The number of people running their own businesses and going self-employed has steadily increased over the years and the pandemic has in some cases encouraged people to look at their work-life balance. There are many important aspects to running your own business and one of the key ones is keeping an eye on your finances.
It is best to work with a reputable Accountants Bath way such as Chippendale & Clark to ensure that you are filing all the right accounts at the end of your financial year as well as your self-assessment for your personal tax. Many accountants will also encourage you to use some of the cloud accounting software that is available such as Xero and Quickbooks.
There are many benefits to using cloud accounting software such as:
- Time-efficient – having all your accounting in one place is time-efficient for you and for y our accountant. You can add your invoices, purchases and your receipts in a quick and easy way.
- Collaboration – it is easy for you to share your finances with your accountant. They can log in and check your bookkeeping and prepare your documents for filing on an annual basis.
- Real-time – by connecting your bank accounts to the software you can see what your business financial position is in real-time as well as seeing what bills you have to go out and what sales are left to come in.