Start using an online accounting platform that enables you to have clients’ information stored in the cloud and available from anywhere, making workflows more efficient and allowing you to pull out the relevant tax figures, supporting documents and financial reporting.
Review your processes to make sure that you are making the most out of SaaS systems and software automation to add maximum value. It’s important that your workflow processes are optimised so that you can make the most out of your digital system.
Review the processes in your firm and try to systemise the process of getting data into your practice platform, pulling this data into digital working papers, and managing the resulting workflow and actionable tasks. With an effective system you can quickly export your clients’ data directly to HMRC’s proposed digital portal.
3. Educate your clients
Many business owners are still unaware of MTD. To solve this, make use of your firm’s communication channels to communicate the changes. For instance, you can use your blog, newsletters, social media and events to get the message out there.
HMRC's digital portal still doesn’t provide that much information about how the accounting systems will integrate and share data with HMRC's systems. Therefore, it is important to contact your software providers and make sure their API will be ready to connect, and that your firm will have access to templates for exporting and submitting tax data directly to HMRC.
5. Plan for the digital change
MTD is a key change in the accounting sector, and it will take time, effort and money to get right. Start planning now for the digital transformation process so that your firm is prepared when MTD becomes a reality for clients in April 2019.
Find out more about Silverfin, the centralised data hub designed specifically for finance professionals. We help you collate your clients’ data in the digital space, making MTD less of a challenge for your firm.