As with most things these days, accounting is making the transition over to digital.
There are a lot of features already out there to help you streamline your processes and save some paper along the way. Scanning and uploading your receipts is simple and quick. Here’s why you should start.
Receipt scanning on the go
Using online accounting software like Dext can make light work of your business’s accounting.
Downloading the software to your phone gives you access to your business’ financial data on the go, meaning you don’t have to go back to your office and rifle your way through endless amounts of paper receipts.
The added benefit of Dext being connected to the cloud is you and your accountant can both access the data anywhere in the world. This will become even more useful when you consider Making Tax Digital (MTD) and the preparation of your VAT and self-assessment income tax returns.
To register a receipt all you need to do is scan or take a photo with your phone which will convert it into digital text and upload it.
You’ll save endless amounts of time usually spent on manually entering the data.
Benefits of going paperless
Moving into a digital workspace will mean you’ll be doing your part for the planet. Cutting back on the amount of paper will save space as well as reducing your carbon footprint.
One handy feature of Dext’s receipt scanning is that all your financial documents will be collected and stored in a secure way.
The app can also connect with PayPal, Amazon and over 1,400 other suppliers and will analyse your information and publish it to your accounting software.
Integrating all of your data will save you time having to transfer the numbers between data storage spaces and will cut out the chance of any costly errors.
It isn’t just receipts Dext can extract data from, but invoices too. This will be a huge time-saver when it comes to keeping on top of your business expenses.
By having this useful feature, you’ll actually be saving money usually spent on accounting for your receipts – you’ll be able to upload everything with just a click of a button.
Making Tax Digital
As mentioned above, the importance of digitising your accounts will increase over the next few years.
As MTD rolls out, all your accounting tasks will be carried out online.
MTD is already in place for VAT, and will extend to self-assessment income tax (MTD for ITSA) by 2024, so getting ahead and collecting your financial data in a secure, cloud-based platform will only benefit you when the time comes.
You can already opt into the MTD for ITSA pilot scheme, so discuss with your accountant whether you should start the process now.
Talk to us
Taking advantage of today’s technological advances is a step worth considering. Our experts at Almar BSL have a firm understanding of tax and accounting and the changes they face. We can answer any questions you may have on your tax and accounts.
