Get ahead of the game and join the digital tax revolution

‘Be careful whose advice you buy, but, be patient with those who supply it.’

These immortal words from Director Baz Lurhmann’s famous song Everybody’s Free (To Wear Sunscreen) are great and apt words for the world of accountancy.

As Chartered Certified Accountants our job is to give advice to our clients built upon a trusting relationship. It was also a relationship built on patience as much of our time was dedicated to the many processes involved with collating, analysing, reconciling and reporting on our clients’ accounts. 

That was an unavoidable reality until recently. Cloud technology is revolutionising accountancy and government changes, set to come into effect in 2018, will cement its importance for all businesses, individuals and accountants.

Mitchell Burden, Director at Bulley Davey, explains why cloud accounting can revolutionise your business:

“Being an accountant comes with a certain stereotype – an out-of-date technophobe who deals in numbers and processes.

“This couldn’t be further from the truth. Cloud accounting software allows you and your accountant to access and analyse your accounts in real-time, at any time, from any online device and securely.

“What does that mean for your average business owner? It means that the processes you and your accountant have to go through are drastically reduced: no more backing up your accounts, mailing them to your accountant; no more software compatibility issues and more.

“Instead of trawling through the invoices and cheque books, reconciling these with your bank statements, producing reports and then discussing them with you several weeks later, we can instantly review the accounts and advise you on how best to develop your business, plan for tax, identify better ways to manage and grow your wealth – it is in these areas that your local qualified accountant remains really valuable.

“Using a system such as Xero, which Bulley Davey has been a partner of since 2013, also allows you to link your account directly to your company’s bank transactions. This means that any payment made using online banking or using your company debit or credit card can be automated into your cloud accounting system – rules can be applied to automatically deal with regular transactions.

“Ultimately, it makes the process much quicker and more accurate. The time saved could then be used more effectively to help your business become more efficient and profitable.

“The government has announced that, starting with Income Tax in 2018, the tax system will move entirely online by 2020.

“So why not get ahead of the game? Starting this process now means that when the switch over happens you’ll be ready and it could help save you time and money.

“We have a number of cloud accounting packages that will help get your business up and running. So take a step to the future and let your business reap the benefits.”