We are AudTax, experts in cloud accounting software
As a small business owner, no doubt cloud accounting software like Xero, Quickbooks, Sage and FreeAgent are on your radar. Many of you will already have a cloud accounting subscription.
If so, Audtax can offer you our professional services to unlock the potential of this revolutionary software. If you are just starting out in cloud accounting, then we can help you to navigate the choices and implement the right cloud software to complement your business needs.
Unlike a lot of other accountancy firms, AudTax doesn’t champion the use of just one cloud accounting provider. We are experts in all types of cloud software, providing the advice and support you need to keep your cash flow healthy and your financial operations in good order.
In addition to meticulous bookkeeping, we can also help you to automate accounting tasks, such as bank reconciliation and accounts receivable, negating the need for manual data entry. We can also use your accounting software to produce valuable management reports to help you make more informed business decisions.
Our experienced team can also provide valuable guidance on how accounting software can be customised to meet your business requirements, e.g. segregating your revenue streams to analyse the profit of different products/services.
Contact us to discuss how we can help you upgrade and get the most out of your small business accounting software.
What is cloud accounting software?
Cloud computing allows you to store and edit data, in this context, financial data, on the internet instead of the hard drive of a computer. The “cloud” is just another name for the internet.
If you use Internet banking, then you will be familiar with this type of online software and how it allows you to manage your bank data in real-time using any device. Cloud accounting software works on the same principle, facilitating live reporting across multiple devices for multiple users.
What are the benefits of cloud accounting software?
We don’t advocate cloud accounting apps for our own sake – it’s because we see the amazing difference they make to our clients every single day.
Real-time reporting: As opposed to more traditional accounting software, cloud-based accounting software allows live access to your financial data and the ability to synch that information on your phone, tablet or laptop.
Compliance: Another good reason to embrace cloud accounting sooner rather than later is the government’s Making Tax Digital scheme (MTD). MTD for VAT is already live, and in the coming years, the majority of financial reporting and tax returns will become fully digital.
Streamlined financial management: Cloud accounting software allows you to manage your company’s financial records and transactions on a single, secure platform accessible from anywhere with an internet connection.
Improved decision-making: Most modern cloud software facilitates management reporting and offers a clear overview of your business’s financial health, enabling you to make informed and proactive decisions.
Detailed income and expense analysis: Using cloud accounting software, you can view a granular breakdown of income and expenses, allowing you to track and understand the performance of different revenue streams and effectively manage your costs.
Collaboration: Cloud accounting software facilitates seamless collaboration with your team and accountant by granting controlled access to financial data and reports, promoting better teamwork, fewer mistakes and financial transparency.
Cost saving: While there is a subscription fee, cloud software allows you to optimise IT costs and streamline operations, throwing light on potential tax efficiencies and other cost savings.
More accuracy: Cloud accounting reduces the need for data entry across multiple platforms and therefore minimises the risk of human error. Plus, real-time synchronisation of data across multiple devices ensures that everyone has access to the most up-to-date information, reducing the chances of using outdated or incorrect data.
AudTax are experts in more than one cloud accounting system
As a business owner, the number of cloud accounting systems out there may feel daunting. But with our support, we can help you to navigate the many cloud accounting providers and implement the right one to streamline your business processes.
If you already have a cloud accounting subscription, we can, of course, work with your chosen software, help you to upgrade it or make better use of it.
Our cloud accounting service covers setup, training and support for:
Xero Accounting Software
Xero is one of the leading cloud-based software with 3.5 million users worldwide. The reason for its popularity is due to its user-friendly interface and intuitive design, making it accessible to users of all accounting skill levels.
Xero is also one of the best choices for multiple users and is compliant with Making Tax Digital (MTD). In addition, it integrates with an extensive range of third-party applications, so it is highly customisable.
QuickBooks Accounting software
QuickBooks is the newest of the platforms on the list and, for many, is the most cost-effective cloud accounting solution. It has a comprehensive set of features providing all the tools you need to manage your accounts on a single platform.
It has particularly good tax-related features such as automated tax calculations, VAT support, and tax reporting. Like Xero, QuickBooks is MTD compatible, user-friendly, versatile and has integration capabilities.
FreeAgent is designed for contractors, freelancers and small businesses and is perhaps one of the simplest cloud accounting platforms to use. It facilitates basic accounting capabilities, invoicing, project management, time tracking, and inventory management.
Sage is a well-established and trusted brand in the accounting software industry and has evolved to become a cloud provider. It has a robust set of features for managing invoicing, expense tracking, bank reconciliations, and financial reporting. Furthermore, Sage provides industry-specific editions tailored to the unique needs of various sectors, offering specialised functionality.
Dext (formerly Receipt Bank)
Dext is a cloud-based bookkeeping and data extraction software used to track invoices and expenses. It’s particularly good tech for VAT-registered businesses.
It simplifies the process of managing receipts and invoices by offering automated data capture, which is processed and transformed into structured data, eliminating the need for manual data entry. It can be linked with any accounting software and works well.
Among the other lesser-used software we have experience in are Kashflow and Clearbooks.
Can’t see your current cloud accounting system here? There is not a cloud accounting system we haven’t come across, so please ask us.
Frequently Asked Questions about cloud accounting
What types of businesses use cloud accounting?
Any type of business, from sole traders to large corporates, can benefit from cloud accounting for financial planning and management.
It streamlines the accounting process and negates the need for time-consuming bookkeeping tasks, making for more accurate and less costly financial management. Most platforms can also produce insightful management reports to fuel business growth.
When does Making Tax Digital go live?
MTD for VAT is already live, meaning that all UK businesses that are VAT registered must use compatible cloud accounting software to file their VAT returns.
Making Tax Digital for Income Tax will launch in 2026, requiring the majority of small businesses to use cloud accounting software to submit quarterly reports and their annual self-assessment tax return.
A date for MTD for Corporation Tax has not yet been set (as of June 2023).
Even if you are not VAT registered, it is wise to adopt cloud accounting as soon as possible, as it will help you to organise your accounts and be well-prepared for the changes.
Is cloud accounting safe?
Cloud accounting software providers invest significant resources in implementing robust security measures, including encryption, access controls and regular data backups, to prevent unauthorised access, data loss, and system breaches.
While your account is securely password protected, you can add a layer of security by setting up multi-factor authentication.
Is cloud accounting expensive?
While subscription costs vary between cloud providers, many businesses find that they actually save money by moving to cloud accounting.
Mistakes such as miskeying data can be expensive, so consider the money you will save, and it may well outweigh the cost.