CKLG BLOG

Growing businesses embrace technology to thrive and enable VAT Making Tax Digital

16.10.2019

Business

Small businesses have more access to technology than ever before!

The development of software as a service market in the cloud has allowed small businesses to access high-powered software for small monthly fees, which in the past, would have required large capital investment to install software on computers and servers.

‘Xero’ online accounting increases efficiency and streamlines the way you manage your business accounting.  There are additional apps which enable you to automate invoicing, direct debit collection and credit control payment reminders.  Your bank can feed data directly to your accounting software, and the software is able to capture and populate information on invoices - allowing paperless management of documents.

Capturing data efficiently allows for more accurate reporting and provides you with an insight into the current financial performance of your business.  This, in turn, leads to better decisions.  Having the ability to report your current financial performance and forecast your cashflow going forwards enables you to spot issues and solve them before they arise.  If finance is required, having current data allows you to access more lenders than ever before.

The use of such software also ensures that you are able to fully comply with the Government’s ‘Making Tax Digital’ initiative. 

Good business advisers help a small business run more efficiently by utilising the latest technology, assisting in the understanding of the performance of your business and help plan for the future. 

If you run a small business, speak to Alex or Chloe at CKLG on 01223 810100 for friendly help and support.  CKLG can help you free up time previously spent on data entry allowing you more time to spend with your family and plan the future of your business.