Making Tax Digital is on its way. But here’s where you’ll get a split in opinion: some businesses will see it as an opportunity, some will see it as a threat. The same goes for accountancy firms.
At Whyfield, we are firmly in the opportunities camp. That is why all of our clients are either fully compliant or well on their way to it. Why wouldn’t our clients want instant access to their performance? Plus digital accounting is far less time consuming than manual accounting and it costs less than a £1 a day for the software.
Here’s the thing, change is happening. Making Tax Digital has been delayed. If HMRC listen to the British Chambers of Commerce (BCC) it’ll be delayed even further.
BCC’s April 2018 survey shows that 24% of UK businesses have made no preparations for Making Tax Digital which comes into effect in April 2019 for VAT and only 10% of firms know ‘a lot of details’ about the switch to the digitised tax system.
Whether it happens next year, the year after or the year after that, it will happen. Like any forward-thinking business, we believe that the sooner you get your head around it, the better you’ll adapt. We are absolutely convinced that digital accounting will improve your business and the benefits far outweigh the costs.
Economic analysis by Sage and Plum Research has been applied to digital accounting, estimating it could save Small & Medium Businesses £17,000 per year, equivalent to getting 27.6 days a year back to focus on revenue-generating activities.
Got a cloud software package and want help in getting more out of it? We can give you support over the phone or you are very welcome to talk to us about training at your place or ours.
We’re partners with all the Making Tax Digital approved cloud software providers, which means we can provide you with tailored support the needs of you and your business.
Need to switch to digital software? Don’t worry, we’re happy to help you select the right system to fit your needs and can get you set up easily.
What is digital accounting and how can it benefit my business?
Digital accounting is exactly what it says on the tin. Using digital technology, you can manage your business’s accounting and financial processes with a few clicks. It can improve accuracy, efficiency, and visibility into your financial data. It also makes sending information to us so much more convenient and less time-consuming for you. A win win!
What digital accounting software do you recommend?
We’re able to work with a whole host of digital accounting software platforms here at Whyfield, but you’ll mostly see us working with Xero and Quickbook, Sage and FreeAgent. We must admit, we’re big fans of Xero and Quickbooks and hold certified advisor status for both. Feel free to chat to us when choosing the right software for your business based on your needs and budget.
Can you help me migrate my accounting data to a digital system?
Absolutely! We’ll help you to migrate your paper-documents or outdated systems, not to mention those thick ledger books, to a fresh, clean new digital accounting system. We can also provide training and support to help you get the most out of your new software, ensuring you get off to a flying start!
What other digital accounting services do you offer?
As well as offering help with selecting digital accounting software for your business and aiding in migration and how to use your new system, we also provide a myriad of digital accounting services. Come to us for bookkeeping, payroll processing, VAT returns, management accounts, financial reporting, and more. We can tailor the services we offer to meet your specific business needs. Feel free to give us a call, or pop us an email, to chat about it.
How can digital accounting help me prepare for Making Tax Digital (MTD)?
Digital accounting is now the norm, but for those new to VAT, the transition is simple, and we’ll help guide you through it. You don’t have to register for MTD, you just need to make sure to sign up to and start using software or apps that will integrate with HMRC’s digital system.
Not sure on this? We are partners will all MTD approved cloud software providers, and can help with onboarding, with guidance and support to help you meet your MTD obligations. Simply chat to us to get started. We will ensure you are ready as further MTD initiatives go live in the coming years.