Cloud Accounting

Xero Making Tax Digital Ready

In July 2017, HMRC announced that all businesses and individuals will have to file their accounting information digitally. You may have heard of this as Making Tax Digital.

By April 2019, businesses above the VAT threshold will need to keep digital records and provide quarterly updates to HMRC for their VAT. From 2020, this should apply to all other businesses who will need to provide quarterly updates to HMRC for their VAT, Corporation Tax, Income Tax and National Insurance obligations digitally. It is a significant change and means the end of the annual tax return to be replaced by an online tax account with all your information in one place.

This change means that you may need to move from your existing desktop or manual record keeping and onto an online accounting package.

The good news is that we are certified in the installation and operation of cloud accounting software, which is digitally compliant for Making Tax Digital and specifically designed for small and medium sized businesses. It also reduces your costs, keeps all your finances all in one place and allows you to work more efficiently.

Talk to us about switching to Cloud Accounting

We are a Xero Platinum Partner and have a specialist cloud accounting team, which means we're able to offer you as much or as little support as you require. Whether you need to get up and running and prefer to manage your cloud accounting yourself, or if you would like us to input transactions and maintain the records for you, we can deliver the best solution for your business.

Our Xero demonstration video below shows some of the features and benefits that the software has to offer.

More than cloud accounting

As well as providing cloud accounting, Ellacotts can add value to your business in many other ways. We are able to act as the financial partner to your business, identifying opportunities as they arise and offering you real time solutions and advice. The information we provide can help develop reports on KPIs to alert you to any significant variances in real time and aid management decisions. We ensure that you have all the relevant information to hand when you need it so you can maximise every situation as it occurs.

Alongside the accounting software itself, there are many add-on applications that can deliver real value and time savings for your business. These include project management and payment platforms. From gaining a real understanding of your business, we are able to introduce you to any products we feel may benefit you and your business.

Benefits of cloud accounting

The benefits to you and your business in using cloud accounting are huge:

  • Access to your finances 24/7
  • Easy to learn and straightforward to use
  • Instant access for you and us to the financial health of your business
  • Run real time reports whenever you need them
  • Invoice customers, track bills or expenses and check bank statements online
  • No installation, upgrades, exchange data files backup or disaster recovery to worry about
  • Simple monthly charge and zero-administration leaves you free to run your business

We are familiar with all the cloud accounting software in common use in the UK. Below are some of the most popular options.

Xero

Xero is cost-effective software that allows you to quickly and easily manage all of your business finances in one place. All of your receipts, invoices, expenses, bank accounts and income are monitored by Xero.

You don’t need to spend hours manually entering information and it shows you up-to-date data 24/7. There are a number of additional add-ons available to customise your Xero to your business needs. If you would like a free trial, please contact us.

FreeAgent

FreeAgent is especially suitable for contractors and smaller businesses wanting a cost-effective solution.  There's no accounting jargon and with its user-friendly screens you can do all of your bookkeeping from almost anywhere.

Quickbooks

Quickbooks allows you to send invoices, reconcile accounts, run payroll & more on your phone. QuickBooks Online automatically downloads & categorises bank & credit card transactions.

Sage

Both Sage One Accounting and Sage Live can help you manage your business more effectively by allowing you to update and share your accounting data in real time. You can easily make VAT returns with a user-friendly, step-by-step process and automate repetitive tasks, saving you time to spend running your business.

xero-image sage qb freeagent

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