Online tax software, also known as cloud software, is increasingly important for tax compliance as well as strategic business planning. But once you have selected your online tax software, the work doesn?t end there. Once you?re in "the cloud" you can maximise the benefits, so you get the most from your software. 

Find out more about online tax packages and how you can use them to your advantage. 

1. Set Up Bank Feeds

Make sure everything is connected. This is key to a successful and efficient online tax management system. And the great thing about cloud software is that it?s so easy to synchronise your various bank accounts, credit cards, and other payment feeds. Make sure that automated feeds are set up for all accounts so that you get the most up to date information in your tax software. 

2. Set up Banking Rules

Make your systems even more efficient by setting up rules that govern repeat transactions, such as bank charges. This cuts down on the amount of admin you have to take care of, and it ensures that payments are not missed and further charges are not levied against your account. 

3. Use the App

Most accountancy software packages also have an app you can download for use on your phone or mobile device. An app makes it easier to access your information and tasks when you are away from the office. This is an advantage for anyone who often works from home or on the road. 

4. Scan Your Documents

Streamline processes and make accounting easier by scanning invoices and expenses. You will no longer need to input this data manually, which saves a considerable amount of time. It also cuts down on potential errors, meaning you are less likely to be hit with unexpected surprises further down the line. 

5. Make the Most of Repetition

Use the software to automate tasks that take place every month, such as the invoices you send to the same customers every time. Online tax software is invaluable for helping cut down on admin time and time wasted repeating tasks every month. You can also set up reminders for tasks that need to be completed regularly in order to prevent problems complying with tax regulations. 

6. Prepare Accounts Direct From The Software

Cut down on unnecessary time spent on tax returns by using your software to submit returns directly from the cloud. You will automatically keep compliant, and you will also cut the risk of duplicating work.

When searching for accountants, Gloucester businesses increasingly choose an accountant that can offer digital expertise and cloud accounting packages. This helps streamline your business finances and makes it easy to stay on top of your tax situation. Gloucester accountants can also help you make the most of your tax software, and ensure that you are using it correctly in order to get the best benefits for your business.