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Ever wondered what it means when you are offered an e-invoice at Argos? What is a hashtag? Or what makes a ‘smartphone’ ‘smart’?

In just 10 years global internet use has increased from 17.8% of the population to 51.7%. 

91.6% of the UK population now use the internet in some form or another with over 70% having access ‘on the go’ via smartphones.

Last year HMRC reported that 7 million people filed their Self-Assessment tax return digitally (representing 87% of all submissions) up from just 39,000 when it was first introduced in 2000.

Last month, Ann Jackson of Thomas Westcott reported the latest news on the Governments’ ‘Making Tax Digital’ project which will ultimately lead to property and business owners recording their transactions digitally and making regular submissions of the data. 

HMRC believe that business owners would keep better records if they were forced to maintain and submit them on a regular basis.

 

So what should you do?

I suggest Cloud Accounting, it’s been developed to take advantage of this new found freedom to access the internet and gives business and property owner’s access to financial information around the clock. 

The software has been designed to use other digital information available such as online banking records, e-invoices (invoices sent in an integrated electronic format) and links to data already held by HMRC to make record keeping via the cloud efficient. 

Benefits of Cloud Accounting over traditional methods…

Clear overview - By creating sales invoices, managing expenses and creating links to your bank accounts you have a clear real-time overview of your financial position. 

  • Accessibility - As long as you have an internet connection you can access your financial records anytime and on any device 
  • Shareable - If you experience any problems with transactions you’ll be able to call us and we can login in real time to help you 
  • Automatic updates/backups - So no need to buy or install updates or back up data, you will always be working on the most up to date version of the software 
  • Intelligent software - Designed to “learn” and recognise different types of transactions and automate your bookkeeping 
  • App store - Connect to your other software for complete integration and automatic data transfer 
  • Making Tax Digital - As HMRC move towards electronic submission of data (MTD), cloud products will be upgraded to comply with the requirements

 

Like it or not, the internet is part of our lives and for business owners – ‘It’s time to get digital’. 

Click here for more information on Cloud Accounting.