The Business Exchange Bath & Somerset Issue 7: Spring 2018 | Page 12

FINANCE

Online Cloud Accounting-helping businesses prepare for the future

by Chris Downing , Business Intelligence Partner at Milsted Langdon
Making Tax Digital ( MTD ) has been described as one of the biggest changes to the tax system in more than 20 years , and yet knowledge of this new regime remains relatively poor amongst businesses .
The new tax system will come into force in April 2019 with the introduction of online quarterly reporting of VAT for those over the VAT registration threshold (£ 85,000 ).
This initial rollout will be followed by a wider implementation of the regime in the following year , which will require a large number of businesses to provide regular quarterly updates on all of their tax affairs using specialist software .
How can businesses use technology to prepare ?
Technology lies at the heart of making sure a business is ready for MTD . The systems used by HM Revenue & Customs ( HMRC ) will all require information to be sent digitally via its Application Programming Interface ( API ).
While HMRC has hinted that a free service would be available , most see cloud accounting as the future .
There are a number of HMRC compliant software packages available to businesses such as Xero , Sage and Quickbooks , which means businesses can choose a system that suits them and their needs .
The benefits of the cloud Cloud accounting is set to revolutionise the way in which businesses handle their financial affairs and offers a number of benefits over more traditional approaches .
An obvious benefit is its ability to interact with the upcoming MTD regime , but cloud accounting also provides owners with the ability to remotely access their accounts at anytime , anywhere in the world using a wide range of devices .
By using online accounting , businesses can easily scan or take photos of invoices and receipts – storing them securely in the cloud .
Information stored on the cloud is extremely well-protected thanks to heavy data encryption and automatic back-ups held at multiple data centres around the world .
Business can also work in real-time with their professional advisers to review their accounts and discuss concerns they may have .
The ability to import information from bank transactions also reduces the amount of time businesses spend on data entry and reconciliations .
Businesses who are yet to incorporate online accounting into their current systems need to act quickly , as it will only
be a matter of time before it becomes a necessity of running a business in the UK . The choice of accounting software remains with business owners and there are clear advantages to moving to a cloudbased solution for day to day accounting and operational needs .
For more info : www . milsted-langdon . co . uk
advice @ milsted-langdon . co . uk 01225 904940

MEET THE TEAM AT SOUTH WEST BUSINESS FINANCE

South West Business Finance ( SWBF ) is open for business and is currently helping a number of businesses across Bath and the South West region acquire the funds they need to go for growth .
SWBF is made up of a team of commercial finance advisors , with over 300 years ’ collective experience in raising finance . All brokers have an extensive background in banking and commercial finance and really know and understand the market .
Recognised on a national scale for achieving success for their clients , they go out to multiple lenders when finding a product , offering a much more flexible approach to mainstream banking . They often help businesses that have been refused finance elsewhere , as they take the time to understand your company and your needs . You ’ re then matched to the most attractive solution and guided through the process from start to finish .
Dan Smith , director of SWBF said : “ The client is at the centre of everything we do , and we focus on the details , ensuring we get the right result . We have a longstanding and respected network of professionals including solicitors , valuers , accountants and financial advisors who we work closely with to provide a complete package of services ensuring transactions proceed smoothly .”
For more info : www . swbf . co . uk
@ s _ w _ b _ f
01225 800849
BREAKFAST EVENT
TIME : 8-9.30am 6th June 2018
VENUE : Côte Brasserie , 27 Milsom St , Bath BA1 1BZ

Bath ’ s starting up on Salesforce

A strong digital strategy is the defining success criteria for startups today – and the right tech platform is key . We ’ ll be hearing from one major Bath-based startup on why they chose Salesforce as their platform for business .
Free event aimed at business professionals with an interest in the Salesforce platform .
Forcewest is sponsored by and hosted by Desynit , a registered Salesforce consulting partner .
Any questions , please contact Amy at info @ desynit . com or call on 0117 373 6794
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Find out more and reserve your place at this limited event at
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12 THE BUSINESS EXCHANGE 2018