All businesses in the UK are becoming more digital. The UK government have included a focus recently on getting “tax digital” to help businesses have better visibility on their taxes. As businesses become more digital, we have to question how can all UK industries benefit from technologies and services based in the cloud?
What is the cloud?
The cloud in technology terms does not mean the grey dark fluffy clouds which release water droplets from time to time. The cloud is a system that stores Information and data on physical or virtual servers, which are maintained and controlled by a cloud computing providers. Such providers of these services include, Google Drives services, Amazon and their AWS product and UKFast and there cloud system.
The idea of the cloud is for a user to be able to access this information from multiple locations across the global easily as long as they have access to a computer device such as a laptop, desktop pc, tablet or mobile phone and internet connection.
What Is Cloud Storage?
Cloud storage is a service where an individual user can storage any kind of document and share these across the internet. Services such as Google Drive allow you to directly create cloud based documents directly on their platform and then share these across the internet. For businesses this can help streamline processes. For example, you could create a document directly in the cloud and share with your manufacturer within seconds, who is is based in China. The manufacturer in china could add notes or information to the document and send this back just as quick.
By utilizing the cloud this allows businesses to get snap quick decisions. This has allowed businesses to grow far more quickly as a result.
How can the cloud affect finance and tax?
With the UK government as of 2019 focusing on getting all tax digital by April 2019, businesses are now having to think smarter. Cloud base services such as Quickbooks is an ideal solution allowing businesses to store allow of their financial information securely in the cloud. As well as storing the information in the cloud this allows your accountant to have quick and easy access to all of your records making the whole tax return process far quicker and smoother.
The cloud is a beautiful creation that will allow businesses to streamline business processes, build quicker and smarter tax returns and overall allow businesses to grow at a much quicker rate.