Having the right software in place at the right time is key to Making Tax Digital (MTD) success – for both accountants and clients. After all, more frequent return submission means more information to process and a more significant workload, and the right technology helps keep processes efficient, profitable and secure.
Making Tax Digital (MTD) requires a dramatic shift in how accountants and their clients process financial information – both mindset and operations need to change to make MTD work in an efficient, profitable way. It’s time to shake off the shackles of being chained to legacy systems in a time where digital taxation is innovating to keep pace with other industries revolutionised by tech.
Welcome to the first article in our new series – answers to questions accountants often ask us about Making Tax Digital (MTD). This first FAQ is one of the most common, especially given that VAT is going digital starting in April 2019.
From all the industry discussion and HMRC guidance, we know that MTD needs to be a collaboration between accountants and companies. After all, accountants are reliant on regular data from clients, and there needs to be ongoing communication to comply with more frequent submission requirements.
Choosing the right tax software for your business is a daunting task. There are so many things to look for that finding the right one without an expert by your side becomes difficult. If you are also in the search of a good tax software for your business, big or small, you need to take special care when looking for some specific features. Without these features, your investment in the tax software will not be as fruitful as you had expected.
Tax software are easy to use, convenient and time-effective option for handling all tax related matters of a business. However, when it comes to choosing the right software, it in itself is a taxing task. There are so many tax software available in the market these days that it becomes difficult to find the one that is best suited for your business.
Businesses and industries are moving their accounting to the cloud, and the shift is happening sooner than it was expected. Why? It is because of the premium benefits offered by cloud accounting to the business and their clients. Experts say cloud accounting is the future, and we are already moving towards it. Here is why cloud is the future of accounting.