24 Jan Sole traders in the UK benefit from cloud accounting
The complexities of accounting in the modern era make it important for all business owners to recognise the importance of cloud accounting.
Many sole traders historically relied on paper accounts, but the introduction of UK government digital legislation means this is increasingly difficult to administer. Ultimately, though, digital record keeping is here to stay. This means taking time to set up cloud accounting at the outset of trading will prove extremely beneficial; whether you’re starting up a part-time side hustle or trading regularly from market stalls or craft fairs.
Cloud accounting and sole traders or part-time business owners
The team of experts here at SQK Accountancy recognise that setting up a sole trader business is a huge step into the unknown for many. Whether you’re a time-served tradesperson branching out on your own, or a full-time worker launching an eBay and eCommerce venture, the challenges are enormous. Utilising some of the modern cloud software accounts packages is one of the best recommendations we can give to anybody, for the following reasons:
– Lots of basic cloud accounting software can be sourced for free; then scaled at any future date.
– Modern software packages are truly simple to use and can provide you with all the essentials needed for forecasting and future planning. You won’t need to hire a business accountant at all if you follow strict accounting procedures from the start.
– Maintaining your accounts on the cloud means you can access and input records from any WiFi point, using your phone, tablet, or laptop. Don’t tell your boss if you’re inputting during downtime at work though! And, don’t forget to use a VPN…
– Transferring accounts records to pro accountants at times needed is simple when you’re working off the cloud. There are lots of reasons you might want to obtain professional accounts input. For example, if you’re considering a major purchase and need to make loan applications, if want to apply for R&D grants, or if you simply need help with your annual self-assessment return.
– And, finally, when it’s time to scale your new business, it’s easy to partner with the professionals at SQK Accountancy to ensure your records are maintained at the highest possible levels.
Get in touch with us today to learn more about cloud accounting or browse some of our recent blog posts for more top accountancy tips.