Property Cloud Accountants – Landlords
Property cloud accountants Finance Equation Ltd are ProAdvisors with Xero and QuickBooks. Both of which are leaders in their field. We serve clients all over London, Essex, East London and beyond.
Cloud accounting is the future. Over the coming years you are likely to see HMRC wanting more business to go on the cloud. Particularly as the chancellor has stated that the Self-assessment tax return will be abolished by the end of this parliament, 2020, and replaced by digital tax accounts. This is likely to be catered for by Cloud accounting software. Given the incoming tax changes it’s likely that HMRC will target landlords in investigations. It is essential then that landlords keep good records.
So what is cloud accounting? Cloud accounting works in the same way as having software on your computer or laptop. What’s different with the cloud is the software and your data are kept on Xero or QuicBooks computer systems. You get login details to access your information and the accounting software.
So why is it a good idea for landlords to use property cloud accountants? Below are some of the benefits.
- You no longer need to keep paper records of your sales/purchase invoice. Just scan or take a picture and upload it onto your Cloud accounting software. This is HMRC compliant.
- This means that you can upload you tenant AST’s
- You can keep your EPC/Gas Safety Cert on the cloud
- You can schedule your Gas Safety Cert renewal with reminders
- You can attached all property purchase documents to each property. This is very useful in a sale situation.
- You can attach all property improvement work to specific properties. Again useful when selling your property and helps to work out you capital gains tax
- You can keep your S21 notices on the cloud and attach them to specific tenants.
- Essentially the cloud allows you to go paperless.
- Your accountant can access the cloud from anywhere to help you keep your records.
- A Cloud accounting system means you can add your bank account to the system which makes reconciling your bank account easy.
- Monthly management information for each property can be accessed on the go.
- You can access your financial information anywhere in the world provided you have internet connection.
- Your Cloud accounting software is automatically upgraded to the latest versions.
- You don’t have to worry about data storage or data backups, it’s all taken care of for you.
- All virus and firewall issues are taken care of for you by your provider.
- Your Cloud accounting system intelligently matches income with sales invoices and payments with purchase invoices.
- VAT returns are made simpler and easier to submit to HMRC if you operate serviced apartments.
- Self-assessment submission to HMRC are much simpler. The accounting package will have prepared a profit & Loss account for you.
- There are numerous paid add-on that you can use to streamline your processes.
Working with property cloud accountants will make your life easier and save you a lot of time. QuickBooks & Xero will cost up to £25+VAT per month. You can read an article from Xero about the Cloud here.
Finance Equation Ltd have a number of cloud accountant plans to suit your business click here to find out. A 10% discount on first year fees is offered to Essex Property Network, Baker Street Property Network and Regents Park Property Network Gold & VIP member.