Even before Covid-19, many business owners were wise to the benefits of having an ‘online’ element to their enterprise.
Now though, in the face of adversity and new challenges, these benefits are being enjoyed even more widely. Some individuals are entering the online space as a way of diversifying their existing business; others are embarking upon completely new and solely online ventures.
In comparison to having a physical premises to look after and fund, trading online might seem a simpler and more cost-effective option. However, even with e-commerce comes the need to have a handle on your cash flow and to grasp the importance of good bookkeeping and accounting practices for a healthy and viable business.
If online is where you are heading, then you might wish to consider the advantages of adopting online accounting software. Though often spoken about in the context of Making Tax Digital (MTD), for example, that is not its only application.
Cash flow is cornerstone of a viable online business
Effective cash flow management is one of the cornerstones of a thriving business, whether online or offline. Access to accurate data, on demand, means you can budget better, make quick and potentially business-critical decisions efficiently and avoid unexpected financial bombshells.
Easy to use bank feeds and interactive dashboards, built in to a number of the products on the market, allow you to instantaneously see what is at your disposal.
As advisers, such developments in technology are also beneficial for us; access to real-time data adds another dimension to the way in which we can interact with and support you.
We add value by producing tailored reports and comprehensive management accounts to inform important discussions about performance.
Tax & real-time data
Real-time data is also beneficial when it comes to anticipating your tax liabilities. Again, though, combining software with professional advice is an unrivalled solution in this instance; we can help you to plan for your tax liabilities, we will ensure that you only ever pay what is due and we will ensure that any information you are providing to HM Revenue & Customs (HMRC), for example, is error-free.
How can George Hay help?
As software-savvy accountants, we can help you to choose, set up and use your chosen platform correctly.
Our chartered accountants, tax and business advisers can also support you with your business requirements, beyond online accounting.
To discuss your circumstances in more detail with one of our experts in Biggleswade, Huntingdon or Letchworth, contact us today.
