Despite there being many high achieving practices who are getting the most out of their financial reporting having embraced cloud-based accounts software, there are still a surprising number who haven’t.
Making Tax Digital (MTD) for medical partnerships with individuals as partners, commences in 2025-26. This will require quarterly reporting of financial information to HM Revenue and Customs (HMRC) using accredited software packages approved for this purpose.
There are still many practices who would not be prepared for the deadline because they are using outdated accounting software, with a small number even maintaining records via Excel spreadsheets. Practices could gain a more timely insight into how they are performing financially if they invested in cloud-based accounts software before MTD makes it necessary.
In these challenging times, using the right software is very important for a practice’s efficient running. Having access to timely and accurate financial information will mean being better equipped to run a tighter practice.
Using software such as Xero or QuickBooks, your bank statements automatically feed into the software so there is no need to manually retype the information which once set up correctly, could save hours of valuable time. There are apps which take different sources of income and automatically direct it into the software. The groundwork involved in setting up the bank feed is very important and in some cases can be time consuming, however we can help with that with expert training and assistance.
Using cloud-based software also eliminates the need for back-ups meaning your accountant can have secure instant access to your live system to assist with transactions, make adjustments or complete essential year end maintenance without delay.
There is no need to keep any physical copies of invoices – you can just take a photo or scan it and the app will feed it into the software.
There are so many benefits for both your practice and your accountant. It allows us to be able to give you proactive advice and generate accurate management reports and cash flow reports with the press of a button.
What’s more, cloud accounting not only helps your practice to operate more efficiently but also more sustainably. Using the cloud and its remote IT infrastructure and being able to reduce the need for paper record keeping helps reduce energy usage, carbon emissions and save you money.
We have considerable experience with all the main cloud-based software providers, particularly Xero, QuickBooks and Sage, so are well placed to offer free demonstrations to help make the right choice and get set up. If you would like to explore moving to cloud-based software and understand how it could benefit your practice please contact us.
Contact Shaun Pegler for more information by emailing shaun.pegler@randall-payne.co.uk or call 01242 776000.
