How can technology drive efficiencies for my business?

There’s no doubt that things have changed at a pace in recent years. In the era of digital transformation, speed and efficiency rule. At the heart of that lies technology – it connects and improves how people, systems and organisations function together. 

Why does my business need to go digital? 

With Making Tax Digital (MTD) for income tax now underway, alongside MTD for VAT, many businesses have either already or are about to make the switch to digital bookkeeping and tax solutions. Once your business reaches the threshold to join MTD for income tax, it becomes a mandatory requirement rather than a choice.  

Some business owners are concerned that starting to use digital tools will be a big investment of both money and learning time, taking them away from their core business.  

However recent research by Starling suggested that SMBs adopting those tools for processes such as bookkeeping, invoicing and tax returns could actually save time and money to invest back into their businesses. 

TaxAssist Accountants work with major software providers such as QuickBooks and Xero and can help you find the right package and solution.  

Is cloud accounting software the foundation of business efficiency? 

Cloud accounting software’s role is to maximise efficiency. For instance, if you already work with an accountant you’ll know that much of their work hinges on receiving the correct paperwork. That requires a fair amount of admin – time and effort that can otherwise be automated.  

How do invoicing and payment tools help me to get paid faster? 

When you automate your invoice management, you save yourself plenty of time – and headaches – by removing the need to manually create and send them to your customers. Faster issuing of invoices means faster payments from your customers. Automated follow-ups help to reduce late payment days.  

Invoice tools also guarantee consistency, making you and your business look more professional. 

What about expense management systems? 

Expense management is difficult when receipts and other key paperwork go missing. The fix is automated data extraction. These tools allow you to easily scan, categorise and store receipts, invoices and bank statements from your phone. Expense management tools such as Dext can be used on your smartphone and laptop and integrate with bookkeeping solutions such as QuickBooks or Xero in-house, or you can then send this data straight to your accountant, ready to be published to your accounting software.  

It means there’s far less back and forth between either you and your employees or you and your accountant, and reduces the delays associated with lost paperwork. 

Accounting for digital commerce 

If you run an online business or use in-store point-of-sale systems (POS), it can be difficult to keep track of transactions from multiple channels. Luckily, accounting technology can meet the specific demands of digital commerce, allowing you to easily split out sales, fees and refunds – and allocate the right taxes, whatever the region. 

The main benefit of this technology is the reduction in time to get complete information to your accountant. 

Managing the costs – is the investment worth it? 

Starling’s research found that many SMBs thought that digital tax software, such as solutions for MTD for income tax, would cost around £12,000 per year. This is an overestimate by at least 15 times. MTD for income tax software is also typically payable monthly, avoiding the big upfront investment some SMBs have feared and can be as little as £10 a month for sole traders. 

How does technology help businesses work with their accountants?

The benefits of technology in accounting

1. Better decision-making: With up-to-date financial information, reports and insights, business owners can empower themselves or their accountant to make more informed decisions about their business.

2.Improved accuracy: Accounting software can provide real-time visibility into a business’s financial position, which can help to identify and correct errors more quickly.

3. Enhanced security: Software ensures better security than keeping manual paper records as data is often stored using bank-level encryption – reducing the risk of loss or theft. These also include automatic backups, which help to ensure financial records aren't lost in the event of a disaster or system failure.

4. Easy access: Instead of sifting through folders of paperwork in search of one transaction, you or your accountant can use software to search for that data instantly.

5. No-fuss co-operation: With cloud-based accounting software, you and your accountant can streamline how you work together without the need for in-person meetings or having to physically drop off your documents.

Get in touch with TaxAssist Accountants today

Cloud-based accounting technology is a brilliant way to both streamline the work between you and your accountant, as well as reducing any potential risks. Digital bookkeeping solutions are facilitators, automating routine tasks and freeing up your time, but they can never replace professional human advice. Your business is unique rather than generic and needs to be treated as such. To find out more about accounting technology, call us on 020 7401 8384 or get in touch via our contact form today for expert advice on what technology is best for you. 

Last updated: 3rd June 2026