MTD [Part 3] Reducing manual data entry
There’s quite a lot to Making Tax Digital and the message is – don’t panic! Talk to us and we’ll help guide you through it – maybe on a temporary basis at first until you have all the processes you need in place to get you truly digitised.
Did you know… 89% of businesses will have to change the way they submit their VAT return?
If you’re still running your VAT accounting manually, now is the perfect time to review and upgrade your systems. You simply don’t have a choice – all accounting will need to be digitised to be HMRC compliant so, rightly or wrongly, the decision has been taken out of your hands.
Operating an online accounting system is actually good for your business – you’ll be able to extract better information out of it and have a better handle on your finances.
This is especially true for all businesses – including those who aren’t VAT registered. HMRC will call all businesses to be MTD-ready very soon: so it won’t just be those who are VAT registered who will have to comply. Quarterly accounting will be easier all round, instead of one onerous annual catch up. And as we can’t do much about MTD, we think it’s best to embrace the changes and take the positives.
Running your accounts function digitally should equate to less data entry and can certainly eradicate all manual inputting. You can start right at the beginning of the process by using a receipt app that will photograph your receipts and incoming invoices, recognise the important data and translate it all into useful information. The right apps can feed through to accounting systems such as Xero and certainly streamline one big part of the process. It also has the advantage that you don’t have to hang on to the clutter of paper receipts: snap it, email it and it’s done.
Talk to us about how we can get your business MTD compliant and also ask for advice on the many options for taking your accounting completely online, making it HMRC transparent and more efficient.