Going Digital: Are you Ready?
As of April 2019, tax is going digital. This means the government’s plan is to make it as easy for individuals and businesses to get their tax right and keep on top of their affairs.
Individuals and business owners will be able to see their tax information in real time and manage their tax affairs online, meaning a far better use of viable information and updated financial results.
The HMRC digital record keeping system will be directly linked to client software, allowing individuals and business owners to send and receive information directly to and from HMRC.
So why use an accounting package?
Accounting packages save time, no longer will you be saving your sales and invoices until the end of the financial or tax year. All sales and invoices will be uploaded at the click of a button and reconciled in seconds using one of the software packages that are available to you.
Accurate, real time results. This mean individuals and businesses will be able to track their financial performance daily, weekly, bi-weekly. Financial statements are available to hand and importantly, all financial information compiled conforms with current Financial Reporting Standards (which is updated automatically for you).
The Overturn of the Tax and Financial Recording System:
The overturn of the tax and financial recording system will see a more secure yet individually accessible record keeping system. It’s resourcefulness and conformity will make storing data secure whilst being insightful to the progress and track of the individual or business.
So, what software package is right for you? Read next time when we compare the top Accounting Software packages recommended by you!