Online Accounting

From April 2019 the business world faced a major change in the form of Making Tax Digital (MTD).

Initially aimed at VAT-registered businesses there became a new way to file VAT Returns, including the relevant underlying transactions.

Under MTD it is mandatory to keep digital business records. This means the days of the carrier bag full of records, the Simplex D or other manual record-keeping books will be gone. In addition, business owners and property landlords will have to file quarterly returns of income and expenditure to HMRC within 30 days of the quarter end. So for example a trader with a quarter end of 31 March will have to MTD file by 30 April. This is due to commence in April 2026.

We have invested heavily in our IT capability and team literacy over recent years to improve our efficiency and help our clients to set up their online accounting systems to be efficient and effective. Whilst we are conversant with a number of accounting software solutions, we recommend Quickbooks Online, for which we are proudly Platinum ProAdvisors, with all our online accounting team being Advanced ProAdvisor status, a status that is required to be renewed annually, thereby ensuring we remain fully conversant with the software at all times.

By using Quickbooks Online, supported by specialist optical recognition software from Dext, it allows us to take your basic accounting paperwork and input it effectively into the software, providing you with the security of knowing your records are legally compliant.

A number of our clients have chosen to completely outsource this function to us. By them using our knowledge and technology it allows them to save hours each week completing administrative functions they are not trained for. Instead, they can use the time to sell their products or services and can make more in that time than the additional investment in our services.

An Online Accounting story

We took over a client from another firm of accountants when the relationship broke down. It was clear upon taking over that a large amount of catch-up work was required. By working with the director we agreed a plan of action and although initially it was agreed most of the online accounting would be completed in house, it was clear this was not achievable and so we now undertake a complete outsourced service. This allows the senior management to concentrate on other areas of the business.

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