Making Tax Digital: are you ready?

Making Tax Digital is a vital part of the government’s plans to make it easier for individuals and businesses to get their tax right and keep on top of their affairs. Ultimately, through this initiative, and by modernising the tax system to make it more effective, more efficient, and easier for customers to comply, HMRC aims to become one of the most digitally advanced tax administrations in the world.

“The government remains committed to ensuring we can deliver a modern digital tax system for all businesses and their agents, supporting them to get their tax right and reducing the amount of tax lost through avoidable error”. HMRC

Making Tax Digital (MTD) is going to affect both accountants and their clients, and regardless of whether you are a digital champion or a reluctant adopter of technology, there is no escaping the change.

Are your clients ready?

According to a report[1], 65% of small businesses are going to have to adjust their accounting processes, 23% are using manual records, and 16% of business owners still use the ‘shoebox method’ of accounts, so it’s understandable that they will be concerned about any change. In fact, while some clients are likely to be fretting about increases in tax payments, it’s using technology that is often their biggest fear.

As a result, accountants everywhere are having to help their clients prepare for the switch by getting them online as part of their day-to-day routine now.

Are you ready?

If you are already using digital accounting software that’s great, but there still might be work to do. Combining digital tax SaaS solutions with a hosted desktop is an excellent way to maximise your IT resources. With the hosted desktop it’s easy to share information securely with your clients; something that will become increasingly important as you collaborate with them to make sure their financial records are accurate and up to date.

Providing access to enterprise-level informational tools that may otherwise be out of reach, the hosted desktop brings together processes and data like never before. This enhanced management information leads to more informed decision making – to the benefit of your clients, and your business.

The benefits of the hosted desktop

The hosted desktop is also:

  • Leading to increased productivity across your business with 24/7 access and 99% uptime
  • Whenever we talk about the cloud, firms raise concerns about security. However, the truth is that modern cloud-based systems are often safer than storing information onsite. With Cloud Geeni, you can achieve the highest levels of security and compliance with robust backups and stringent security management
  • Cost-effective. So you can improve your IT infrastructure and reduce the burden of ongoing IT investment. All for one low monthly price
  • Scalable. Giving your business the competitive advantage with cloud services that grow and evolve alongside you.

Even if the industry wasn’t being required to make tax digital, we should be doing so anyway. Today’s consumers have evolving expectations when it comes to customer service, and in the face of digital transformation, tech is changing the way everyone does business. Clients no longer want to wait for a phone-call to be updated. Instead, they want to be able to access their accounts whenever and wherever they are, on any internet-enabled device.

Moreover, with the hosted desktop, any information gained in meetings or at your clients’ premises can be sent straight over to your office. You can even search your database while in client offices. In fact, you’ll have access to everything you need, wherever you need it. This supports more flexible working practices and increases productivity.

To find out how Cloud Geeni can help you and your clients prepare for the roll-out of digital tax accounting, contact us today to find out how switching to our hosted desktop services can help – all for one affordable monthly payment. 

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[1] UK200Group