[vc_row][vc_column][vc_column_text]Are you MTD ready? By April 2019 all non-incorporated businesses – that is sole traders, partnerships and property businesses – will be required to submit their VAT returns quarterly in a digital format – what the government calls MTD (Making Tax Digital). This means that all businesses should be using an MTD ready accounting software package to keep track of their business income and expenses. The future is very definitely in Online Accounting.
You all have a smart phone or tablet, and with an online package you can run your business on the go. Choose your software, download the app and you are ready to go. The top one on the market at the moment is Quickbooks Online (as seen on TV). QBO will enable you to:
- Access your information anytime, anywhere – even on the beach in Barcelona!
- Link your bank so that all transactions are captured in real time
- Add photographs or scans of invoices and receipts to your bank transactions (No more scrabbling around in the footwell of the van to find the receipts that your accountant is chasing you for).
- Allow you and your partner/mother/bookkeeper/accountant to have access at the same time, without having to remember who has the most recent backup.
- Allow you to issue invoices on the go – and even get paid on the spot!
- Know your Income and outgoings in real time
- Know who owes you money and who you owe money to
- Spend more time with the kids/at the gym/on holiday and less time on admin
- Know instantly if you can afford to take that holiday to Barcelona in the first place.
So don’t be a dinosaur, get smart, get digital, get with the future.