Are you on the cloud?
Making Tax Digital (MTD) comes into force on the 1st April 2019 (no – it’s not an April Fools!) If you are VAT registered and, your turnover exceeds £85000 you will need to follow the rules for MTD as laid out by HMRC. Essentially MTD means that you will need to keep and file your VAT records and returns electronically; you can no longer just use spreadsheets and manually upload the information. In practice this means you will have to be using some form of cloud accounting.
Regardless of whether you want to or not, you will have to do this – as dutiful citizens we have to follow the laws as laid down for us, even if we don’t want to! So, having been forced by the Government into moving over to cloud accounting, you may as well make the best of it.
Cloud accounting gives you at your fingertips the latest financial information about your business. Different packages vary, but the essentials are the same. If you would like advice about the best cloud accounting package please drop us an email. Cloud accounting allows you to access reports about the state of your company. Whatever you want to know. Whether you want to know how many green widgets you have sold to companies in Hampshire in the past month. Or whether the advertisement that you put in Widgets Monthly last month has translated into more sales, and how many more, and was the quantity of extra sales worth the cost of the advert… In short anything you want to know you can find out.
A management accountant will help you to sort out and utilise this information. Sometimes the sheer quantity of data available to us can be overwhelming and having someone to help us work out which figures to track and which to ignore, can be vital. But not using the capabilities of your cloud accounting software is foolish. If you have the information and you ignore it, you are paying money for something which you are not using.
You may not have wanted to move to cloud accounting, but now that you have little option to in order to comply with MTD, why not embrace it? If you would like a management accountant to help you to get the most out of your cloud accounting software why not call TLA Business Services today on 01905 21411 to arrange your meeting?