The benefits of going digital

22nd Feb 2021
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bokio
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There are lots of great benefits to introducing digital solutions to your accounting practice. From saving time and money to making compliance easier, we take you through what you need to know.

Instant reports for you and your clients

When you use a cloud accounting software both you and your clients will have access reports anywhere at any time. Automated reporting generated from your bookkeeping helps your clients get a clear idea of their financial position at a glance. Your interpretation of the reports, and running through what they need to know will be essential.

Automated VAT Returns for Making Tax Digital are another benefit. Instead of using extra bridging software to be MTD compliant, you can automatically generate the return, check it over and submit it in a few clicks.

Increased collaboration 

Digital tools can help you collaborate with your clients and colleagues. Whether it’s keeping in contact with video calls, sharing tasks or inviting your clients to your accounting software, there are lots of ways you can work together digitally.

With cloud accounting software your clients can upload their documents online, set up bank feeds, do their invoicing and manage expenses in the same place as their accounting. So you’ll have everything you need to get the job done. Plus, they get helpful tools to help them run their businesses.

Easier to offer advisory services

Digital solutions like cloud accounting software are a great time saving tool. Automation makes day-to-day tasks easier and more efficient. Plus, you have all the information you need in one place. This means you have the time and resources to offer advisory services to your clients.

Instead of waiting for information like transactions or spending time compiling reports, you can make use of collaborative software and automation to keep track of your clients accounting on an ongoing basis. This gives you the perfect opportunity to advise them on their finances.

Compliance is simple

When you choose the right digital solutions, compliance is simple. Your accounting software will give you the reports you need for submission like Making Tax Digital. Plus, any other software you use should be GDPR compliant. Of course, there are some processes that will need to be in place in your practice. But, using digital software will help make compliance easier.

A safer solution

Digital cloud software offers a high level of security, so your clients don’t have to worry about their important information. In comparison to paper documents or spreadsheets, there is less chance of losing data or it being shared without your client’s permission.

The software you choose should have encryption, follow GDPR guidelines and have regular backups to ensure data is never lost.

About Bokio 

Bokio cloud accounting software offers bookkeeping, invoicing and expenses management. It’s a great solution for collaborating with smaller clients, like small businesses, sole traders and freelancers. Bokio helps you save time by using automation, so you can focus on offering high value advisory services.