Five ways accountants can embrace the digital transformation
Accountants have long been embracing digital transformation to keep their practice ahead of the game. But as the HMRC digital tax plans march on, now is the perfect moment to check that you’re making the most of what’s available to you and your practice.
Lloyds Bank’s Digital Transformation 2020 Report found that 35% of microbusinesses surveyed said they've made savings through digitalisation. That’s a clear indication that accountants need to be more ready than ever to respond to technological trends and changes, not only to boost their practice’s efficiency and profitability but also to keep up with the demands of their clients.
Take a look at five effective ways to embrace the digital transformation.
1. Use free trials and demos to check before you commit
Making use of free trials and demos should be a standard step whenever you’re looking for software, but for accountants, it’s crucial when assessing options for your practice. When prospective customers reach out to us with the list of problems they need to solve with our software, we strongly encourage them to book a demo alongside their free trial. That way, our consultants can show them around the software and highlight key features that help with their specific issues.
We also offer complimentary access to our support team during the trial period so you can be sure you’ve had the full customer experience before you sign up for BTCSoftware.
2. Choose software with regular updates included
Accountants know that flexibility is vital when it comes to legislation. Even within HMRC’s digital transformation plan, the industry has seen many roadmap and rule changes at short notice. The recent budget alongside planned changes to tax and accounting rules showed exactly why embracing the digital transformation means finding a software provider that moves fast when things change. You don’t want to be stuck with out of date software just moments before a key client deadline!
Our development team stays on top of changes, thanks to our close ties with HMRC and Companies House, and our commitment to our customers. BTCSoftware’s latest release included major updates for Individual, Partnership and Trust Tax Returns plus amendments in line with announcements made during Budget 2021.
We also make it quick and easy to update your software. You get an update prompt when you log into BTCSoftware plus we use our blog and social media to alert you of pending updates with direct download links.
3. Reduce outlay for your clients with flexible software
Embracing digital transformation has the potential to be a costly ongoing exercise, but it doesn’t need to be. At the start of the Making Tax Digital for VAT rollout, HMRC estimated the cost to each business to be around £109 in order to get started. Since then, reports indicate much higher costs, with 12% saying they’ve paid in excess of a massive £5,000 to set up MTD for VAT.
As part of our mission to give accountants software that’s affordable without sacrificing quality, BTCHub was built to accept digital returns from multiple sources. It means our customers can provide MTD for VAT filing for all their clients with no need to update their bookkeeping systems, so keeping their cost at around £1.10 per return. That makes it significantly more affordable than many alternative software options for practices and their clients.
BTCHub is also more than a simple bridging solution. Accountants also gain a powerful dashboard for client VAT management, views of upcoming commitments, Group VAT and – of course – access to our fantastic support team at no cost. Plus, we go the extra mile to provide a complementary VAT spreadsheet template to share with your clients who choose to use Excel, saving you time and the costs associated with setting up their digital recordkeeping and VAT return.
4. Keep clients informed of changes
Over the last year, accountants have had to rely heavily on technology to keep their clients up-to-date with rapid changes to tax and support for struggling businesses. When the first SEISS grant was announced, our development team quickly released a new report that allows our customers to quickly identify the clients they needed to reach out to about the grant.
Consider making use of social media to share important updates, or provide targeted information with emails that address changes that could affect different segments of your client base. As the digital transformation progresses, these methods of communication will help you stay on top of your clients’ needs without eating into valuable billable time.
5. Look ahead to Making Tax Digital for VAT for small businesses and MTD for ITSA
In the not-too-distant future, accountants will be facing two new Making Tax Digital challenges. First up, April 2022 sees small businesses being brought into the Making Tax Digital for VAT rules. And although practices are now well-versed in onboarding clients to digital VAT, this segment of businesses presents unique challenges, included a limited budget to support new processes and less time to get their record-keeping setup and working before mandation.
And alongside that, accountants will also be helping clients get to grips with MTD for Income Tax Self-Assessment changes, including sending quarterly digital updates to HMRC and keeping full digital records of their income and expenditure. The BTCSoftware team is hard at work behind the scenes to make sure that our customers, both current and future, will have the best tools on hand to make the transition smooth – watch this space!
Want to know more?
- Individual, Partnership and Trust and Estates Tax Returns
- Direct filing to HMRC without leaving the module
- Link the trial balance from Accounts Production
- Pre-populate data already known by HMRC
- Manage multiple clients with due date reminders#
- Built-in Capital Allowance Calculator
- FRS 102 and FRS 105 compliance
- CT600 schedules and filing
- One-click iXBRL tagging
- Two-way integrations with third-party bookkeeping
- Links between Accounts Production to Corporation Tax
- Direct submission to HMRC and Companies House
- Built-in Capital Allowance Calculator
- Charity compliance available
- Returns for VAT Groups and multiple registrations
- Compliant with HMRC’s Making Tax Digital rules and updated regularly
- Cloud-based with easy browser login
- Compatible with Excel and bookkeeping software
- Automatic validation of returns with HMRC data
- One comprehensive dashboard view for VAT obligations
Get started with your personal demo
Our team would love to show you how BTCSoftware is helping accountants get ready for the future and embrace the digital transformation. Just get in touch on 0345 241 5030 or book your demo online here.