How online accounting can save you and your clients precious time
With recent technological advances and HMRC’s Making Tax Digital scheme just around the corner, there’s never been a better time to make the move to online accounting.
Online accounting platforms like Xero can save you precious time by eliminating data entry and automating manual tasks so you can help more clients and make more money.
“We're spending a lot more time actually talking to and listening to clients,” said Olly Evans, of Evans and Partners.
Get ready for Making Tax Digital
Making Tax Digital (MTD) for VAT begins on 1 April 2019. Most businesses with a turnover above the VAT registration threshold of £85,000 will need to keep records online and submit VAT returns digitally using compatible software like Xero.
Xero has been working closely with HMRC to develop functionality that allows businesses and accountants to submit VAT returns directly from within the software. Businesses using Xero to keep records and submit VAT will be MTD compliant – plus it means you and your clients can spend less time on data entry and compliance and more time doing what you enjoy.
Paul Bulpitt, Xero partner and founder of The Wow Company said: “Five years after MTD, we'll look back and think, oh wow wasn't it crazy that we used to do it that way – this is so much better.”
Eliminate data entry with simple expense management
Expense report processing is vital to your clients’ business. An inefficient and complicated process can make your life difficult and cost your clients time and money.
Expense management apps like Xero Expenses help streamline the process by allowing your clients to scan receipts and submit expense claims on the spot, eliminating the need for data entry and minimising errors.
“Xero Expenses is one of those added-value things for clients, so that will definitely increase our revenue,” said Sam Rollins, partner at Trinity Accountants.
“It’s already reduced our internal time, which increases our profit because staff can spend more time on the fee-earning work instead of internal tasks.”
This functionality also speeds up the reimbursement process and gives your clients complete, real-time visibility over their expenses to help them plan ahead and better manage cash flow.
Get a real-time view of client accounts with direct bank feeds
Manually processing bank transactions and coding them to various categories can be a labour-intensive task.
Xero has direct bank feeds with seven out of the eight major UK banks. Having up to date financials inside your accounting software makes for easy bank reconciliation, eliminating the admin work and saving you and your clients time. “We [no longer] have to spend hours and hours processing,” said Sian Kelly, Xero partner and managing director of Inform Accounting.
Manage staff the easy way with Xero Payroll
Even for a small practice, manually processing payroll can take an enormous amount of time and effort. Without a payroll system in place, simple inefficiencies can balloon over time and result in loss of productivity and profit.
With Xero Payroll, you can pay your employees, file reports with HMRC, and track employee leave while the system updates the nominal ledger automatically allowing you to reinvest back into your practice and take more time for your clients.
Learn about all the key features in Xero and how they benefit your clients by visiting xero.com/features. And if you’re an accountant or bookkeeper in a firm, sign up to the Xero partner programme where you’ll get the tools, resources and dedicated account management to help get your practice and clients set up. See xero.com/partners or email [email protected] to get started.