Business News
Is your business ready for Making Tax Digital?
The way businesses record their financial information and submit VAT returns is changing. Stage one of the Making Tax Digital (MTD) initiative begins on 1 April 2019. VAT registered businesses, with a turnover above £85,000, must submit their VAT returns to HMRC digitally through compatible software.
The new MTD process requires businesses to send their records to HMRC digitally, so it’s recommended that all financial records are kept in a digital form. MTD still allows businesses to use spreadsheets to manage their financial information if they have access to a VAT compatible bridging software, but this method is open to errors and incorrect information. Storing your data in a MTD ready, business software solution removes the need for time-consuming manual processes. Physically collecting information and manually inputting numbers into a spreadsheet increases the chance of errors, missed information and incorrect data.
Implementing a business software solution that digitally documents your records and communicates with all areas of your business increases efficiency.
prof.ITplus, OGL’s
ERP software, allows stockists and distributors to centralise their business records, creating an easy and manageable solution for employees.
prof.ITplus removes the time-consuming, manual processes that hold your business back. The software has 18 fully integrated modules that bring together all aspects of your company including: warehouse & stock management, CRM, quotes & orders and accounts & invoicing.
To prepare for MTD, review your current processes. Research software solutions, like
prof.ITplus, that can help to boost profits, complement your future goals and grow with your company.
OGL Computer is the author of
prof.ITplus, an ERP software solution for stockists and distributors. We provide businesses across the UK with software that helps to drive businesses forward.
For more information, please visit:
www.ogl.co.uk/making-tax-digital February 2019 CHAMBERLINK 35
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