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Are you still using VT

what have you introduced cloud wise

A large number of my clients are below the vat threshold  and won't require quarterly reporting with MTD but I have been thinking for a while that it would only be a matter of time before I took everything over to the cloud. I use Accountancy Manager and Taxfiler to supplement VT. 

I was wondering if you still use VT for the final accounts, companies house filing and the iXBRL capability to support a trial balance from say Xero or have you shifted everything to the cloud with QBO or Xero and left VT behind.

How do the prices compare. With VT it's only £150 plus vat, very inexpensive. What would the cost be for say 150 clients using both QBO and Xero and the individual cost of the client obtaining the software. Most clients that I work with are not interested or too busy to complete any form of book keeping but a few are showing more interest and want to use cloud based software and this is I presume the advantage that a good cloud based product would have over VT especially for remote clients.

I only mention these two because I've used Sage for years and not impressed in comparison to VT. I read some threads on the forum that the supplier / customer ledgers /reports  in Xero don't seem to give enough detail although the bank feed option is good but apparently QBO has some problems with bank feeds. 

Could you give me a very quick pro and con for both in ease of use for client, price, bank feeds, final accounts production etc and if you are still using some aspects of VT side by side with the cloud product.

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By cbp99
11th Oct 2018 11:58

Cost of VT for say, 100 clients, for bookkeeping, final accounts and ixbrl submission: £199 + vat. No bank feed included

Cost of Xero for 100 clients for bookkeeping only, : £26,400 + vat, less bulk discount, + cost of bank feed, + cost of accounts software

Thanks (4)
11th Oct 2018 12:36

Yeah - I'll be sticking with VT for the smaller clients for the time being.

Thanks (1)
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By Matrix
11th Oct 2018 12:37

Big fan of VT, just renewed for £150.

I use it for all final accounts, wherever prepared but the import from VTT+ is so easy I can't see me moving. Some clients use VTT+ themselves or I use it if they don't do their own books. And will continue to do so under MTD using bridging software.

I would not make any changes for MTD, this has to be driven by the client. Clients aren't great on Xero unless v small businesses or tech savvy, most of my clients in Xero also have bookkeepers.

DIY bookkeeping clients use FreeAgent generally without a problem. It is pricey but saves time and I can provide advice in real time.

I usually give all options to clients, spreadsheets are also fine or low cost cloud software such as QuickFile. Basically anything other than Quickbooks.

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to Matrix
11th Oct 2018 13:52

Matrix wrote:

I would not make any changes for MTD, this has to be driven by the client.

Totally agree. I use VTT+ and taxfiler, but happy to use cloud software if the client requests, but I would never force a client to move to cloud just because it suits me, unless I believed it would benefit them.

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By Marky
11th Oct 2018 13:42

Thanks, I really like VT and it's such good value but the only downside is the MTD. That seems eye-wateringly pricey in comparison to VT.

If a client decides to use Xero or QB and I continue to use VT can you just bring over the trial balance from both systems.

Is there any cloud based accounting system that caters for MTD and also the purse strings of a small practice and small business clients.

Thanks (0)
to Marky
18th Oct 2018 11:28

In answer to Marky's questions:

(1) If you're looking for a solution that will allow you to file VAT for MTD from data in VTT+, then you need bridging software such as this from BTC:
https://www.btcsoftware.co.uk/mtd-for-vat-software-solutions-2

(2) If the client uses Xero or QBO, then you can certainly take the TB from there into VT to prepare the accounts and CT return.

(3) I believe that the prices charged by the main cloud bookkeeping providers are fine for even a small practice, so long as you charge your clients a proper fee. I get my clients to at least process their sales in the cloud b/k software, so that saves my staff time (so the software pays for itself in saved time costs). You should be able to negotiate some great deals if you buy bulk licences at once. All of the major cloud providers will be MTD-ready by April.

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By Marky
11th Oct 2018 13:44

Sorry, Matrix you mentioned an option.

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By jcace
12th Oct 2018 09:51

Remember that it's Making Tax Digital, NOT Making Tax Cloud

Thanks (1)
12th Oct 2018 10:50

Cloud's good if the client is keeping the books in an accounting system.

It's not so useful if the the client just gives you a bunch of bills or gives you a spreadsheet. VT works well in those cases.

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18th Oct 2018 11:20

Been using VT+ for all clients for about 8 years. 2 recently unilaterally moved to Xero, mainly because they thought that the credit control was a benefit. They controlled the sales invoicing, and the bank input so it is always up to date - no its not. The reconciliation gets done quarterly for VAT. If you are used to VT, then the 'speed' is atrocious. BT broadband (paying for top £ fibre) was down to 1mb downloading yesterday for some reason, whilst trying to cure a Xero problem with client. That went well.

Might be considered a dinosaur by others, but will stay out of the cloud as long as possible!

Thanks (2)
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By cbp99
to graeme kempson
18th Oct 2018 11:47

Agreed, speed of cloud is always slower than desktop, and bank feeds are not always reliable, and of course balances need to be checked against actual statements to confirm they are correct.

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