Gearing Up For Making Tax Digital With Cloud-based Solutions

As the digital era continues to thrive, we will be offering cloud-based accountancy software to our clients, this allows you to have better control of your finances and improve the way you do book keeping. With Making Tax Digital (MTD) being a hot topic, we have ensure that we are prepared to support you going forward by being able to offer multiple cloud-based software solutions from our partners which means we can tailor solutions to our client needs.

What are cloud-based solutions?

Cloud-based software is used every day for social media, document storage and online banking to name a few. The software is held on secure servers which are managed by the software providers meaning any updates or improvements are automatically completed.

What are the benefits of using a cloud-based solution?

• Instant access to up to date information in real time including customer payments, invoices, tax and transaction activity
• Minimise errors with less manual entry which will improve efficiency and accuracy
• Multi user access allowing your staff to use anytime and anywhere. Controllable user access levels
• Data backups usually completed by the cloud-based provider reducing loss of data and improving security
• Software updates are usually automatic meaning less client input compared to conventional software
• Mobile access for reporting invoice capture and operating expenses

What does this mean for clients?

• Automated credit control applications to assist with collections and notify customers of soon overdue invoices
• KPI reporting and KPI dashboards tools
• Cashflow forecasting combining artificial, financial and human intelligence to predict and protect business finance
• Document capture apps for invoice capture without typing

Why is this important?

This initiative is set to modernise the tax system in the UK with the aim of being one of the most digitally advanced tax administrators in the world. Each cloud-based solution provider is working closely with HMRC to ensure they comply with MTD requirements. This is to make it easier for individuals and businesses to get their tax right first time and avoid tax losses through errors.

As of April 2019, any business above the VAT threshold will be required to keep their records digitally and provide quarterly VAT updates. Any businesses below the threshold can voluntarily choose to use a cloud-based solution.

We will be holding free seminars on Making Tax Digital, click here to find out more.