Would Cloud Accounting benefit your business?

Category: LeisureMaking Tax Digital - Posted On: Dec 10 2018

From this April, the current government’s intention to bring Making Tax Digital (MTD) for all businesses, including sole traders and landlords, with a turnover above the VAT threshold (currently £85,000) to keep digital records for VAT purposes comes into force.

This means that manual record keeping for VAT registered businesses will no longer be acceptable and it is therefore important to plan for any new systems and processes to be in place long before this deadline to ensure your businesses are fully compliant.

With this in mind, Cloud Accounting packages are becoming increasingly popular, but MTD isn’t the only reason to make the move. Cloud Accounting provides up-to-date, precise information with multi-user access, for ease of use, so you can spend more time focusing on running your business.

Cloud Accounting packages, unlike traditional computer based packages, store their information on a secure website, allowing data to be accessed and processed from anywhere and at any time.  They are flexible packages that can be tailored for your holiday park in terms of setting up departments for multiple sites or services offered.

Whilst these packages offer all the usual accounting functions you would expect from a traditional package, they also offer a host of other advantages including:-

  • Reduced processing time with automatic bank allocations
  • Automatic updates to the software with no downloads required
  • A high ‘bank level’ security to ensure the safety of data storage
  • A monthly subscription, with no large up-front cost or minimum contract length
  • Ability to provide access to your advisor remotely

There are also multiple add-on packages available, including integrated booking systems, which allow you to manage bookings, take payments and organise mailing lists, with all accounting information seamlessly linking to the accounting package.

If you wish to find out more about Cloud Accounting packages, please contact our EQ Leisure team at leisure@eqaccountants.co.uk or contact one of our offices.