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
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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.
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12 THE BUSINESS EXCHANGE 2018