Why it pays to be on top of your accounts
February 17, 2015
All business owners are aware that they have statutory deadlines to comply with throughout the year – from accounts and tax return filing deadlines, to payroll RTI submission deadlines and VAT Return filing deadlines.
Most business owners would prefer to concentrate on their “raison d’ӗtre” i.e. their core business, and not spend their precious evenings or weekends catching up on paperwork to meet deadlines.
The accounting function is often seen by the owners as a “necessary evil”, but in reality an up to date system can actually be extremely beneficial in their day to day function – helping to make instant decisions regarding a further credit sale to an already slow-paying customer; highlighting a temporary cash flow problem necessitating a call to the bank; helping with a decision regarding the financing of a new fixed asset; or providing the base for an application for finance.
This is where the new cloud accounting technology really comes into its own. By having a mobile, readily accessible, set of up to date figures, it complements the advantages of the on-line banking services most business users now utilise, and because you don’t need to “check and get back to you” so often, it speeds up the decision making process and therefore frees up more time for the core business purpose and ultimately leisure time.
Anyone wishing to learn more about the cloud accounting packages and how Chiks can help should contact Mike Hardaker on 01253 404404.