ACCOUNTANCY SERVICES
FEATURE
based platform to use. There are plenty of options available which suit different businesses and ways of working. Think about whether you’ll be filing your new MTD-friendly tax reports yourself or outsourcing it. Going digital now will allow you time to choose the right system and become comfortable with its use before going live. Cloud-based accounting systems have a host of
advantages over traditional PC-based software, which can streamline your accounting and save keying in information and having stacks of bills and receipts to decipher. Cloud software also enables you to access your data anywhere at any time and share these with your accountant, which can make a big difference. Now is also the time to look at any non-financial systems
that will need to feed into or from your financial software to ensure these will continue to work.
4. DIGITAL IS THE WAY FORWARD This is a digital age and the advantages of this technology are numerous, so it’s worth making these changes regardless of MTD. Once up and running, digital bookkeeping is more efficient, easier to manage and works intuitively with most of the popular stock management, point of sale and client relationship systems that your business may already be using. Many MTD-compatible platforms can be accessed by
anyone you authorise and they are easy to use, even for remote and rural businesses that may not have the best broadband connectivity.
5. IT’S AN OPPORTUNITY Business owners have many pressing tasks, however transferring their business to a new accounting system in preparation for MTD is a chance to save time, streamline accounting systems and get instant access to the information needed to make good decisions going forward. Time and budget are of the essence to small businesses, and MTD is an opportunity to manage both more effectively.
business network February 2019
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