MTD (Making Tax Digital) will require businesses to keep digital records and to make quarterly submissions to HMRC. Clearly using bookkeeping software will help businesses to comply with these requirements but there are all sorts of other benefits that will help to offset the cost.
- Professional looking invoices (and quotes) emailed to your clients
- Recurring invoices emailed to your regular clients automatically
- Link to your till system to save you keeping scraps of paper and Z readings
- Links to your bank statements to save you typing in the information manually. Linked with AI to suggest the bookkeeping
- Link to card payment system so that you can get paid before leaving site and no need to chase invoices
- Link to DD collection system so no more debt collections calls
- Scan your bills and expense receipts and use AI to suggest the bookkeeping
- Remote access for client, accountant, and bookkeeper to keep everything up to date and to access that information
- Up to date information at your fingertips for management decisions, dividends, and loan applications
- Up to date information for cheaper/faster year end accounts preparation for shareholders, investors and loan/mortgage applications
- Link directly to loan application systems for faster finance
Exactly what is available will depend on the cloud software that you choose but these are all fairly common features so why would you spend more time trying to work around the requirements?