepare you for carrying out accounting in the future.
Digital accounting allows you to use systems that are created specifically for accounting. This means you can cut out a lot of the manual tasks you complete daily to keep your accounts under control. Using computerised accounting systems and software means your financial information will be stored. Hence, it can be easily transported between different devices.
Whether you can use the software or not, Coleman & Co are happy to provide the training you require to use accountancy software effectively. This is a massive upgrade to inputting information manually, due to it being less time consuming and leading to less errors.
Increased Security & Safety
Nobody wants to risk losing important information, especially financial details that matter to your business. When going digital, you have the added security around all financial records you decide to store. Filing systems do not offer the same security that specialist software and digital accounting would for your business. This easily makes it the better option.
With digital accounting, you have the peace of mind knowing information is secure and safe from any threats. At the same time, increased security does not mean more difficult accessibility. This information is still easily accessible to you and any other devices or personnel who you want to give access to.
With digital accounting, there is never a risk of information being lost, stolen or harmed. Despite this, access is much easier to those who you want to see financial data.
Accurate Reports & Data
Another drawback of using manual tools to complete your accounting is the lack of data and information it gives back to you. This is never the case with digital accounting. With the software already having your financial information stored, it can be used to easily create reports and more figures that could benefit your business.
Completing accounts manually and creating reports or graphs to improve success would be incredibly time consuming. Generating reports to help evaluate your business’ success can only improve productivity in your workplace. As a result, the best way to receive this data is through going digital and taking advantage of the software.
For more information regarding the services that we have available to business throughout the Lisburn area, contact our team. Digital accounting is a great option for every business and something you must consider for the future. For any advice and information, contact Coleman & Co today on 028 9266 3599.