Modern Record Keeping

4th June 2015

Business Book-keeping: Waiting for a ‘cloudy’ day?
No matter what size your business is, it is a legal requirement to keep all records and documents if you need to complete a tax return. Failure to do so could lead to penalties of up to £3,000 if HMRC check your records. In addition to the legal requirement to keep good records, it is also good business practice which will allow you to monitor and manage your affairs in the most efficient manner. Cloud hosting is the latest form of record keeping, which provides the added advantages of:

  • A single set of data that can be accessed anywhere, and by multiple users
  • No infrastructure requirements
  • Automatic updates and version control
  • Automatic back up

Cloud accounting software is now available from numerous suppliers such as Xero, Sage, Quickbooks, Clearbooks and Kashflow. However, if you are used to more traditional or extensive software, there are also opportunities to benefit from the advantages of using cloud software, for example using Sage Drive, which works via Sage 50 accounts.

Whiting & Partners have embraced the recent trend towards SME businesses using such software. It provides us with additional opportunities to give our clients proactive advice, such as pre year end planning, as well as the ability to provide instant support as required. If you would like to explore the potential that the cloud can offer your business we would be pleased to hear from you

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