The need for digital accounting software has grown massively and is fast becoming the norm in the accounting industry. It can be a very confusing time trying to figure out which is right for your business.
Coleman & Co are experts in accountancy, taxation and consultancy. We work in and around Lisburn and whatever your requirements, we are sure to find a solution that’s right for you. Our team work with small and medium-sized businesses and can guide you through the transition from manual to digital accounting and provide a professional, friendly service.
What Is Digital Accounting?
As technology continues to grow digital accounting is becoming a vital part of everyday life. The using of digital accounting software systems provides many advantages from accuracy to the ability to see your finances in real-time. From creating and sending invoices on the go, tracking sales and purchases to easy tax filing that matched HMRC requirements, digital accounting has you covered.
Business transactions, receipts and finances can be added far more quickly and the accounting records are automatically updated, so account balances are always up to date. It is suitable for small and medium-sized businesses and accounting software can carry out a wide range of functions. Some of these include:
- Invoicing
- Payments
- Paying wages
- Accounting reports
- Receipts Balance sheets
Digital accounting is now more important than ever
The Advantages Of Digital Accounting
Making a switch from paper to digital offers a number of advantages for your business, with one of the main being that you can receive and access information regarding your finances from any device, anywhere, at any time. Digital accounting can help boost the productivity of your business as the time it takes to input data is considerably quicker and you can produce reports within minutes. Some of the many benefits of accounting software include:
- Automation
- Speed
- Saves time
- Automation of tasks
- Fast processes
- Simple data entry
- Reduced errors
- Accurate financial data
- Boosts productivity
- Create and send invoices on the go
- Manage your customers and supplier information
Another major advantage is that it can offer you valuable insight into your business, helping you to make the best decisions moving forward.
Digital accounting is simple and you can access your information any time and any place.
HMRC Making Tax Digital
HMRC bought in Making Tax Digital and it affects VAT-registered businesses as of April 1st 2019 that have a turnover of £85,000. The scheme ensures businesses keep and submit their tax returns and record using accounting software. It has also been announced there will be another phase of Making Tax Digital in 2021 that will affect small business under the VAT threshold.
Get In Touch
Coleman & Co are accountants and auditors who provide advice and accounting services to help businesses succeed. We work in Lisburn and the surrounding areas and you will always receive a quick response. Our digital accounting services will help you manage your businesses money as easily as possible. Contact us today on 028 9266 3599 or fill in our contact form to make an enquiry.