Gearing up for Making Tax Digital with Cloud-based Solutions
As the digital era continues to thrive, Baldwins will be offering cloud-based accountancy software to our clients, allowing you to have better control of your finances and improve the way you do book keeping. With Making Tax Digital (MTD) being a hot topic we are prepared to support you going forward. We offer multiple cloud-based software solutions from our partners which means we can tailor solutions to our client needs.
How do cloud-based solutions work?
Cloud-based software is nothing new, it’s used every day for social media, document storage and online banking to name a few. The software is held on secure servers that are managed by the software providers meaning any updates or improvements are automatically completed.
What are the typical benefits of using a cloud-based solution?
- Instant access to up to date information in real time including customer payments, invoices, tax and transaction activity
- Reduced errors with less manual entry improving efficiency and accuracy
- Multi user access allowing your staff to use anytime and anywhere. Controllable user access levels
- Data backups usually completed by the cloud-based provider reducing loss of data and improving security
- Software updates are usually automatic meaning less client input compared to conventional software
- Mobile access for reporting invoice capture and operating expenses
What does Baldwins add for our clients?
- Automated credit control applications to assist with collections and notify customers of soon overdue invoices
- KPI reporting and KPI dashboards tools
- Cashflow forecasting combining artificial, financial and human intelligence to predict and protect business finance
- Document capture apps for invoice capture without typing
Why is this important?
The government initiative, Making Tax Digital (MTD) is set to modernise the tax system in the UK with the aim of being one of the most digitally advanced tax administrators in the world. Each cloud-based solution provider is working closely with HMRC to comply with MTD requirements. This is to make it easier for individuals and businesses to get their tax right first time and avoid tax losses through errors.
As of April 2019, any business above the VAT threshold will be required to keep their records digitally and provide quarterly VAT updates. Any businesses below the threshold can voluntarily choose to use a cloud-based solution.