The broad, distant form of the Cloud is now a permanent part of modern business parlance. Tens of thousands of apps, websites and software tools now run on this technology, and Gartners has predicted that the total net value for the Cloud sector will be up 18% from 2016 when the year is out.
Unsurprisingly, some of the most pertinent uses of the Cloud revolve around your finances. For such an age-old issue – cash management, bookkeeping etc. – it’s refreshing to know that solutions exist to mitigate problems and wasted time. Here are some reasons why Cloud accounting software is an investment worth taking…
It’s tough to match up your dates and payments cohesively with paper bank statements. Some may be scattered or lost, whereas others could represent multiple complex costs and income streams over a single period. The taxman has to see where your economic activity lines up. Thankfully, Cloud software can do just that – without any manual initiative.
All you have to do is input the data – photographing a receipt, for instance, or a piece of banking correspondence – which is then added to the sum total of your income for any given tax year. There isn’t a break in the chain of exact, demonstrable dates when HMRC needs to check them.
An increased payroll
In a short time, small businesses may find they’re ballooning quickly, smashing through commercial targets and looking for more hired hands. There’s a joy in expanding your team, but seeing to the payroll duties is not as pleasurable. Cloud software can step into the breach and prepare your accounts for the influx of new people.
So what does that mean? Well, from a micro-management standpoint, RTI returns are generated off-the-bat, along with payslips and automated enrolment. With a Cloud tool, you’re relieved from setting everything up, which can save countless hours as the workforce keeps growing. Our own payroll application is available at a mere 70p extra per month.
Immediate expense assessments
Various forms of expenditure are eligible for tax breaks (equipment, uniforms, travel, home office utilities) but HMRC has strict guidelines for what can and can’t be claimed for.
That’s one of the perks of having smart, fully-informed accounting software – it’s built by people who do this for a living. Expense knowledge is integrated into databases to determine the validity of the claims you make. Outgoing charges can be scanned, cross-referenced and assimilated for maximum accuracy.
What’s more, the Cloud is updated from afar by the hosting provider when necessary. This ensures you are playing by the most contemporary expense rules of your trade. Liquid software, and others like it, backs your data up too, so you’re protected from a digital catastrophe.
As a final thought, consider what unlimited remote access – on any mobile, tablet or laptop – can do for your account mastery on the move. It’s a useful trait to have when you’re dashing between meetings and day-to-day responsibilities. Contact the Liquid support team to learn more about the Cloud’s silver lining: financial software that works around your life, instead of against it.