By Michelle Morris on 24/08/2021 06:00:00

Going Digital – The Benefits of Digital Accounting

We hope this article clearly communicates the MANY benefits of digital accounting, encouraging those clients who have not yet made the transition, to allow us to support them on this journey.

As we promised in our recent announcement advising you all that Ellacott Morris will only be providing digital accounting services going forward, we now want to delve a little bit deeper into why we have made this decision. We hope this article clearly communicates the MANY benefits of digital accounting, encouraging those clients who have not yet made the transition, to allow us to support them on this journey.

In a nutshell, some of the pros of digital accounting include:

  • Improved efficiency and productivity
  • Improved data security
  • A more streamlined system
  • Better management of cashflow
  • Improved budgeting and forecasting
  • Real time data at your fingertips
  • Better communication with agencies such as HMRC and Companies House
  • More reliable than manual systems
  • Improved accuracy – less time-consuming mistakes and errors
  • Excellent reporting capabilities
  • Scalable to businesses of all sizes and able to grow in line with your needs

If you cast your eye over the above list once more, you will clearly see that all those benefits equate to improved cost effectiveness too. As business owners, we know that improvements in cost effectiveness are always at the forefront of your mind.

For those companies who don’t currently use any digital accounting systems and are feeling quite daunted by this change, just cast your mind back to life before email, life before contactless payment, life before mobile phones, life before internet banking… All these digital solutions make life easier – they save time and money. Moving your company’s accounts to a digital system will do the same.

At Ellacott Morris we use an excellent accounting software system called Xero. Look at the Xero page on our website  to find out more - www.ellacottmorris.co.uk/xero-cloud-accounting/

As digital accountants we will provide all our clients with the following:

  • Access to our highly trained team of technological experts, able to support you in every aspect of your digital accounting needs (whether you’re already using Xero or will be new to the system).
  • Ad hoc telephone and email support and advice – as always, we’re here for you.
  • Excellent access, evaluation and understanding of all your vital business numbers, from cash flow to salaries, or monthly sales figures to annual profit and loss – all at the touch of a button!
  • Safety in the knowledge that Xero is a Cloud accounting system, removing any fear of loss of data or information.
  • Access to the simply excellent Dext receipt scanning software that will enable you to keep digital copies of all your receipts, purchase invoices and sales invoices. No more carrier bags of receipts or piles of invoices – think of the extra desk space you’ll have!
  • FREE initial Zoom training to fully explain the benefits of digital accounting and Xero.
  • Peace of mind when it comes to filing deadlines – no more fear of fines. We’ll be on the case with all your HMRC and Companies House deadlines where applicable.
  • NO surprise tax payments! Digital accounting ensures that all your tax liabilities will be available in advance of their due date, and we can even show you how they were calculated too.

On top of all those benefits, as an Ellacott Morris client you will also be covered by our ‘Fee Protection Service’. Following the millions of pounds in grants issued by HMRC over the past 18 months, they will no doubt be looking to recoup what they can. We anticipate this will come through the inspection of some of the companies that claimed those grants. Our fee protection service covers our fees to take care of everything for you in the event of an inspection, enabling you to remain focused on running your business.

Part of our transition to 100% digital accounting will involve moving all our clients over to monthly payments. This too will assist with your budgeting and cash flow.

Each and every one of our clients will receive a detailed personal proposal from us ahead of our changeover date. If you haven’t received your email yet, let us know. We’re here to discuss any concerns or queries and help those clients who aren’t yet benefitting from the world of digital accountancy embrace the change with minimal stress or worry!

Don’t forget – at Ellacott Morris, everybody counts!

By Michelle Morris on 24/08/2021 06:00:00