You will be hearing a lot more about Making Tax Digital (MTD) over the next few months as HMRC transforms the ways both businesses and individuals interact with them. The methodologies and fine details are still to be announced, but it will mean a fundamental change for many businesses in the way accounting records are maintained. HMRC will expect most businesses to submit quarterly reports digitally.
Online accounting is our recommended method of ensuring you are ready to comply with MTD. If you are already using online software (accounting in the cloud), you are well placed to meet the requirements in due course. If not, now is the time to see how this could benefit both you and your business, and have a head start before MTD becomes “real”.
Cloud accounting has added benefits in that there are many add-ons that can link in to make the processing more efficient and help you run your business better and free up your time.
Imagine being able to run your business from your mobile phone (or tablet)? You could for instance collect payment from customers or do your bank reconciliation or send invoices any time.
Imagine having all your purchase invoices brought into your accounting records simply by taking a photograph of them?
Imagine marking your invoices as paid in your accounting system and the payments being made automatically?
Imagine being able to chase your customers’ unpaid bills-automatically and regularly? Imagine being able to send an invoice out and collect the funds – all automatically?
For your type of business activity, we have identified just a few that may be of use. We would welcome the opportunity to meet with you to discuss in more detail and show you how these work.
You may already be using some of these, however there are others which could help substantially.
Some more very brief details are available by clicking on the highlighted links below.
Invoice scanning (or photograph) and email for processing – or simply forward invoices received as attachments to emails
Benefit: No need to manually input purchase invoices into the records
Mobile credit card devices – take credit card payment anywhere using the device with your phone or tablet.
Benefit: Ability to collect payment immediately the supply has been made or service performed
Pay now Buttons on invoices emailed out linked to a payment service
Benefit: The payment service allows the recipient to pay immediately using their credit card
Direct debit for customer payments – set up in minutes
Benefit:Take control over when you get paid, not when someone chooses to pay you
Automated debt chasing and/or statement issue.
Benefit: Takes away the manual task of chasing in money
Mileage recording tool where you pay mileage allowances to employees
Benefit: Ensures data is captured and VAT reclaimed where applicable on the fuel.
Expenses processing – scan or photograph receipts
Benefit: Automates expenses entry into accounting software – no more spreadsheets
Point of sale software -
Benefit: Monitor real time stock levels and values, best sellers, etc.
Reporting tools – graphical live updates
Benefit: Identify trends, highlight anomalies, “pictures paint a thousand words”
Staff time clocking in and out and shift scheduling
Benefit: Work time calculated automatically for the pay period and links to payroll, staff schedules with automatic notifications
Paying all supplier invoices with one click in the accounting software
Benefit: No more cheque payments, reduced stationery and postage costs, no manual entry of payments into online banking
There are others that may be of benefit too…..let us help!
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