Cloud based accounting has become the mainstay of many businesses’ accounting functions. The introduction of
HMRC’s Making Tax Digital (MTD) Plan in 2019 has dramatically increased the number of businesses who have had to move from a paper based accounting system to an online system. Whilst MTD initially affected VAT registered businesses, from April 2024, unincorporated businesses, self-employed individuals and landlords, who have an annual business income above £10,000, will have to start using digital software in order to file their income tax returns (self assessment returns) to HMRC. This latest phase is known as
Making Tax Digital for Income Tax.
Whilst moving to a new accounts system can seem very daunting, at JRMA we have the knowledge and expertise of different bookkeeping and accounts packages to help you choose the right software for your business.
Setting up or improving an accounts system and providing in depth training to your employees on how to use it, is one of our favourite areas of work. If you’d like improved financial controls and reporting in your business, one approach is to engage an accountant to do this for you. The other approach is to train and develop your own employees and systems so that you can do the work yourselves. In these situations, we will:
As staff develop, we take gradual steps back, whilst remaining on hand for queries and reassurance. Our goal, in these instances, is always to train to maximum potential by providing the appropriate accounts training whether in bookkeeping principles, or in the use of software packages such as Sage or Excel.
And if you need any help with recruiting individuals into accounts roles or if you require temporary accounts cover for staff absences, then we are ideally placed to assist you as we’ll understand your business and financial systems.
