Within the business and accountancy press much has been written regarding HMRC’s initiative Making Tax Digital or MTD with many decrying the inconvenience, the intrusion and the increased admin burden this brings.
Here at Enterprise we see it as nothing less than a democratisation of power and knowledge putting the business owner at the heart of it all.
There’s an app for that…
Using online accounting systems, such as our favoured Xero, supported by data capture apps such as our preferred ReceiptBank means that we as accountants will no longer focus on the preparation of a VAT as a standalone task but will use this information to put management information and tools at your fingertips via your phone or laptop including;
- Quarterly management accounts
- Actual -v- budget reports
- Trend information
- Reassurance for making investment decision
As a practice this gets to the heart of what we’re all about at Enterprise. We see our role as demystifying figures and making numbers come alive, telling a story if you will, so that timely decisions can be made to improve your business.
The benefits of this approach are huge because we recognise that you are the experts in your own business and so are the ones best placed to make the best decisions. Whilst it’s our job to put quality information in your hands in time for you to make those decisions.
Building a relationship based on a deep understanding of you, your business, your ambitions and aspirations is what allows us jointly to combine the management information with our collective knowledge and in turn find you that all important competitive edge.
While it is true that there is an additional cost to MTD, due to the software requirements, we estimate this to be as low as £30+VAT per month. If seen as an investment into the financial and management reporting of your business we think that is money well spent. As a practice we watch the pennies like others but see this movement to online accounting and data capture apps as the way forward and will ensure we and our clients are not left behind.
Making Tax Digital together
We operate our practice and the work we perform in a wholly transparent way. Believing, and our clients continue to testify, that this builds trust and understanding coupled with a mutual respect. We actively welcome the challenge from clients as to what else could they do to improve, as we consider that to be the roll of a modern day accountant and not that of the proverbial bean counter.
MTD through the use of online accounting software, accessible on phones, grants power to the people. Gone are the days of needing to ask your accountant for figures or how the business is operating. At Enterprise we are preparing our clients for this Brave New World to be asking “how can I do it better”?
If you’d like to join us in this, please give us a call on 01302 752700 to book a no obligations meeting to see just what is possible.