New technological advances are expanding within the business world. By keeping up to date and utilizing the changes within technology, will allow your business to gain tangible and intangible benefits that will lead to success.
Below you will find some current trends that have fundamentally changed businesses through technology.
Mobile connectivity advancements have allowed connections in a working environment to be seamless. The faster connections allow internal and external communications between employees and customers to be quick and easy.
Mobile solutions such as smart devices and tablets now enable your business to be remote in various locations with the seamless connection. The use of websites, social networking sites, chat apps, emails, texts and video conferencing all keep businesses mobile.
The new efficient technology platforms and applications all can help build a stronger public image for your businesses.
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Cloud computing is a storage service that allows businesses to use third-party servers via internet connectivity. The remote servers hosted on the internet can store, manage and process data. The cloud can be a beneficial service for you as it has easy access and files cannot be lost or damaged.
Additionally, the cloud provides a secure way to store data from any potential threats. Many organisations may have concerns when it comes to adopting this service. However, cloud providers have superior security measures which allows data to be more secure than on premises data storage.
Cloud accounting is the practice of using an accounting system accessed through the internet servers. All functions are performed off – site, not on the user’s desktops. Using this software frees businesses from having to install and maintain software.
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Making Tax Digital
Making tax digital (MTD) implemented on 1st April 2019, is a new government service to make paying tax quicker, easier and more efficient for businesses.Using technology, the government are getting businesses whom are VAT registered to return VAT electronically.
If your business has a greater turnover than £85,000 you are required to submit VAT returns digitally on a quarterly basis rather than annually. As a business you will need to submit your business figure’s using software.
This means businesses will be affected by technology as you will have to utilize new accounting software. If you do not comply to MTD you may incur a fine.
To find out more information on our Making Tax Digital solution click here.