Gary Turner, is Managing Director of Xero, beautiful, easy-to-use online accounting software for small businesses and their advisors that provides real-time visibility of their financial position in a way that’s simple, smart and secure.
Starting a business may conjure up images of scary bank managers and endless spreadsheets, but how we manage our accounts and find funding is changing thanks to the increasingly important role of technology.
Staying on top of your accounts and knowing your numbers is imperative to all businesses, and technology can help to streamline this. In the last decade, technology and the ‘App Economy’ has transformed the way businesses raise, manage and spend their finances. By the end of 2015, at least 90% of UK businesses will have adopted at least one cloud service. If you want your business to work smarter and faster, cloud accounting software is a key investment. Working in the cloud gives businesses a better overview of their finances and means that owners can stay connected to their data and their accountants. Cloud software can also integrate with a whole ecosystem of add-ons saving small businesses event more time and money.
New technology has advanced so rapidly that software can simply recognise your receipts from a photo, and the details are uploaded to your accounts thanks to apps like Xero Touch. The days of having to spend a week submitting your tax return is well and truly in the past for small businesses. Cloud-based accounts software links you in directly with the HMRC website meaning a tax return can be done in minutes rather than the usual painful week of tax return hell.
Innovative technology is reshaping financial services by completely eclipsing the practised traditions and legacy chores of business accounting. The thought of bookkeeping with a pen & paper, or even an Excel spreadsheet, will soon be distant methods of the past. Cloud-based accounting software is paving the way towards a totally paperless future for business bookkeeping.
For more expert advice on small business accounting, download our latest guide.
We’ve teamed up with Xero cloud accounting software and Receipt Bank – two businesses leading the way in this field – to bring you advice on finding the right accountant and streamlining your paperwork. In partnership with KPMG Small Business Accounting- whose fixed price accounting packages embrace this ‘value added’ philosophy- we’ve brought you The Accountancy Clinic: an access all areas troubleshooting guide with answers to the most common accounting questions.
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