Online Accounting
From April 2019 the business world faced a major change in the form of Making Tax Digital (MTD).
Initially aimed at VAT-registered businesses there became a new way to file VAT Returns, including the relevant underlying transactions.
Under MTD it is mandatory to keep digital business records. This means the days of the carrier bag full of records, the Simplex D or other manual record-keeping books will be gone. In addition, business owners and property landlords will have to file quarterly returns of income and expenditure to HMRC within 30 days of the quarter end. So for example a trader with a quarter end of 31 March will have to MTD file by 30 April. This is due to commence in April 2026.
We have invested heavily in our IT capability and team literacy over recent years to improve our efficiency and help our clients to set up their online accounting systems to be efficient and effective. Whilst we are conversant with a number of accounting software solutions, we recommend Quickbooks Online, for which we are proudly Platinum ProAdvisors, with all our online accounting team being Advanced ProAdvisor status, a status that is required to be renewed annually, thereby ensuring we remain fully conversant with the software at all times.
By using Quickbooks Online, supported by specialist optical recognition software from Dext, it allows us to take your basic accounting paperwork and input it effectively into the software, providing you with the security of knowing your records are legally compliant.
A number of our clients have chosen to completely outsource this function to us. By them using our knowledge and technology it allows them to save hours each week completing administrative functions they are not trained for. Instead, they can use the time to sell their products or services and can make more in that time than the additional investment in our services.
We provide online accounting services from our offices in Bath, Midsomer Norton, and Warminster, covering clients across Somerset, Wiltshire, and the surrounding area.
An Online Accounting story
We took over a client from another firm of accountants when the relationship broke down. It was clear upon taking over that a large amount of catch-up work was required. By working with the director we agreed a plan of action and although initially it was agreed most of the online accounting would be completed in house, it was clear this was not achievable and so we now undertake a complete outsourced service. This allows the senior management to concentrate on other areas of the business.
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Frequently asked questions on Online Accounting
What is online accounting, and how does it benefit my business?
Online accounting refers to managing your business’s finances using secure, cloud-based software. It allows you to access your financial data anytime, anywhere, streamlining tasks such as invoicing, expense tracking, and tax reporting. Online accounting saves time, improves accuracy, and ensures real-time visibility into your financial performance.
What online accounting services do you offer?
We offer a range of online accounting services tailored to your business needs, including:
- Bookkeeping and payroll management
- Preparing and submitting VAT returns
- Real-time financial reporting
- Automated invoicing and payment tracking
- Cloud software setup and training (e.g., Xero, QuickBooks)
- Our goal is to simplify your accounting while keeping your business compliant.
What are the advantages of cloud-based accounting over traditional accounting?
Cloud-based accounting offers several benefits compared to traditional methods:
- Real-time access to finances from any device.
- Automatic backups for data security.
- Simplified collaboration with accountants and team members.
- Integration with other business tools (e.g., payment gateways).
- Time-saving automation features like recurring invoices.
Which cloud accounting software do you support?
We specialise in leading cloud accounting platforms like Xero, QuickBooks, and Sage. Our team provides expert setup, training, and ongoing support to ensure you make the best use of your chosen software.
Can online accounting help with Making Tax Digital (MTD) compliance?
Yes, online accounting is essential for ensuring Making Tax Digital (MTD) compliance. Cloud accounting software is specifically designed to meet MTD requirements by enabling digital record-keeping and seamless submission of VAT returns and other taxes to HMRC.
Is online accounting secure for storing sensitive financial data?
Absolutely. Cloud accounting platforms use advanced encryption and secure servers to protect your financial data. Regular backups ensure your information is always safe and accessible, reducing the risk of data loss. We also follow strict security protocols to keep your business information private and secure.
How does online accounting help with financial reporting?
Online accounting software provides real-time financial reports, such as profit and loss statements, cash flow analysis, and balance sheets. These reports are automatically generated and updated, giving you instant insights into your business's performance and aiding in informed decision-making.
Can online accounting integrate with my existing business systems?
Yes, most cloud accounting software integrates easily with other business tools, such as CRM systems, payment gateways, and inventory management solutions. This seamless integration reduces manual input, increases efficiency, and simplifies your workflows.
Who can benefit from online accounting services?
Online accounting is ideal for businesses of all sizes, including startups, small businesses, freelancers, and established companies. It’s especially beneficial for businesses looking to save time, improve accuracy, and gain real-time financial visibility without the need for in-house accountants.
How much do online accounting services cost?
The cost of online accounting services depends on your specific requirements, such as the size of your business and the level of support needed. We offer tailored packages designed to fit your budget while ensuring your accounting runs smoothly. Contact us for a free consultation and personalised quote.