05 Dec Why does cloud accounting make sense for start-ups in the UK?
Start-ups are the lifeblood of the UK economy and vital to the country’s success. Running this kind of business can sometimes bring its own challenges though – usually around budgets and money!
This means that finding the best way to look after your key business functions is essential. One method many UK business start-ups are using now is handling their accounts in the Cloud.
But why does this make sense?
It’s the future of tax
Any business owner in the UK will have heard about the ongoing plans by HMRC to make tax digital. As the name suggests, this will eventually see all businesses have to submit their quarterly or annual tax returns digitally to the Government. By adopting cloud accountancy practices now, you are laying the groundwork for this so you are well prepared when it directly affects you.
Easier collaboration on accounts
Most start-ups will employ an accountant to handle their tax return or other aspects of their operation such as payroll. Moving over to the Cloud in terms of accounts makes this much easier all round. Rather than having to collate paper records and then drop them off in person, your accountant can simply log onto the Cloud accounting platform to see what they need. They will always have the latest information to work from too as it is shown in real-time.
Save time and money
All business start-ups will constantly be looking at how to improve efficiency in their company and reduce costs. Moving over to the Cloud for your accounts is the ideal way to go about this. Cloud accounting saves you having to waste time on updating spreadsheets manually or rushing around trying to track down paper receipts to pass on. In terms of costs, using a Cloud accounts package saves you having to buy individual software licences to manage business accounts with and also sees any updates or maintenance included in your monthly fee.
Cloud accounting is here to stay
There is no doubt that managing your accounts in the Cloud is the best way to handle them now. As well as the above, these packages are also available to use on mobile devices so you can look after your books anywhere. Here at SQK Accountancy, we are cloud accountancy specialists who can work with you to look after your payroll and business finances. Call today on 0161 706 0444 for more details or get in touch via our contact form.