Making Tax Digital is not far now...

There’s now less than a year to go until businesses above the VAT threshold will need to start keeping their accounting records digitally and submitting their VAT returns using MTD-compatible software.

With the help of advancing technology, accountancy firms and other modern businesses can afford to focus some of their attention on streamlining their operations, with the aim of providing a more efficient service to increasingly expectant clients.

As a modern accounting firm it’s likely you’re under pressure to regularly alter your practices in order to keep up with your competition. If you’re still relying on traditional manual methods of managing your clients’ accounts this could be a time consuming and potentially expensive undertaking. However, if you embrace web based accounting software it’s possible you could ensure you keep up with your rivals while simultaneously future proofing your business.

The accounting industry is evolving all time, but while this means greater value for clients it can mean an increase in problems and hurdles for small and medium sized accounting firms hoping to keep up with their competitors or meet the growing number of compliance standards required by external bodies.

The accounting industry is quickly being transformed by the creation of new accounts software and specially designed bookkeeping tools. However, many of these innovations are aimed at making accounts easier for small businesses and self-employed workers who need an easy solution for a single tax return rather than for accounting firms.

The announcement that HMRC plans to implement a new electronic accounting system by 2020 will have huge implications for accountants, many of whom will need to change the way they work to meet the government’s new standards. However, the mass updating of systems likely to precede the launch of the Making Tax Digital plan could actually be a blessing in disguise.

As technology becomes an increasingly important part of business it’s vital for accountants to keep their software and accounting systems up to date. We’ve put together a guide on iXBRL, one of the most significant additions to the modern accounting process, to help you ensure you provide your clients with the most comprehensive and advanced service possible.

We at Capium are always looking to create a smoother user experience, so we have released new features to our software as well as fixing other aspects of our software. Here is a quick rundown of the changes.

A number of top financial chiefs have revealed they are gradually eliminating Excel and similar spreadsheet software from their operations processes after struggling to integrate the once treasured accounting solution into their modern systems.

Chancellor Philip Hammond has delivered his first Budget and many voters are relieved to see their favourite financial policies have remained untouched. Those with a penchant for pensions were some of the biggest winners as pension tax relief was left intact, while first-time buyers delighted in the removal of stamp duty for houses worth less than £300,000.