It may come as a surprise, but the automotive industry is remarkably reluctant to digitalise paperwork. Despite being no stranger to drastic changes, many of our clients still prefer to use hard copy reports wherever possible. But whether you prefer the old-fashioned pen and paper approach, or you’re welcoming of new tech, the industry is going digital – whether you like it or not. And it is a good thing!
Digitising the automotive industry
So, what does digitisation mean specifically for the automotive industry? You’ll notice the changes throughout just about every part of the industry. Though ecommerce has not yet replaced the need for physical dealerships, there is certainly more customer demand for an online presence than there was several years ago. Consumers want to research just about everything before they even test drive a vehicle. And once they do, they’ll need all relevant information from specs to costs, completed by staff members online.
Even the vehicles themselves are controlled by on-board computers, with many later models containing built-in satellite navigation screens on the dashboard. Add into this the rise of electric vehicles and related infrastructure, and even self-driving cars, it’s clear to see where the industry is heading.
So, why keep your accounts analogue? Isn’t it better to get with the times and save yourself hassle and money in the process?
Making Tax Digital
You’ve likely heard the term Making Tax Digital (MTD). It’s the Government’s latest initiative to make tax easier for you by moving records online. There are countless options for software, but what exactly does this mean for you?
Industry specialist apps like Tyresoft allow you to upload and control your accounts, sales, stock, and more to a secure, cloud-based platform. This negates the need for reams and reams of physical, potentially illegible, or damaged paperwork, keeping your data safe in the cloud. Cloud-based accounting also allows us to work on your accounts in real-time, saving precious hours on both ends during tax return season.
You’ll benefit from:
- Less paperwork
Storage and organising of physical paperwork is costly and time-consuming. Imagine how many file cabinets you could do away with simply by digitising the records! Not to mention the time taken to hunt through hundreds of documents. When everything’s online, the search function is your new best friend.
- No surprises
Being able to work on accounts in real-time enables you to keep a better track on your business finances, so no nasty surprises when it’s time to pay your tax bill!
- Save time
Upload your documents as and when you complete them, saving you from the dreaded rush at the end of your trading year. Before long, it’ll become second nature to scan and upload, rather than simply file away in a messy drawer.
- More efficient = more profitable
This will come as no surprise – a more efficient business is a more profitable business. Manually updating your current system, frantically finding that single expense receipt from 6 months ago that’s fallen down the back of a drawer, uploading hundreds of documents at once. It all takes time. Now imagine you’ve done it as you’ve gone along. Reducing that workload leaves you with more time to improve your income streams.
Let’s get digital
Now’s the time to take action and embrace the latest software. After all, this industry’s no stranger to big changes, why should this be any different? These are exciting times, and the future is bright.
Contact us today with any questions on how to make the transition to digital. Our friendly team members are here for you to make the switch as smooth as possible.