Still using spreadsheets to maintain your business’s VAT records? Let us explain what Xero can do for your business that bridging software can’t.
If you’re still relying on spreadsheets for VAT records we think you might be missing out on the benefits of cloud software. Following the transition into Making Tax Digital (MTD) for VAT, there are still a pool of businesses that use spreadsheets to hold their accounting data and bridging software to transfer that data through to HMRC for their VAT submissions. While bridging software is undeniably a cost-effective way of ensuring compliance for VAT return submission, it does not offer anything further as a business tool and can result in more overall work for you.
As a cloud accounting platform, Xero not only enables VAT return submissions but also provides a range of time-saving features. Say goodbye to manual tasks and streamline your core accounting functions like quoting, invoicing, bank reconciliation, and expense tracking. Xero’s automatic generation of VAT returns from bookkeeping simplifies the process further.
Collaboration is effortless with Xero. Multiple users can access and work on the same data simultaneously, allowing real-time collaboration within your business or with professional advisors. Plus, with cloud access, you can securely manage your financial data anytime, anywhere, eliminating the need for manual backups and updates.
Xero goes beyond accounting by integrating seamlessly with other applications. Enjoy smooth data flow between systems such as inventory management, CRM, payroll and payment gateways for efficient cash collection.
If your business still relies on spreadsheets and bridging software, contact us to explore the specific advantages of transitioning to Xero. Our team will assess your needs and provide personalised recommendations. Additionally, we offer training to ensure a smooth transition, although Xero’s user-friendly interface makes it intuitive to use.
To learn more about Xero and how Cottons may be able to help you, please contact Emma Reid: