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As automation and real-time collaboration become the norm, cloud-based tools are becoming the GPS of financial management, offering speed, accuracy, and a clearer path to compliance.
Spreadsheets have long been a go-to tool to get things done ,however accountants and bookkeepers are future-proofing their practice by going fully digital.
Many are recognising the limitations of spreadsheets and how not making full use of cloud software can cost them time and accuracy. Some may want to continue to use spreadsheets because they feel familiar, but the drawbacks often outweigh the benefits, particularly during self-assessment:
Manual data entry: Spreadsheets require constant manual updates, increasing the risk of human error. A single mistake can cascade into larger issues, especially during tax preparation.
Time-consuming: Recording, tracking, and reconciling transactions manually is a slow process that takes time away from more valuable advisory work.
Lack of automation: Spreadsheets don’t automate key accounting tasks like categorising transactions, generating reports, or sending payment reminders, making them less efficient for both accountants and clients.
Version control issues: When sharing spreadsheets with clients, maintaining accuracy becomes a challenge. Multiple versions often lead to confusion and errors, especially when updates aren’t synced in real time.
Limited insights: Spreadsheets lack built-in reporting tools and real-time updates, making it harder for accountants and clients to get a clear picture of financial health.
As more complex and compliance requirements like Making Tax Digital (MTD) for Income Tax demand higher accuracy and digital record-keeping, the shortcomings of spreadsheets will become even more apparent.
Switching to a cloud-based solution like QuickBooks offers significant benefits that go far beyond simply replacing spreadsheets. Key advantages include:
Automation: Cloud tools automate repetitive tasks, such as transaction categorisation, invoice generation, and payment reminders. This not only saves time but also drastically reduces the potential for errors.
Time-saving: 78% of SMEs find running their business easier with us* Real-time insights: With cloud software, accountants and bookkeepers can generate advanced reports and access real-time financial data, enabling better decision-making and more strategic advice.
Compliance made simple: QuickBooks can simplify income tax management, helping with compliance regulations like MTD while helping you reduce the risk of penalties.
Enhanced data security: Unlike spreadsheets, which can see data loss, working in the cloud can provide heightened security to protect sensitive financial information.
Customer support and integration: Cloud platforms like QuickBooks offer dedicated support and seamless integration with other business applications, enhancing functionality and user experience.
QuickBooks Ledger bridges the gap for your small business clients who need a simple, affordable accounting solution while making self-assessment preparation more efficient.
Key benefits:
Streamlined financial management: Perfect for clients who don’t require advanced features like invoicing or receipt capture.
Automated bank feeds: This reduces the risk of errors and ensures financial records are accurate and up to date for tax submissions.
Real-time tax estimates: Your clients can view income tax liabilities throughout the year, helping them plan ahead and avoid surprises.
MTD compliance: With VAT submission support, QuickBooks Ledger ensures your clients meet current digital tax filing requirements. It can also help them prepare for the upcoming MTD for Income Tax mandate.
Collaboration made easy: Work with your clients on the same platform, improving data accuracy and minimising back-and-forth communication.
Cost-effective solution: Access essential tools at a lower cost, making it accessible for small businesses while still delivering value.
QuickBooks Ledger also aligns with the broader QuickBooks ecosystem. As clients’ needs grow, upgrading to more advanced plans is seamless, meaning you don’t need to start from scratch. This scalability allows accountants and bookkeepers to support their clients’ growth while maintaining consistency in workflows.
Built specifically for the UK’s 3.1 million sole traders in mind, QuickBooks Sole Trader is designed to meet the unique challenges faced by individuals running their own businesses. For accountants and bookkeepers, it provides a streamlined way to support your clients while improving collaboration and accuracy.
Key benefits:
AI-powered transaction categorisation: Automatically distinguishes between business and personal transactions, streamlining bookkeeping and reducing manual entry.
Mobile accessibility: Your clients can manage their finances anytime, anywhere with mobile-friendly features, designed for convenience on the go.
Receipt capture: Allows users to snap photos of receipts, which are then automatically matched to transactions, simplifying expense tracking and organisation.
Includes CIS capabilities: Help manage your clients who are subcontractors only. Automatically calculate CIS amounts and report their tax contributions.
Seamless collaboration: Accountants and bookkeepers can work directly with their sole trader clients on one platform, improving communication, data accuracy, and overall efficiency.
MTD for Income Tax ready: Soon Sole Trader will be geared up to help your clients get ahead of the impending tax changes.
The solutions you choose will shape how you adapt. Moving clients away from spreadsheets and into the cloud isn’t just about improving efficiency but rather it’s about future-proofing your practice and helping clients stay ahead of compliance requirements.
The days of spreadsheet-based workflows are numbered, and now is the time to help clients make the transition.
*Based on August 2023 survey of 1000 QuickBooks active subscribers versus their previous method
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