FINANCE
‘In short, MTD may seem like a pain, but there has never been a better time to digitise your business’
although they are now finally making some efforts to address this. The other big change has been
the move away from paying for the software up front - moving to a software as a service model (SAAS) where you pay for the software monthly. Even full ERP systems like Exact can now give high level functionality, like serial and batch tracing and multi-level bills of materials, at a fraction of the price of the more traditional server/desktop-based systems. Finally, we have seen the advent
of the Apple model of third party add-ons for your accounting systems. Third party developers have been able to build apps that link with these Cloud accounts systems, so your CRM will now talk to your accounts, you can scan purchase invoices directly into your account with no data input and your bank feeds directly into your accounts. The Xero market space has over 700 such add-ons so there is something that is useful for every business. Again, these are usually charged at a low monthly fee. This is great news for your
business as you now have a much wider choice, you don’t need to
invest in new IT infrastructure and you don’t need a large outlay on buying the software. Plus, using new apps and innovations, you can make your business systems more connected, to give better information more easily and quickly to help you run your business more effectively. Best of all you always have the
latest version, so no need to upgrade and your data is always secure and backed up. It’s also important that you use the
right partners to assist your move to new systems, you need to be able to work with them but also be confident they have both the systems and accountancy knowledge. The right partner will make your move straightforward and painless and give training and support to get you up to speed as quickly as possible with minimal disruption. In short, MTD may seem like a
pain, but there has never been a better time to digitise your business and you may find yourself this time next year paying less for your software, spending less time doing your VAT returns and with better, more powerful, information to help you run your business.
business network November 2018 69
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