How The Digital Age Has Made Doing Your Accounts Easier

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Technological advancements have seen the accounting world change in many different ways. From real-time reporting, to creating an invoice at the click of your fingers, in today’s modern world, balancing the books has never been easier.

So, how exactly has the digital age assisted with the various avenues of the accounting world?

Tax Returns

If you are all too familiar with the ‘tax deadline dread’ that comes with being a contractor, you’ll also be familiar with the option for completing your tax return online. In today’s digital era, it’s no longer a necessity to spend hours scribbling through endless tax forms in order to work out your tax contribution.

The option to complete your form online comes with the added benefit of an automatic calculation. Taking the headache away from working out what you owe.

A shiny new government initiative for businesses, called Making Tax Digital or ‘MTD’ revolves around making it much easier when it comes to paying taxes. HMRC are looking to reduce the administrative burden that comes with such a task and replacing this with more accurate and speedier processes.

Payroll/PAYE

As a start-up business owner, making payment to your employees is a necessity but not one that you want to spend all of your focus on.

Enter ‘Cloud Computing’. With a real focus on taking away manual maintenance of data inputting, this type of technological application has been the most instrumental helping hand when it comes to making your payroll life easier.

Many new payroll applications are now beginning their journeys in the cloud as opposed to being utilized as an ‘add-on’ option to existing applications. Not only can this help lower costs for your company, but it also allows for software with the end user at the forefront of its mind. That way, you can spend more of your time making your business flourish.

Bookkeeping

With cloud software once again contributing as a major player in the accountancy field, bookkeeping has been made much easier. Gone are the days of fully-stocked filing cabinets, as real-time software and remote sessions are stepping into their paperless space.

In the B2B world, site visits were once a vital way for the client and bookkeeper to trade information. But with cloud accountancy systems firmly in place, both sides can now work on statements at the same time without having to be in the same room.

For freelancers and contractors, creating an invoice has never been so simple. The digital age has introduced a whole host of applications that allow the user to work from an existing template, and from any device. Meaning you can invoice from anywhere, at any time and within minutes. 

Virtual Office

Small business in need of a more flexible working environment? Look no further than the virtual office.

Eliminating the need for a centralized business location, virtual offices can see to it that your staff work from home, skype into meetings and still maintain the many benefits of being an employee. And when it comes to system updates? The cloud will take care of this coherently.

Cloud accounting systems can be utilized by any person where an internet connection is present. Whether it be connecting from the work laptop or a smartphone, data can be made available to the necessary members of management who need to see it.

This is particularly important when it comes to consolidated financial statements.

So whether it be income activity or expense reporting you need to see in a standardized real-time way, a virtual office can assist with this.

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