The benefits of online accounting
Tax is becoming increasingly digitised, making online submission and keeping digital records more and more necessary. While this can be a shift in working for those not already using online accounting software, there are some real benefits to you and your micro clients by making the change.
With Making Tax Digital for Income Tax on the horizon, automated accounting features growing and digital accounting widely used, we take a look at the benefits of a future working online.
Time-saving automation
Automation can be beneficial to streamlining how you work. There are lots of different kinds, and most aim to reduce errors and save time on repetitive tasks, for example day to day bookkeeping and reporting.
Instead of spending time on repetitive tasks, you can use the information produced by automation to offer tailored advisory services. For example, interpreting automated reporting and troubleshooting any discrepancies offers you engaging work that gives high value to your clients.
Receive materials easily
With Self Assessment deadlines set to change for quarterly updates, the way many clients submit materials for bookkeeping will have to change and become more regular.
This may be a learning process, but using online software with tools for your clients, like integrated invoicing, expenses and receipt capture apps, can help make the process smoother. Other automated tools like bank feeds can help you to see which receipts or documentation are missing, as you will have a full overview of your client’s transactions.
While it remains your client’s responsibility to submit materials in a timely manner, having a shared software that you both work in will give you some of the information you need to help make the transition easier.
Offer client insights
When clients are giving materials on a regular basis, instead of the notorious last minute rush for the Self Assessment deadline, you’ll have the information you need to give your clients real insights on their finances.
Instead of simply offering tax submissions you’ll have the details to offer regular financial advice. This is especially useful for small or new businesses where your insights can have a real impact to help them grow strategically.
Simplify working with the cloud
Cloud accounting software can simplify the way you work. You won’t have to switch between as many software if you have everything in one place. You can work online from anywhere, from a computer, tablet or mobile phone. Increased cyber security with encryption helps your clients know their data is in safe hands.
Cloud accounting software make collaboration simple. Whether you’re working with your colleagues, or sharing software with your clients, all you need to do is invite them, instead of being tied to a desktop software.
About Bokio
Bokio 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. Features like bank feeds, smart bookkeeping templates and automated reporting make it easy to collaborate with your clients.
Bokio helps you save time by using automation, so you can focus on offering high value advisory services.