Cloud accounting &
making tax digital
Here at Lyon Griffiths we are embracing the benefits of the cloud enabling us to offer you a fresh and proactive approach to your accounting and bookkeeping requirements.
We aim to provide you with up to date advice and management information that is essential to you, and to reduce the time you spend on your bookkeeping, freeing up your time to focus on taking your business forward.
HMRC have introduced regulations mandating businesses to file quarterly information digitally using MTD compatible software, the initial deadline for many businesses was the 1st April 2019.
Keeping your financial records will become increasingly digital and most businesses will need to use accounting software or apps to keep records. Cloud based accounting packages help you to do this.
The penalties for non-compliance will be severe. Click here for further information on MTD and how it affects businesses.
The benefits of cloud accounting are much more than just compliance
We are confident that we can make your bookkeeping simple and stress free with quick, secure and remote access to your accounts.
The benefit of cloud based accounting is much more than compliance, it’s about better information, increased control, better management and includes:
- Easy access – access your company data online from any device, anywhere in the world, anytime you choose.
- Real time data – access accurate, timely and flexible reporting to assist with informed decision making.
- Improve cash flow – create customised invoices and get paid faster with online payments.
- Automate your purchase invoices and receipts – take photographs on your mobile or upload your receipts and invoices as you receive them for paperless record keeping.
- Time saving – automatic bank feeds mean that manually inputting transactions is a thing of the past. They will also attempt to match transactions against invoices and will allocate transactions automatically based on your pre-defined rules.
- Key Performance Indicators – you can choose which information you want to see on a daily basis, such as cash flow, debtors and creditors.
- Security – cloud systems are secure and safe with multiple layers of protection and backups are automatic.
- Always up-to-date – all updates are automatic and free, unlike desktop solutions where additional costs can be incurred and support for older versions is sometimes withdrawn.
We are here to support your transition
Within the next two years businesses will need to start keeping digital records and provide these records to HMRC electronically. The best way to prepare for MTD is to adopt secure, cloud based, digital accounting software and learn how to utilise the software to derive the maximum benefits.
We will support you in your transition to the cloud. We can provide the software, the training and assist with implementation to get you ready for MTD and beyond. We are partners with the main cloud accounting software providers and experienced in transitioning our clients and their businesses to the cloud.
Cloud based accounting software is surprisingly easy to use, and in the long run will make processing accounts for your business much easier. To find out more about the benefits and how we can support you in converting to the Cloud please click HERE.
You can also download our guide “Converting to the Cloud” by clicking on the image below. If you would like further information, including a free demo, please contact Alison Grocott on 01270 624445 or email us by clicking HERE.