Cloud Accounting for the Healthcare Sector

The use of cloud accounting software, QuickBooks Online (QBO) from Intuit is resulting in better reporting, improved performance and time savings for our Healthcare sector clients, and here’s how:

  1. Instant Access

As long as you have a stable internet connection, you can access your data anytime, anywhere. No software installation, no processing at a single desk or single office.

  1. Automatic Bank Feeds

The software is designed to sync automatically with most online banking. The transactions will appear in QBO as they appear on your online accounts and you then simply allocate payments and receipts to the correct place. As more transactions are added, the intuitive system starts to recognise your regular entries or match payments to previously entered purchase invoices, speeding the process even further, and ensuring consistency of transaction processing. Rules can also be set to split down complex transactions or automatically post entries.

  1. Import of Monthly NHS Statements

We can assist you with the import of the monthly payments and deductions statement received from the NHS, breaking down each individual element of the payment so it can be recorded accurately, ensuring management of information at the touch of a button.

  1. Multiuser Access

With our QBO offering, you can have as many users as you like, all for the same monthly fee. Users can have full, partial or reporting only access. Tasks can be delegated across users and managing partners can access management information from their own log in. We would also have access, so we can help you with queries on postings or help with interpreting performance.

  1. Paperless Possibilities!

There is a scan and attach feature for each and every transaction, which means all records could be digital. This could eliminate storage costs or space needed for filing, freeing up rooms to become income generating.

  1. Reporting Capabilities

Standard reports can be customised with ease to show the information you want. These reports can then be set to send to specified recipients on set dates, if required.

  1. Value for Money

Licence fees start at £10 (plus VAT) per month, making it a great price point and cheaper than a lot of software renewals. Licences include updates and support from Intuit. We are also happy to offer license only subscriptions.

Oh and here is an extra reason – Because Making Tax Digital is on its way!

From April 2018, HMRC are likely to implement their Making Tax Digital plans and part of this process will require you to keep your records up to date and on digital software that is compatible with HMRCs portal, in order to meet the quarterly reporting requirements. QBO will be compatible, this is why it may be a good idea to start thinking about the transition sooner rather than later.

If you would like to talk to us about Cloud Accounting or Making Tax Digital in more detail, please contact Hannah Farmborough or call on 0207 429 4147 to be put in contact with a member of our Cloud Accounting team.

This article originally appeared on the blog of our member firm, Moore & Smalley.

Making Tax Digital is ‘Up in the Cloud’

Peoples habits are changing. Gone are the days when you recorded information solely by hand. Now, online technology offers us the ease of access and flexibility that we have all come to depend on. With the introduction of smart phones and tablets, we are seeing this accessibility grow and it is becoming the norm to view online information on the go.

According to statistics, 82% of online users use their mobile phones to access the internet, and 49.5% check their emails via their smartphone. As more and more people turn to these devices, our expectations of what technology can do for us is growing.

With Making Tax Digital taking effect from April 2018, it seems that the government has also recognised this trend and soon, even your taxes will be available online. These changes will not only effect how you process the information required by HMRC for your tax submissions, but will also allow you to view your tax position throughout the year.

As part of the Making Tax Digital process, you will be required to upload all your records to HMRC on digital software, which is where Cloud Accounting can help. By opening a cloud account now, you will be ready for these new policies to come into effect and the transition into digital taxes will be much smoother… and that’s not all!

How can Cloud Accounting help improve your business?

Firstly, a Cloud Account allows you to assess your financial position throughout the year. You can scan invoices into your account on a daily basis, which means you will always have an up to date record of your finances at the tip of your fingers. This is hugely beneficial, as it means you no longer have to wait till the end of the year to find out how your business is doing, and allows you to assess your cash flow and make necessary changes to maximise your profitability.

You can also connect your Cloud Account to your Bank account, which means any transactions you make can be fed straight into the accounting system, matched with the accounting entries and categorised. This not only helps you organise your finances, but allows you to clearly see where you are spending the most money and which areas you could make savings.

Cloud accounts are easily accessible. You can grant access to multiple team members, including your accountant, and as all the information is stored in one place, any changes you make are immediately applied and can be viewed by everyone. With the added ability of being able to access your account from a number of different devices, including desktops, smartphones and tablets, whether you are enjoying a well-deserved holiday or commuting on the train, you have the flexibility to view your finances from anywhere at any time.

Furthermore, your cloud account can help you reduce costs. You will no longer have to upgrade your equipment on a regular basis and as the Cloud is online technology, you will no longer need to back-up your software.

With the benefits that software such as cloud accounting can bring, we really are in an age where technology can help make our business profitable. With constant advances all the time, it’s exciting to see how technology can help our businesses succeed and provide us with the flexibility and support to meet our daily demands.

If you have any questions or would like to talk to us about Cloud Accounting or Making Tax Digital in more detail, please contact Hannah Farmborough or call on 0207 429 4147 to be put in contact with a member of our Digital Tax team.

This article originally appeared on the blog of our member firm, Monahans.

Making Tax Digital is 'Up in the Cloud'

Peoples habits are changing. Gone are the days when you recorded information solely by hand. Now, online technology offers us the ease of access and flexibility that we have all come to depend on. With the introduction of smart phones and tablets, we are seeing this accessibility grow and it is becoming the norm to view online information on the go.

According to statistics, 82% of online users use their mobile phones to access the internet, and 49.5% check their emails via their smartphone. As more and more people turn to these devices, our expectations of what technology can do for us is growing.

With Making Tax Digital taking effect from April 2018, it seems that the government has also recognised this trend and soon, even your taxes will be available online. These changes will not only effect how you process the information required by HMRC for your tax submissions, but will also allow you to view your tax position throughout the year.

As part of the Making Tax Digital process, you will be required to upload all your records to HMRC on digital software, which is where Cloud Accounting can help. By opening a cloud account now, you will be ready for these new policies to come into effect and the transition into digital taxes will be much smoother… and that’s not all!

How can Cloud Accounting help improve your business?

Firstly, a Cloud Account allows you to assess your financial position throughout the year. You can scan invoices into your account on a daily basis, which means you will always have an up to date record of your finances at the tip of your fingers. This is hugely beneficial, as it means you no longer have to wait till the end of the year to find out how your business is doing, and allows you to assess your cash flow and make necessary changes to maximise your profitability.

You can also connect your Cloud Account to your Bank account, which means any transactions you make can be fed straight into the accounting system, matched with the accounting entries and categorised. This not only helps you organise your finances, but allows you to clearly see where you are spending the most money and which areas you could make savings.

Cloud accounts are easily accessible. You can grant access to multiple team members, including your accountant, and as all the information is stored in one place, any changes you make are immediately applied and can be viewed by everyone. With the added ability of being able to access your account from a number of different devices, including desktops, smartphones and tablets, whether you are enjoying a well-deserved holiday or commuting on the train, you have the flexibility to view your finances from anywhere at any time.

Furthermore, your cloud account can help you reduce costs. You will no longer have to upgrade your equipment on a regular basis and as the Cloud is online technology, you will no longer need to back-up your software.

With the benefits that software such as cloud accounting can bring, we really are in an age where technology can help make our business profitable. With constant advances all the time, it’s exciting to see how technology can help our businesses succeed and provide us with the flexibility and support to meet our daily demands.

If you have any questions or would like to talk to us about Cloud Accounting or Making Tax Digital in more detail, please contact Hannah Farmborough or call on 0207 429 4147 to be put in contact with a member of our Digital Tax team.

This article originally appeared on the blog of our member firm, Monahans.