No one can deny the efficiency gains form digital accounting, MTD will continue to be rolled out in due course as HMRC knows it is the most efficient way to track and collect tax due.
Keeping manual records or using outdated spreadsheets will be costing you time, manual records are prone to missing information and duplicate transactions, it is your accountant that has to correct errors and mistakes, which will be costing your extra money.
Automatic bank feeds reduce the risk of duplicate transactions and speed up the process of recording and reconciling receipts and payments.
Digital accounting allows your accountant to work collaboratively throughout the year. If you are only speaking to your accountant once a year ahead of a filing deadline you are wasting so much expertise and knowledge which can drive your business forward.
Do you speak to your accountant throughout the year?
#accountants #MTD #makingtaxdigital
