Cloud-based accounting

Making Tax Digital (MTD) came into effect on 1 April 2019. Initially this applies to VAT-registered businesses, with a turnover in excess of the VAT threshold, which are required to keep business accounting records in a digital format.

This requires the use of HMRC compatible and approved software to submit quarterly data to HMRC. The option to use the Government Gateway to submit accounting records will cease.

There are many different stages to be rolled out for MTD, which will eventually mean all submissions will be required in a digital format, from VAT returns to self assessments.

To make these reporting changes as smooth and painless as possible, we want to assist you and your business to transition from existing bookkeeping and accounting processes to digital connected accounting software. We are experienced in supporting clients in the transition from keeping manual accounts to digital software.

Does your accounting software cause stress rather than making life simple? Do you know how to access the right information for your business at the right time?

We know, understand and train our clients in all the most popular desktop and cloud-based packages. We are Xero Certified Advisors, however, we are happy to work with you on the software of your choice.

Many of our clients use cloud-based software, which means we can work more collaboratively with them. We can solve problems quickly and easily and our clients have a faster, clearer picture of their financials.

Training usually takes place over three to four sessions, with practical data entry exercises to complete between sessions.

Now is an optimal time to replace legacy accounting software applications with a faster, more agile, responsive alternative. Cloud accounting provides additional functionality such as real-time bank data feeds, remote access for off-site managers to review records digitally and instant connectivity with your accountancy team, for growing businesses.

James Todd & Co can navigate the cloud software transition with you, ensure all your financial data and digital records are safely transferred, and with full training in your selected cloud accounting system to get all colleagues up to speed.

Although we often recommend a cloud solution for compliance with the Making Tax Digital government initiative, there are several other distinct advantages for busy modern businesses.

Using cloud technology ensures your financial information is safeguarded from loss in the event of a fire or natural disaster, without data vulnerabilities linked with storing confidential digital records on a physical hard drive.

Whether you are calculating an income tax self-assessment return as a small business owner, submitting corporation tax information, or are one of the thousands of VAT-registered businesses required to switch to Making Tax Digital software, a cloud accounting system is ideal.

Cloud computing allows you to review key digital records such as your general ledger, accounts receivable balances and cash flow statement with one click, submitting tax returns and declarations to HMRC effortlessly.

Digital tax returns are replacing conventional Government Gateway logins, so if you have yet to upgrade from desktop accounting software, it is important to act quickly and in good time before the tax digital requirements apply to your business.

Cloud software means you can log into your accounting software from anywhere, and on any device, with the option to link your digital records with James Todd & Co. Where we manage your VAT returns, income tax calculations or property income declarations, this bypasses the need to collate and send documentation to us.

We provide advice, transition support and guidance to help you pick the best cloud accounting software for your company, making business processes streamlined and saving you time in the process.

Professional assistance ensures that your switch from traditional accounting software is swift and straightforward, putting you in an excellent position to meet the demands of Making Tax Digital with a compatible tax digital software with tools and resources to upgrade your accounting oversight and reporting.