From April 2019 businesses with turnover above the VAT threshold will be mandated to use the Making Tax Digital for Businesses (MTDfB) system.
As VAT registered businesses already prepare quarterly returns business owners could be mistaken in thinking that there will be little change required to the format of their current record keeping processes. The reality however is that the MTDfB regime requires records to be held digitally meaning business owners who currently maintain manual records will need to change to using an accounting software package.
Whilst migrating accounting systems can be a testing time for many there are numerous opportunities that Cloud accounting packages offer when used to their full potential.
Cloud software gives business owners the flexibility to run a business from work, home or on the go, with multi user access making it easy to collaborate online with an office based team or professional advisors.
Automation is key. Cloud accounting packages offer numerous opportunities to automate time consuming processes with the software, creating a smart accounting system meaning you’ll have far less work to do. Useful features include bank feeds, where transactions from the bank accounts automatically feed into the software, auto-matching transactions and customised online invoicing to name but a few.
Many cloud packages also sync with third party Apps to create a fully functioning accounting package. There are hundreds of Apps available covering inventory control, time tracking, CRM, Point of Sale, Bills and Expenses, Debtor tracking plus many more.
If you would like to discuss any Cloud Accounting requirements, please contact Jill Morris (firstname.lastname@example.org) or Delyth Oxford (email@example.com)