A personal guide to the UK's accounting software landscape (Part 1)
You can be crippled by too many choices especially if you don’t know what your goals are - Chip Kidd, US graphic design legend
Despite landing in the UK only recently (four weeks ago), I’m on a mission to depict the current landscape of software available to accountants to help them improve their practices through better visibility, efficiency and/or automation.
My goal here is to break down and understand just how many pieces of software are out there to help paint a picture on what firms can do in 2019 to build their tech stack successfully in the UK.
Here's Part 1 of my personal guide:
There is a lot of software to choose from out in the UK marketplace and even with the ones listed, there’s a good chance I’ve missed some off the list. (Apologies in advance).
What I have done for you is broken down the core software into four categories used by what I’ve observed as innovative and progressive accounting firms in the UK, so that you can see where each of these tools fit in your practice.
The biggest challenge I see with accounting firms across Australia, the UK and the US is that they don’t know what they want when they start looking.
They don’t have an existing process or they have no idea of what changes they want to make to their tech stack and why.
It also leads a firm to think that they just need to digitize their existing process - which I 100% completely disagree with. Read more here to understand why.
Before I really dive in, it’s important to note the only reason you would want to change your tech stack is because you actually want to bring in automation, systemisation and scalability into your firm.
Whether that be to enhance your client experience or to gain visibility into your operations at an in-depth level.
If you have no interest in changing or achieving anything along these lines, then you really must ask yourself why are you looking or even contemplating changing from your original tech stack.
So where do you start?
Cloud Accounting Software
Start with your cloud accounting software. What are you using internally with your clients. If i had a preference, I would try and choose just one piece of software to use internally, and that would be either Xero or QuickBooks Online.
These are the two biggest platforms globally, boasting the biggest ecosystem of app partners and importantly they are more likely going to work with the workflow tools that you’ll need to use in your practice.
It also means you only need to train your team on one product, attend one set of conferences, roadshows - you catch my drift. Now this works really well for the small to midsize practices (up to 500 clients) not so well for larger firms that already have an established base of desktop clients.
Even to this point, my first goal as a larger firm (1000 clients and more) would be to get as many clients to a cloud software as soon as possible.
All the benefits are there, real-time reporting enables real-time conversations which means you can do a better job helping your clients not go bankrupt and avoid the iceberg well in advance of ever seeing it at the last minute.
All the technological investment happening in this space, is all geared towards cloud products. Very little to none is invested into desktop accounting software other then an annual update and new TAX / VAT Tables. All the innovation is headed to the cloud and having all your clients in the cloud will help meet your MTD obligations.
My recommendation: Xero or QuickBooks
Client Onboarding & Payment Collection
- Practice Ignition
- Accountancy Manager
- GoCardless
- GoProposal
Now being completely upfront and transparent, I’ve worked with the Practice Ignition team for quite a while now but I want to try and paint a transparent picture for you the reader, so that you can make up your own mind and decide what works best in your firm. After-all this piece isn’t intended to be a sales pitch, but educational content.
Client onboarding can mean a lot of things to different people, it’s the place where you price your services with your clients, create proposals, send your engagement letters, set your clients on automatic payments and depending on your workflow it has the potential to automate your receivables, eliminate your debtors, forecast your revenue and deploy jobs into your workflow.
Whilst it’s a relatively new category for the accounting industry specifically, I’d argue that you’ve got some really talented people trying to solve a common problem.
Accountancy Manager, being a workflow and lodgements platform, does tackle client onboarding, but I would say the key strengths come from it’s workflow and management of clients. Feel free to investigate and see if it can suit you.
GoProposal, a relatively new player to the market but have definitely made a splash and impact with the firms using their platform. Focusing heavily on helping you calculate your fee’s with your clients and creating a proposal and engagement right in front of them. Integrating directly for one off invoices in Xero, QuickBooks and then Karbon and Senta for workflow.
Practice Ignition allows you to price your fees with your clients, collect client direct debit information upfront in your proposal, forecast your revenue, automate your engagement letter and then integrate with tools like Xero, QuickBooks for your cloud ledger. Xero Practice Manager, Karbon and Senta (Via Zapier). Effectively rolling multiple functions into one platform. Pricing, proposals, direct debit payments, forecasting and job deployment.
GoCardless, direct debit kings and queens for the United Kingdom. GoCardless have a huge market share for recurring payments and recently raised $75 million to expand their product internationally. If you weren’t already using something like Zurich or Practice Ignition, then you may consider something like a GoCardless to set up your clients on fixed fees link to your Xero or QuickBooks software ledger.
Look out for Part 2 of my guide ... coming to a screen near you soon.
The demise of emailing payslips
Whereas there is nothing in the GDPR legislation that states it is no longer permissible to email payslips, that doesn’t mean you can email payslips without protecting the information you send.
When it comes to being GDPR-compliant in a payroll bureau, you might think that you only need to password protect all the payroll reports and payslips. However, there is a strict process that needs to be followed.
If you choose to email payslips, you need to ensure that they are all password protected and sent directly to the employee’s chosen email address. It is very important that a unique password is used for each employee, as using the same password is for all employees could be considered a breach of GDPR.
And besides providing secure encryption on all payslips, once they are sent, then the payslips need to be deleted from the server of your payroll software provider.
But sharing the information securely is not the only thing that you need to do to make sure that you are GDPR-compliant. Making sure you put all the necessary steps in place to avoid cyber attacks, keeping secure copies of the data in case of theft, fire or damage to the computers and providing employees with a way to easily update the information their employer holds about them are other important GDPR requirements.
Secure portals
Putting a system in place that takes into account all these requirements can be time consuming. Instead, secure portals can simplify the payroll process and offer the most secure environment to protect the employees’ information. Secure portals offer the maximum level of security and compliance with GDPR and make the payroll process much easier since they automate payslip distribution and eliminate the need to email payroll reports each pay period.
Besides the ability to securely send and store payslips and other sensitive payroll documents, self-service portals also have other advantages such as providing employers and employees with an easy way of remotely accessing information. Additionally, self-service portals make it easy for employees to request leave, keep track of their personal information and update it when necessary, and they also keep a secure backup of all the payroll records.
Avoiding cyber threats… and fines!
Self-service portals does not only make GDPR processes much easier, they also eliminate the risk of being fined with up to €20 million or 4% of annual turnover of the previous year, whichever is higher.
BrightPay Connect automatically backs up payroll data every 15 minutes when the payroll is open, and again when you close down the employer file and all the backups are available to be downloaded and restored if necessary.
This means that the portal always keeps a secure copy of the payroll files in the cloud, protecting the data in case of cyber attacks and making it possible to restore it should something happen to the physical equipment, such as any damage to the computers.
Accurate records
GDPR specifies that individuals have a right to have inaccurate personal data rectified, or completed if necessary. The BrightPay Connect portal makes all the personal data held by their employer visible to the employee, who can easily edit approve leave requests and update contact details for employees.
When the employee information is incomplete or inaccurate, for instance, should their phone number or postal address change, employees can easily update their details from the portal, which they can access 24/7 from any device, such as PCs, Macs, tablets or even their smartphone via the employee smartphone app.
Limited access to data
To be GDPR compliant, all the payslip information should only be available to payroll processors, only when it is strictly necessary for processing the payroll. With BrightPay Connect, users can be set up so that they only have access to the information needed to complete their assigned tasks.
Stay GDPR compliant with BrightPay Connect. Find out more HERE.
Accounting looks to a digital future
The entire business world is going digital and accountancy is no different, driven by advances in technology and constant changes in regulation.
The role of an accountant, once perceived as a number cruncher, has already evolved to encompass new skills, with even more of a focus on technology and relationship management.
To further explore the pace and impact of technological change over the next decade, in June of this year, Thomson Reuters commissioned research into the views of senior-level accountants in practice. Most of the 345 respondents work for an accountancy practice with fewer than ten staff and just over three quarters hold a senior level role within the firm.
In addition, Thomson Reuters also invited a range of experts to share their views on the findings for their Accountant of Tomorrow report. The report explores accountants’ needs, wants and visions for the future.
The findings
Over 95 per cent of accountants surveyed stated that their role was likely to change due to technology. Some 74 per cent of these understand this change to be very likely; displaying an acceptance that technology will indeed continue to play a pivotal role in the future of accountancy.
Stephen Pell, founder of Pell Artists Accountants and one of the selected experts, sees technology as a positive for the profession. He said: “Technology is going to make life much more enjoyable and rewarding for an accountant, only bringing benefits to them as an adviser, and to their clients.”
However, many are concerned about the challenges that come with the digitisation of accounting over the next 10 years. A significant 25 per cent of participants were concerned about the digitisation of the tax authority, in particular Making Tax Digital, the government’s recent digital tax system. Some 16 per cent were extremely concerned about choosing the right software, while almost half (47 per cent ) were somewhat concerned with their software choices, giving the impression that digital tax is still a grey area for accountants.
Within the report, Thomson Reuters commented that with the significant progress in the next 10 years to move clients and practices online, cloud technology would be the most significant driver of change in the role of being an accountant. The report went on to comment that, in the same way as the anticipated requirements for Making Tax Digital, one of the consequences of cloud accounting would be the use of real-time data and more in-depth analytics.
Reflecting this, when asked which three specific advancements in technology would change their role in the next ten years, 67 per cent of accountants cited cloud-based systems, while 52 per cent highlighted the use of real-time data and more in-depth analytics. Also featured on the list of advancements were greater integration between the applications we use and artificial intelligence (AI), or machine learning.
But how will this digital influx directly impact services, and will digital free up accountants’ time – or will it impede day-to-day tasks?
When asked if participants’ time spent on standard tasks would be more, less or stay the same, most agreed that compliance exercises would see a very considerable reduction in the time required per task. Bookkeeping was viewed as the task that would most benefit accountants through digital technology. Personal tax and company tax were tasks considered to be eased the most following digital changes, whereas accounts preparation and VAT review and submission, albeit slightly less, were also deemed to be those that could be ‘digitalised’ in order to free up accountants’ time.
Automation is key
Since the introduction of digital processes, many have fought with the emergence of technology – and have been arguing that ‘robots will take our jobs’. Instead of feeling threatened by automation, it should be embraced as a means to spend time on more challenging (and chargeable) work. As Freddie Faure, co-founder at CooperFaure Accountants, argues: “Machines can only do so much, but they can’t think and they can’t interpret information. You would still need an accountant to do the critical assessments and understand how you can use that information to help the business in the future.”
When asked which critical accountancy tasks are most likely to become automated by technology in the next ten years, bookkeeping came out top, with 78 per cent of those asked agreeing that it was the most likely. Other common choices for tasks most likely to become automated were data collection and tax return submission/filing. On the other hand, those tasks deemed least likely were client communication, business plan creation and auditing.
Each of these findings lead us to deduce that the introduction of digital software will not hinder an accountant’s workload, but will instead allow more time for advisory tasks, planning, business development and nurture of the client/accountant relationship.
While accountants predict that technology will indeed absorb more traditional accountancy tasks, those such as advisory services and business development will take more time – although accountants foresee advisory to be a critical knowledge area and one with the greatest potential for growth.
Integrate new skills
Participants were asked how their role would evolve over the next ten years. Almost all agreed that they would need to integrate new skills and capabilities into their role, that their firm’s business model would be different in 10 years and that they themselves would become more efficient due to technology.
Just over 25 per cent agreed that their firm would outsource more compliance work in 10 years time. Some see this as positive – tasks absorbed through technology will ease their workload, whereas others worry that fewer accountants will be needed as a result. One thing all agree on: the world of accountancy will change.
Jon Cooper, co-founder of CooperFaure Accountants, says: “We’re at the start of a pivotal 10 years, with the advances in technology and artificial intelligence only likely to accelerate. It’s a game changer that could cut down the headcount for both accountants and businesses with in-house teams.”
So how can the ‘accountant of tomorrow’ prepare for the future? They must be open to changing core elements of their firm, such as technology, processes and their business model. Keeping clients compliant will continue to be at the heart of their offering, but much of the work to complete these tasks will be automated. More accurate and timely data will provide opportunities to offer more forward-focused services, and could cause accountants to adjust their business model.
Software partnerships will also be key in the digital age. As technology facilitates the digital world, Thomson Reuters is already working on the solutions needed to take accountants through the next 10 years, with the increasing use of real-time data and ever-changing regulatory requirements.
Download the ‘Accountant of Tomorrow’ report.
AI and machine learning for accounting: is it the future?
AI, or artificial intelligence to give it its full title, is huge. It’s everywhere. No matter what sector you are in or what you do within your business, you’ll be more than aware that AI is the future. Or so we’ve been told. In fact, we’ve been told it so many times that it can be difficult to really determine whether using AI is going to be helpful or not – and if we do choose to use it, there is always a chance that we could be expecting a lot more than it can deliver.
With a financial management system like Microsoft Dynamics 365 Business Central, however, the claims are not hype. It really does do what it is meant to do, taking away from the workload that the accounts department would otherwise be bearing. As well as simplifying routine tasks including coding accounting entries, the fact that it is cloud based means that it is totally secure. But it is the AI that really counts here. This technology can replicate the human element by offering tax planning suggestions, client goals, and even operational reports.
AI and Machine Learning For Accounting: It’s Here
Our initial query was whether this kind of AI and machine learning for accounting was the future. The answer is that it’s not, but only because it’s actually already here. Although most experts within the accountancy sector have stayed away from suggesting that AI capabilities are exactly what it needs, it is slowly coming round to the fact that it really can make things easier, quicker, and much more efficient.
An essential requirement for a modern system should incorporate built-in intelligence in the form of AI. This design will save the user time and energy by providing insights, for example cash flow forecasts and automating data entry. A modern system should also notify you about tasks, you might be interested in connecting to other tasks you are about to complete. If you create a purchase order to reorder a product from a supplier, a modern system should notify you of other items from the same supplier that are about to be sold out, so you can add them to the purchase order to ensure stock never falls below your designated thresholds.
AI also allows you to streamline your business processes and reduce time consuming manual data entry tasks. For example, when uploading a product image during product setup, a modern system will read the image and recognise the associated product and automate parts of the setup, complete fields and offers suggestions for improvements. Additionally, when receiving an order from a customer, your system should read the order details and autofill these into the system on your behalf.
Functionality
One of the major benefits of a modern system is its adaptability: it should be easily moulded to a company’s requirements and capable of being amended at any given point to meet the needs of the business. Your organisation will change as it grows, and having this adaptable software at a business owner’s fingertips is a huge bonus.
A modern system should also work directly with Outlook straight out of the box, with no integration required. Users should be able to access system data from within Office, Power BI and Outlook. From within your Outlook inbox, imagine being able to perform tasks such as raise and email invoices and quotes, view customer balances and send statements. The ability to create workflows to ensure you comply with necessary controls and business processes are a must and, as part of a modern package, audit trails are there as standard too.
AI and Machine Learning for Accounting Is Good For You
AI and machine learning for accounting won’t mean that you don’t have a job to do anymore. However, what it will do is to make you better at the job you are doing now – you will be more efficient, more engaged, and much more able to get the answers that you need and other people want. Using technology in the right way will increase and strengthen your role. And by embracing machine learning in your processes, predictive insights will deliver more value to your role too.
Times They Are A-Changing
Disruption seems to be everywhere at the moment, in both the good and the bad sense. When it comes to AI and machine learning for accounting, that disruption is definitely good. Nothing like this sort of all-round change has been seen for decades, and what Business central is able to do – and allow those working in the sector to do – is to become much more aware and powerful when it comes to real time accounting.
Automation is not something to be afraid of; it is something that needs to be embraced if you are going to succeed and rise to the top of your field either individually, or within your company in general.
For more information on how Business Central can help you achieve your goals, and how AI and machine learning for accounting can make all the difference, speak to one of our specialists.
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Auto enrolment: employees telling tales on their employers
Auto enrolment compliance is still very much at the forefront of the pensions regulator’s (TPR) objectives. However, a small minority of employers are still not complying with their auto enrolment duties. Some employers tell their employees that they would face a pay cut if they joined a workplace pension scheme.
Others tell them that they have in fact been enrolled when a pension scheme has not even been set up. These employers are hoping that their auto enrolment duties will simply disappear or that their employees won’t even notice that they are being denied their rights.
Fortunately, employees are very aware of their rights and entitlements. TPR is relying on employees to inform them where their employer has failed to properly carry out their automatic enrolment duties.
According to TPR: "It was a whistleblower who alerted us to the situation at Birmingham-based Crest Healthcare, whose staff were told that pension contributions were being paid by the employer when, in fact, a scheme hadn’t even been set up."
Both the company and then managing director at Crest were prosecuted after pleading guilty to non-compliance.
For the most part, the role out of automatic enrolment has been hugely successful with over 1.2 million employers gone through the process. More than 9.6 million people have gained a workplace pension as a result which is some achievement. The majority of employers continue to comply with their AE duties and it’s now a regular part of their payroll process.
It’s likely that a small number of employers will continue to try to evade their duties. Whistle-blowers are a vital component to identifying these employers that have not acted on their legal employer duties. TPR receive over 80 reports every week from employees who suspect that their employers are breaking the law. These reported cases have directly led to around 600 employers being investigated for non-compliance.
Complying with auto enrolment is easy!!
It makes sense for every employer or payroll client to comply with their auto enrolment duties. It is a relatively easy process when users utilise payroll software that has automated functionality to process their employer auto enrolment duties. BrightPay is one such payroll software tool that takes the grunt work out of calculating and processing the ongoing duties required.
Cloud platforms are central to the future of payroll
Payroll servicing is evolving to encompass a move towards cloud access and flexibility for you, your clients and their employees. Be ready to offer a new level of payroll and HR related services by embracing cloud innovation.
Up to now, the process of managing your clients' annual leave requests, recording leave, sending payslips and payroll reports, updating contact details and accurately recording employee hours on behalf of clients can be time-consuming and costly. Payroll software systems can only take you so far when it comes to finalising payroll and issuing payslips, but what about those other payroll related tasks? Simple questions such as ‘How much annual leave have I left?’, ‘Can you resend my last three payslips?’ or ‘Can I request a week’s annual leave?’ can become a daily, time-consuming process.
Another time consuming part of payroll is requesting and receiving employee hours and timesheets from your payroll clients. Today, managing and tracking this information is much easier thanks to online tools and applications. Furthermore, an online payroll approval facility allows bureaus to securely send their clients a payroll summary before the payroll is finalised. Clients can review and authorise the payroll details for the pay period through an online employer dashboard. Ultimately, your client becomes accountable for ensuring the payroll information is 100% correct before the payroll is finalised.
Online payroll platforms are central to the future of Payroll
The day-to-day tasks of annual leave management, payslip distribution, uploading employee hours and backing up your payroll files can be process-driven and handled by cloud technology. The payroll and HR landscape is fast evolving as business savvy bureaus move towards new-world online technologies offering:
- Automatic cloud backup
- Client online portal
- Employee self-service & epayslips access
- Employee smartphone app
- Annual leave automation
- Employee hours / timesheet upload
- Client approval functionality
- Payroll audit trail of client communications
- Managed employee records
Your payroll and HR processes can be more integrated with the cloud and streamlined with your payroll software than ever before. Offering payroll services is all about efficiency and there are several exciting developments that are happening right now in the cloud. Download the guide below to find out how feasible it can be for payroll to be your profit centre for growth.
Accountants ... embrace the fourth industrial revolution
Technology has been affecting the finance function and the accountancy sector for a while now; take the recent introduction of cloud accountancy, for example.
Cloud accountancy has allowed the same functions (and more) to be achieved at a significantly reduced cost compared to previous infrastructure which required heavy implementation and support.
Although this technology has become widely accepted, as other technology evolves within finance, there are still concerns. These could stem from a lack of understanding or lack of information, but it is actually more likely to come from the fear that technology is going to replace finance jobs.
In some circumstances, these concerns are justified. After all, with fewer requirements for accountants to carry out manual processes, the role of the accountant and the expectations businesses have about what they need to provide, is changing.
Therefore, process-based data entry or consolidation style roles, will (not might) be reduced! But this is not to say that the human workforce is to be completely replaced by ‘machines’ it’s to say that technological advancements are not to be underestimated. Sitting back and hoping for the best, is what will cost jobs.
But there is a solution. If accountants can be responsive, flexible, and agile, then technology is there to be utilised with the accountants and not instead of. Introduced and utilised correctly, technology can be used to the accountants’ advantage and will create endless opportunities for those who can recognise the potential.
The opportunities I’m referring to are around how the role of the accountant, both in practice and in business, will evolve. There is an opportunity to move away from ‘traditional’ routine and repetitive tasks, where finance and accountants work in silos from the rest of the business, conducting slow and manual processes; as per the previous narrow scope and definition of the role.
Technology will help by giving accountants the opportunity to move into a more advisory, and analytical role, engaging with their clients and business to realise their business ambitions.
Some ways technology will enable this are by:
- Removing focus from data entry – the focus around data can now be its content, the analysis of this and therefore, the data’s true value. Prioritise on outcomes as opposed to process.
- Providing real-time information – the ability to interact with your client or business as and when things are happening is invaluable. You can be pro-active instead of reactive.
- Linking in non-financial data – the possibility of quantifying other elements within a business to relate back to business strategy gives a better, more comprehensive understanding.
- Accessing pick ‘n’ mix solutions – API’s (application programming interfaces), will allow accountants to pick and choose what solutions are most suitable, based on the exact requirements and ambitions of a business and what they would like to achieve.
Ultimately, the fourth industrial revolution needs to be embraced by those within accountancy, and the available technology needs to be accepted and utilised. Ultimately, business owners and decision makers are aware it exists, and if their accountant isn’t making suggestions about what they should use, or providing them with solutions, then they will find another who will.
Accountants must embrace the changes and use the technological tools available at their disposal. Technology is not a threat. Technology is going to revolutionise the finance function and encourage businesses to expect more; so, isn’t it time to offer more to your clients and business stakeholders?
Technology will help, and not hinder, the progression and success of the accountant in practice and in business. But accountants must be ready to step forward and not be left behind.
Five point plan for tackling MTD
The Making Tax Digital reforms spearheaded by HMRC begin to come into force next year. They’re designed to help the government lose less cash through erroneous tax return filings. For that reason they rely on software and technology in order to plug the gaps that manual filing can cause. This article will explain how you need to prepare...
Speak to your accountant
The key date to note for Making Tax Digital is April 2019. If your accountant prepares your accounts for you, you’ll need to check with them that they either (ideally) already have HMRC-compliant software in place well before then, or that they plan to shift to a compliant system right away. If you file your own, it may be worth speaking to an accountant anyway if you have any questions as that can put your mind at rest.
Find out your status
Not all firms are going to be affected by the Making Tax Digital reforms at the same time. In fact, some firms are going to be affected earlier, while others will have a longer implementation period at their disposal. However, it is still worth preparing for Making Tax Digital sooner rather than later no matter what your implementation date is: new solutions can take time to get set up, especially given that you’ll need to link them to your pre-existing systems.
Audit your software
Once you know when you’re going to be affected by Making Tax Digital, your next step needs to be to think about your current software setup and whether or not it’s compliant. The worst-case scenario here is that you currently complete your tax returns by hand: if that applies to you, you’ll have to make a substantial shift to digital pretty soon. For those who use Microsoft Excel or another spreadsheet provider, you’ll have to talk to your provider or accountant about integrating this with the HMRC API.
Train your staff
If you have staff on your finance team, they’re going to need to know about Making Tax Digital. While ultimately, responsibility for compliance will still lie with whoever signs off the tax returns within the organisation, staff members should be aware so that they can keep an eye on problems with any new software and flag them as soon as possible.
Prepare for the future
While April 2019 is the key date for those who pay VAT, other taxpayers are also going to have to think about Making Tax Digital. At an unspecified date in the future, payers of income and corporation tax will also be brought into the fold – so thinking ahead is going to be essential.
Making Tax Digital can seem on the face of it like a tough job and an unnecessary intrusion on an already overly long to-do list. However, while there is a long checklist of jobs for people in this space to think about, it’s definitely the case that savvy finance team leaders can take the initiative and prepare well in advance of the April 2019 implementation date.
Worried about Making Tax Digital? The Access MTD resource hub is a great place to find out how it might affect you and what you can do about it.
BTCSoftware launches MTD information hub
Tax software specialists BTCSoftware have launched an MTD information hub - available to all accounting practitioners and bookkeepers.
The hub will have detailed information about the following:
- BTCSoftware MTD for VAT Solutions - BTCHub
- HMRC Announcements – Keeping you updated on the latest developments on MTD for VAT
- Simple to follow guides on signing up your clients/business to the MTD for VAT public pilot
- Guidance on setting up the new Agent Services Account and completing steps involved before you start using software to file MTD VAT returns
In addition to the above, any other information you need to learn about MTD for VAT can be found on our information hub, click here to see more.
“The information hub will give people the opportunity to follow and read more about MTD which is relevant to them and help our customers and support them effectively with their plans,” says Paul Oldridge, business development director of BTCSoftware.
“This new information portal will help people looking at all aspects of Making Tax Digital; it is designed to empower the customer with more direct information about MTD”. Customer focus and innovation in products and service are indeed at the heart of our business model.
MTD public Beta goes live
The launch of the MTD information Hub follows the published announcement by HMRC on MTD private beta going live.
“We are excited as this is significant and relevant to our customers. We have been speaking to them and receiving extremely positive feedback about the way the information we provide to them. BTCSoftware will be announcing further plans in 2019 regarding the BTCHub,” Oldridge concludes.
BTCHub – MTD for VAT made easy software solutions
BTCHub is BTCSoftware’s MTD for VAT solution. For the past two years, the BTCSoftware Team has been working in close partnership with HMRC to ensure Making Tax Digital for VAT (MTD for VAT) is as smooth as possible for its customers. BTCSoftware is delighted to collaborate with HMRC to make MTD for VAT software a reality. The Award-winning software company believes in the importance of working with HMRC find practical solutions to the technical challenges MTD presents.
Following on from its work road-testing the MTD technology, BTCSoftware was delighted to be featured in HMRC’s list of approved MTD for VAT software developers back in July 2018. This recognises that it has satisfactorily;
- tested its products in HMRC’s test environment
- already demonstrated a prototype of its software to HMRC
- proved its software complied with HMRC’s rules and guidelines
For more information
To talk to one of the BTCSoftware team about its MTD for VAT solutions or to book a demo, call 0345 241 5030 or email [email protected] or visit www.btcsoftware.co.uk
BrandWatch: MTD bridging from BTCSoftware
Making Tax Digital bridging software is available – thanks to BTCSoftware. Contrary to some reports in the accountancy press, BTCSoftware can confirm bridging software to ease Making Tax Digital for VAT compliance is very much a reality and available.
In May, BTCSoftware demonstrated their MTD for VAT solution at Accountex. In fact, visitors to BTCSoftware’s stand were amazed at just how simple and quick the software was to use.
A key point of relief for many was that, with BTCSoftware’s solution, accountants can still use their beloved VAT-related spreadsheets for MTD for VAT compliance. This is because the software developer’s MTD VAT Solution:
- Enables accountants to keep their VAT data in their existing and even multiple spreadsheets – irrespective of how those are set up and what spreadsheet software they use.
- Draws the data in digitally from the spreadsheet into an MTD for VAT friendly format for submission to HMRC.
- Validates and submits the VAT data in an MTD-compliant format to HMRC at the touch of a button.
BTCSoftware’s solution doesn’t require VAT-related data in the spreadsheet to be in a contiguous block of cells.
It easily draws in data from multiple worksheets in the same workbook which are linked to a summarised table, for example if the user likes to store several VAT returns in one single workbook.
The process typically takes just over a minute and you can see a video of the tool in action HERE.
Additional time-saving features
BTCSoftware’s Solution also provides a window view of a client’s MTD VAT payments, liabilities and refund history, in addition to their history of MTD VAT submissions. Furthermore, it provides a quick online agent-client authorisation process with HMRC replacing (for MTD VAT only) the old 64-8 forms which HMRC are still developing.
HMRC approved
In July, BTCSoftware was one of the few software developers announced by HMRC as having MTD for VAT-friendly software. This showed the software developer had demonstrated a prototype of its software to HMRC and had tested its products successfully in HMRC’s test environment.
Easy and affordable
BTCSoftware’s MTD Solution is cloud-based and can be purchased as a standalone product for £250 (+VAT) for an annual licence. It also comes free with BTCSoftware’s Solution Suite for Cloud users. Taking just a matter of minutes to set up, subscribers gain unlimited free support from the company’s friendly UK-based team.
For more information contact BTCSoftware’s sales team at [email protected] or call 0345 241 5030.
- Thanks to BTCSoftware for this article