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FRIDAY Five: 5 Reasons Why Xero is Good for your Practice

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This does not constitute advice and advice should be sought in all instances before acting on it. The Financial Conduct Authority does not regulate tax advice. 

The Making Tax Digital (MTD) initiative is designed to provide businesses with a modern digital service that helps companies get their taxes completed correctly and on time. Having the right accountancy software will support your move to MTD.

Making tax digital is actually part of a broader goal for HMRC to perfect digital tax administration. The government is making changes to the fundamental elements of the system to make taxes ‘easy, efficient, and effective’.

As a practice owner, one of your priorities should be bookkeeping, but it might be the last thing on your list as a medical or dental professional. But the deadline for MTD is fast approaching, so you’ll need to ensure your business is equipped to handle it come April 2019. To help you prepare, our partners recommend Xero, a cloud-based bookkeeping software that helps small businesses get ready for when tax goes digital.

Here’s five reasons why Xero is good for your practice:

1. Ease of use

Xero is designed to be easy to use. The user interface is intuitive, so anyone can understand it, no matter their amount of experience with accounting and bookkeeping. It’s simple and straightforward so it’s great for novices or even an old pro.

2. Speedy system

Xero was also designed to help make bookkeeping tasks more efficient, enabling you to input your data in a format that’s easy to understand, which helps you complete your accounts faster,  freeing up more of your time to dedicate to more important matters.

3. Achieve accuracy

Because the system is simple and easy to use, mistakes should be few and far between, so you’ll be able to keep more accurate records. Plus, if you start inputting your data digitally now, you’ll have more records to access, making accounting even easier.

4. Staying compliant

Xero will help you comply with the new processes that Making Tax Digital will introduce, so you can carry on with business as usual. No need to worry about any adverse effects on the operations of your practice.

5. Data at your fingertips

With Xerox, you’ll be able to obtain the most up to date financial information in real time. It’s cloud-based so you can access it anywhere you have internet, which means you have all the information you need to make educated business decisions whenever, and wherever you may be.

Get the support you need to move to the new MTD processes

Don’t delay in getting your business in line to flourish under the new Making Tax Digital processes. Be sure to meet with your financial advisor if you have any questions about your practice or if you’re interested in incorporating Xerox into your business plan. We’re happy to help with any guidance you may need – contact us today.

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