• Technology
  • June 17, 2014

Online/Cloud-based Accountancy for Small Businesses

By Lawbite Team

Talk to a Lawyer Free Legal Help
article
Online/cloud-based accounting software is considered by many to be the way that the accounting industry is heading because it enables businesses to keep a constant eye on their company’s financial position without having to install costly and bulky software directly on to their computers. With online accounting all records held on the system are stored behind an encryption that prevents data from being accessed or passed on without the user’s permission. Business owners and their accountants can easily access their financial records at any time, whenever they have access to the internet. Online accounting gives small business owners a level of control and flexibility not available with desk-top accounting. They can see their business position such as how much tax or VAT is owed, any outstanding payments, current profits etc at any time. So for example when it's time to do the VAT or tax return all the data is already there, and submitting the return is just a matter of a couple of mouse clicks. Accountants can update records in real time without businesses having to send in reams of paperwork. And having access to live data over the internet means accountants can be more proactive in advising their clients. Online accounting has the added bonus of being environmentally friendly. There is no need for a business to generate and print out accounting paperwork and post it off, and no need to travel to unnecessary meetings with the accountant to look over figures because it can all be done in real time online. Although there are some variations across the accounting software, packages available in terms of price, built-in functionality and add-ons, they are in general easy to use. Business owners don’t require any accountancy training to use the online accounting software, but the software is sophisticated enough to enable accountants to extract the information and data required to meet statutory requirements and review the business position to provide quality advice and recommendations. Some of the current online accounting software available include Xero, Clear Books and Kashflow. What online accounting ultimately does, besides providing small business owners with environmentally friendly, flexible control over their accounting, is save them time and money, so they can focus on what they do best which is running their business. For further information please contact Tom Trainer, Chartered Accountant Online, 0208 133 9876, [email protected]   Journey further...

In closing

Nothing in this article constitutes legal advice on which you should rely. The article is provided for general information purposes only. Professional legal advice should always be sought before taking any action relating to or relying on the content of this article. Our Platform Terms of Use apply to this article.



Related Articles

Read more of our latest blog posts, featuring all the latest legal news, analysis and opinion from our expert lawyers.

blog image
  • By Lawbite Team
  • October 13, 2021
Three Tips For Managing Boardroom Conflict

Disagreements are a normal part of business life. In fact, often it is the differences of opinion that can result in everyone looking at a particul...


Startups
blog image
  • By Lawbite Team
  • October 13, 2021
How to structure a family business

Family businesses have been the mainstay of the UK economy for centuries. However, given the emotional relationships involved, clearly setting out ...


Startups
blog image
  • By Lawbite Team
  • October 13, 2021
How To Appoint A New Company Director

Appointing a new company director is more complex when compared with onboarding an employee. There are several steps you need to take to ensure com...


Startups

LawBite can help you

LawBite is on a mission to provide business legal advice that is easier to access, clearer to understand and much cheaper. Our on-line legal advice platform can quickly connect you with expert business legal advice. Our friendly, highly qualified business lawyers, solicitors and mediators will give you the guidance and reassurance that comes from customised legal advice for small and medium sized business.

Whether you are bringing or defending a legal claim, outsourcing work, want a business contract review to ward off disagreements, talk to an expert trademark lawyer, resolve a contractual dispute with methods like mediation and arbitration, or getting your new company set up and on the right footing with a robust shareholder agreement and GDPR standards, we can help you succeed.

defend a claim

Talk to a Lawyer

Book a Call
defend a claim

Essentials Plan