Would you like to create more time in your day to focus on running the business that you love? For most, if not all, business owners, the prospect of minimising time spent on mandatory obligations brings cheers of enthusiasm and a feeling of welcome relief.
Would you like to create more time in your day to focus on running the business that you love? For most, if not all, business owners, the prospect of minimising time spent on mandatory obligations brings cheers of enthusiasm and a feeling of welcome relief. We each make thousands of decisions every day, some which require little thought – ‘latte or cappuccino?’, ‘savoury or sweet?’ – and some which are of such great significance that they may have a lasting impact on the future of a business. In an ideal world, wouldn’t it be helpful to have access to up-to-date and accurate information on your financial position at your fingertips to help make such decisions? Well now you can!
We at Gerald Edelman are pleased to introduce GE Online Solutions (‘GEOS’), a new cloud-based accounting service supported by QuickBooks software. GEOS will provide you with greater control over your finances and aid in improving cash flow, all whilst helping you remain compliant and gaining valuable financial insight with the support of your accountant.This innovative technology delivers a vast range of benefits including:
- Accessibility – data can be accessed anywhere in the world at any time where there is internet connectivity. Storage and backups – data is stored and continually backed up in the cloud so there is no need for your own physical servers or for any concern over financial information stored on hard drives, losing data or making regular backups.
- Information processing – as remote servers handle much of the computing and storage, there is no need for you to purchase expensive, high-end machines to process and maintain your records.
- Seamless upgrades – software upgrades are provided at no extra cost therefore you will always have access to the most recent version including the latest features.
- Real-time information – cloud accounting will give you and your business live financial information, facilitated by a financial dashboard, helping you to respond promptly to any business change.
- Cost of ownership – GE Online Solutions is subscription-based and packages can be tailored specifically to your business’ needs.
- Accounts support – live accounting data can be accessed by both you and your accountant, making it easier to communicate when there are issues that require resolution.
- Automation – business bank accounts can be directly linked to the cloud-based software, which cleverly detects recurring transactions and automatically categorises them into the respective ledgers.
- Time efficiency – time spent on data entry will be reduced as sales and purchase invoices can be uploaded directly to the software as a photograph or by sending a scanned copy of the invoice to a designated email address, from which it is then automatically uploaded.
HMRC’s Making Tax Digital initiative (covered in our spring newsletter) is due to revolutionise the UK tax system and bring an end to self-assessment from April 2018. HMRC’s aim is to make tax administration easier, more effective and efficient for taxpayers through the implementation of a fully digitised tax system by 2020, whilst also reducing its overheads. The changes will apply to a wide range of taxpayers, including a range of businesses, self-employed professionals and landlords. This ‘new and improved’ tax system will require the majority of business owners to maintain digital records using compatible software, so transitioning to cloud-based software will most definitely give you an advantage when dealing with HMRC, when the time arises.
With technology significantly and rapidly changing the working environment alongside the need for instant information at your fingertips in the fast-paced business world, cloud accounting is certainly a step in the right direction.
Whether operating as a sole trader, corporate or partnership, this solution could reap benefits for you and is as applicable to start-up or early stage businesses as to established entities. Our dedicated and knowledgeable team will evaluate whether your business could benefit from this new service and create a bespoke solution that will work best to simplify your finances. For more information speak to Deval Patel or Ajay Shah on 020 8492 5642/5645.