Transitioning to Cloud Accounting Software
Why make the big leap and transition to the Cloud? When thinking of the word transitioning, the first initial feeling we all have is fear of ‘change’. The questions we tend to ask ourselves are:
- Why should I make the change?
- Will it benefit me?
- Will it benefit my company?
- Is it worth it?
According to Finance Online, 45% of small businesses, 57% of mid-sized businesses, and 58% of large businesses have now implemented cloud accounting software within their everyday working lives. COVID-19 has changed the working world for good and working remotely has forced employers to enter a digital space that can be accessed anywhere, at any time.
On the market today, there are over 30 cloud accounting platforms available. The top 3 and the most well-known being: Xero, QuickBooks, and Sage. In April 2019, Making Tax Digital entered the accounting world. Most businesses transitioned to Cloud Accounting Software to maintain their books digitally and to file their VAT returns directly with the revenue all within one place. From April 2022, all VAT registered businesses must retain digital records and submit their VAT returns to HMRC using compatible software and from April 2023, self-employed businesses and landlords that are trading or have property income above £10,000 will need to follow the rules for MTD for Income Tax - With all of these changes along the horizon, what better time to dive in and make the move to cloud than now?
Here within the Cloud Department at Raffingers, we specialise in the Cloud Accounting Software Xero. Xero has over 2 million subscribers and is trusted by business owners all over the world and not only is each team member Xero certified but as a firm, we are certified platinum partners which means we are experts in being able to advise and help businesses to take action.
Using Xero or any Cloud Accounting Software gives you the opportunity to not only have all of your financial information in one place, but it makes the process of bookkeeping efficient and allows key members of your team to view the status of the business and highlight the key action points.
There are over 100 cloud applications which sync with Xero to streamline and make the process more automated. Whether it is an invoice processing application, a sales CRM system, or a payments system to ensure payments from customers are collected on time, there is always an application available to suit the business needs.
If you are thinking of transitioning over to Xero, the process is simple. Firstly, you will need to let us know that you are thinking of using Xero and you can do this by either contacting your dedicated Partner directly or if you aren’t already a client, by sending us a message directly through our website. A Cloud Accounting Manager will then be in touch to discuss exactly what it is you require from the software and what assistance you require from us. From there, we will then work on the transitioning together, making sure all required information is inputted and keeping in touch with updates regularly along the way. Once the setup is complete, the dedicated Cloud Manager will keep in contact and will be on hand to answer any questions.
If your business is already using Xero, we are also here to simply assist with any training or questions that may arise.
As Making Tax Digital is fast approaching for all companies, I would advise making the move sooner rather than later. The Cloud Team and I are always on hand to help and would be more than willing to demo the functions of Xero. Please do contact me at firstname.lastname@example.org if you are thinking of transitioning and if you wish to find out more!