One of the UK’s Top 100 accountancy firms, Grunberg & Co, says that businesses could be missing out on gaining vital information about their business by not making use of the latest online accounting software.
The firm, which has offices in North and Central London, said that for many VAT-registered businesses the use of online accounting software would become essential from April next year due to Making Tax Digital (MTD) and would be a basic requirement for all businesses from 2020 for the same reason.
Under, the rules of MTD businesses earning above the VAT threshold of £85,000 expected to begin storing tax information online and sending quarterly digital reports to HMRC for VAT purposes from next year, but beyond this, they could add significant value to their company by utilising accountancy software.
Ben Grunberg, a Partner at the firm and a leader in its digital service offering, has said that hundreds of businesses are already utilising online accounting to improve their decision-making abilities and closely monitor their company’s finances on a real-time basis.
“Ten or 20 years ago it would have seemed odd to check your bank balance via your mobile phone, but these days people are doing it on a daily basis and using it to move money around and make payments using near-field technology,” explained Ben.
“However, businesses have been a little slower on the uptake when it comes to using online accounting software, which can fulfil a number of useful roles within a business, including automating manual processing with bank feeds and integrated CRM and EPOS systems, such as Shopify, Square and PayPal.
Forecasting can be done with tools such as Futrli and Spotlight, not to mention some great debt collection applications, such as GoCardless and Chaser.
If combined with expert implementation and support, these tools can result in huge time savings and can help management identify opportunities and threats, far in advance to be able to run effectively.”
He said that while many companies may feel coerced into using the technology by MTD they should instead embrace the opportunities that it offers.
“Packed with useful tools and allowing for real-time collaboration with expert accountants, it really can help to free up time and help keep owners informed of exactly how their business is performing.”
Grunberg & Co is already assisting a number of businesses across the UK to assess their existing systems and implement new online accounting solutions, as well as holding free workshops on MTD, which focus heavily on the benefits of using cloud accounting.
To find out more about Grunberg & Co’s cloud accounting services, please visit www.grunberg.co.uk/business/grunberg-cloud/